Business ideas in Kenya mostly are an ideas that has been thought of as a means of making money and at the same time using the same business ideas to empower people (both young and old). These business ideas in Kenya attract local investors and at the same time attract foreign investors and all these depend on the idea that you have laid out and believe that if executed, will bring development to all the parties involved and the country as a whole.
I have created a Kenyan platform for you to interact and exchange ideas as well as learn new things for self/business development.
Business Mistakes That Can Nearly Break You ... Literally
Dont spread yourself too thin
A lot of good opportunities will come your way and your gut reaction will be to do them all, but dont. I made this mistake and what ended up happening is that all of my businesses suffered, even the ones that were doing well. Within 3 to 6 months of me spreading myself too thin, all my businesses suffered because I hadnt spent enough time on any of them, even though I had employees and business partners who were helping me out. Remember, no matter how big or small your business is, you have to spend all of your time on it..
Pick the right business structure
Not only is it important for you to incorporate your business, but it is also important to pick the right business structure. It may not seem important when you are starting your company, but once you start making money, it becomes a huge deal. For example, my accountant tells me that if your company makes under $200,000 in profit a year, a C corporation is good for you because of the tax benefits. If you make more than that, consider getting an S corporation or a limited liability company. I found this out the hard way. When my company started profiting seven figures a year, I discovered I had the wrong type of corporation. I ended up getting taxed twice the company paid taxes on the profit and then I paid taxes on the dividends I got from the company.
Dont get ahead of yourself
Entrepreneurs have a tendency to get trapped in a Wonderland, in which you start dreaming about how much money youre going to make. I hate to break it to you, but dreaming is unproductive. There is no possible way you can predict how well you are going to do. So stop dreaming! Over the last nine years as an entrepreneur, I cant imagine how many wasted days and even months went by because I dreamed about making money instead of working on making it. If you are going to follow someones word, follow Nikes...just do it. If you want to be rich and successful, you have to work hard. There is no short cut.
