This archive report was first published on 6 October 2019.
Unmissable Steps to Becoming Your Own Boss ¶
Published on October 6, 2019
Do you dream of being your own boss? While it's not an easy feat, becoming an entrepreneur is not impossible with persistence and the right approach.
Resolution Insurance Kenya MD Alice Mwai emphasizes that owning a successful company or business is a great source of joy and pride, but it requires hard work and caution.
According to Mwai, several key steps are essential before starting a business. Firstly, it's crucial to identify your core business, which enables you to work towards something and pinpoint the fundamentals of your business.
She notes, 'If you miss getting your niche, then you may end up disappointed in the business you plan on starting.'
Setting clear goals and objectives gives you an outline of what you want to achieve and helps create strategies to achieve your goals and targets.
Mwai adds, 'By so doing, you are able to tell if you are on course, hitting your milestones or if there is a need to strategise again.'
Carrying out research helps an entrepreneur identify market gaps and find new ways of conducting business, enabling their business to stay afloat.
Mwai cautions that research is not only important in the initial stages of planning but also continuous throughout the entrepreneurship journey.
Creating a business culture will define how one works, how their business operates, and the rules and regulations of the business.
She notes, 'Integrating employees into this culture enables them to work best and champion your business. Good work culture will further increase employee loyalty.'
With the many risks to businesses, Mwai advises entrepreneurs to insure their business, analyzing risks and protecting against them.
She says, 'There have been cases of disasters completely destroying businesses with no ability to recover. Entrepreneurs should utilise insurance to ensure business continuity in whatever field they are in.'
