This archive report was first published on 28 December 2019.
December 28, 2019, marked a significant milestone for Spotika, a Kenyan gaming company founded by Simon Mburu. In 2017, the business created a mobile raffle gaming system, and last year, it introduced the first-ever mobile virtual scratch card games. These innovations have made Spotika a pioneer in the Kenyan gaming industry.
According to Mburu, people don't buy products or services based on their features or functionality; they buy the 'why' behind them. This realization has taught him the importance of understanding the needs and motivations of his customers.
Mburu attributes his success to his thirst for knowledge and his ability to adapt to changing market trends. He emphasizes the need for entrepreneurs to identify their strengths and surround themselves with like-minded partners.
However, Mburu also shares a valuable lesson he learned from a past mistake. He invested heavily in the packaging industry without proper knowledge, resulting in significant losses. He advises entrepreneurs to acquire in-depth understanding of the field before investing and to seek mentors who can guide them.
Looking back, Mburu wishes he had picked industry mentors earlier in his career. This would have helped him avoid many of the start-up mistakes he made. He stresses the importance of learning from others' experiences to shorten the learning curve.
When it comes to saving, Mburu prefers short-term investments like money market funds and high-yield savings accounts. He warns against locking money in long-term investments with stiff penalties.
Mburu is a strong advocate for entrepreneurship, but he acknowledges that it comes with no income guarantee. He emphasizes the need for entrepreneurs to stay adaptable and develop solutions that meet the needs of their customers.
As a parting shot, Mburu advises entrepreneurs to focus on collaboration and not compare themselves to others. He reminds them that maintaining character is crucial, especially when success and wealth come their way.
