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Hustler, consider these things before setting out to start a business

By Suleiman Shahbal | Apr. 13, 2021
Kenyans love business. Employed or unemployed, we pride ourselves in doing side hustles. [Collins Kweyu, Standard]
Kenyans love business. Employed or unemployed, we pride ourselves in doing side hustles.
 
We even have a presidential candidate who calls himself a hustler. I admire this entrepreneurial spirit in Kenyans.
 
All people tend to look only at successful businesses and think that they can emulate them. That is good, but there are also important lessons in failure.
 
Unfortunately, business failures are buried and forgotten. Success transfer should include a serious study on how some businesses fail and avoid making the same mistakes.
 
There is an Arabic adage that says “do not ask a specialist, ask the one who had actually tried it”.
 
I have six benchmarks that I consider critical before I get into a new business.
 
These are tried and tested benchmarks that you should use before you venture into any new business. Ignore these at your own peril.
 
The answer
 
First, can you afford the loss? Never ever start calculating your potential profit. First, calculate the risk of losing it all if the business fails. Would the loss destroy you? Your risk should never be more than 10 per cent of your net worth.
 

Water vendors in the estates of Nairobi. [Jonah Onyango, Standard]

Second, who would manage the business? An unemployed brother, sister or wife is not the answer. Do they have the skills and experience to run the business?

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