Joanne Mwangi’s six tips for success in entrepreneurship
Joanne Mwangi |
Award-winning
entrepreneur Joanne Mwangi started her business 18 years ago and has
built one of East Africa’s leading marketing firms. In 2010,
Professional Marketing Services (PMS Group) became the first woman-owned
business and the only one since to be voted number one in the Top 100
SMEs competition in Kenya.
In 2009 Mwangi was named Woman of the Year by the Organisation of
Women in International Trade, beating women entrepreneurs from 75
countries around the globe.
Speaking to How we made it in Africa, the marketing guru shares her advice on how to be a successful entrepreneur.
1. Be 100% committed
When starting a business, Mwangi says an entrepreneur should be 100%
committed, have passion and turn a deaf ear to the naysayers.
“There will be enough people telling you that you are better off in
employment. The best way to commit without burning out is to have an end
date. Tell your family and friends: ‘I am going to put the next two
years into growing my business, and if after two years it does not work I
will dust off my CV and apply for those jobs.’ You have to be committed
to your dream.”
2. Know your industry
Entrepreneurs should only invest in a business they understand well
and preferably in which they have a background, or be ready to pay top
dollar for skilled professionals.
“Your skill set must support your passion.”
3. Decide on your market
Having a clear plan on what product or service you want to sell, who
your target market is and how you will fulfil your customers’ needs is
vital in business. Mwangi reckons an entrepreneur’s marketing strategy
will change depending on whether they are selling a high volume and low
return product, or a low volume but high yield product.
“At PMS, for instance, we only do corporate work. If you tell me to
arrange you birthday I won’t, but if a corporate company wants a 30,000
people event I will organise that. It is easy for me because that is
what I do. You must decide where you want to play so that you don’t run
helter skelter.”
4. Listen to advice
Mwangi says entrepreneurs
should not have a know-it-all approach. She adds that listening to
advice and criticism, especially from outsiders, can be eye-opening.
“You must accept that you are not perfect because for a lot of
entrepreneurs that is our greatest weakness, me being one. Someone else
might just tell you something that will completely revolutionise your
business. There is nothing as important as an outside perspective.
Somebody looking from outward-in will see things you don’t see.”
5. Plan for success
Entrepreneurs should plan for success and outline how they will
handle money, business expansion and growth. One should also define what
success means to them. When she got into business 18 years ago, Mwangi
says her parameters were a loan-free car, a home to live in and a second
house for rent. These changed along the way but at each stage, she
notes, it is important to define the boundaries.
“I don’t think there is anything more difficult to handle than
success. I think success is harder to handle than failure. In failure
you wallow, you just cry and life goes on. Success has to be sustained
and it is harder to sustain than to get it. So when you get your money,
what is your game plan?”
6. Celebrate your success
Mwangi says many entrepreneurs lose out on the opportunity to
maintain lasting relationships with family and friends because they are
busy trying to build a business. When success comes, no matter how small
or big, one should take time to celebrate with those close to them.
“Women especially need to learn to celebrate their success. Pat
yourself on the back. Give yourself a treat. Host a party, even without
telling people why, and celebrate winning that contract. Life is for the
living, you have got to have fun.”
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