This archive report was first published on 9 September 2019.
As you embark on the journey to business ownership, it's essential to understand the distinction between owning a business and being self-employed. While self-employment can be a stepping stone to entrepreneurship, it's crucial to take deliberate steps to ensure a smooth transition.
According to MURORI KIUNGA, writing in a previous column, most people start their entrepreneurial journey by first getting into self-employment, only to transit into business ownership later. However, others remain in self-employment, and when they can no longer work, the business ceases to exist.
On Monday, September 9, 2019, Kiunga emphasized that the single greatest benefit of owning a business is having free time and a steady source of income, even if you're not physically working in it. To achieve this, entrepreneurs must take the following steps:
- Build a strong foundation by defining your business and establishing a system that guides your operations.
- Find the right people and train them to ensure your success is not solely dependent on your presence.
- Develop a clear operations manual that outlines your values, procedures, and processes.
- Automate your systems to leverage technology and stay competitive in the market.
By following these steps, entrepreneurs can create a business that can exist independently and outlive them, allowing them to enjoy the benefits of entrepreneurship without the pressure of being constantly involved.
