Entrepreneurship v Employment:
Anyone with an intention of making money must be prepared to concentrate first. In entrepreneurship, you must focus on one line of business for a start. Here, one should look at their competitive and comparative advantage to know how they can make optimum money seamlessly. The advantage may be talent or training.
In other words, it would be more prudent for a trained Surveyor to do business associated with land, and a trained Accountant to start a business associated with Accounting/auditing. A trained Engineer to start a business in that line. A talented footballer to start a sports company. A talented cook to start a hotel and so on.
Every wealthy individual starts by being a businessperson – Here, you get involved in the business practically. At this stage, you mostly have to work for the business.
After being a successful businessperson, you then graduate into an entrepreneur – Here, your work is to start entities even in other areas. You don’t need to be involved. At this point, money is already working for you.
Then you become an investor – at this stage, you already have enough capital and you throw it away to fetch more money for yourself.
At stage one, you’re a slave of the business but at stages two and three, money automatically becomes your slave working for you day and night.
Point is, that intensity always beats ex-tensity, especially for starters. You focus, learn the ropes, make enough money and then move to the next stage. The problem with many of us is that we’re jacks of all trades. “Watu wa deals”. Today you’re doing online writing, tomorrow you’re a quails’ farmer the other day you’re looking for a job in a bank and you’re the same person who has a car wash and having a photocopy shop mtaani.
In a nutshell, start with what is easiest/most seamless for you to do. Then gradually diversify into more homogeneous businesses. Thereafter you can diversify to any field.
We all know Bill Gates for Microsoft but he has gradually diversified to make other entities spanning diversified sectors. We know Peter Munga and James Mwangi through Equity Bank but they’ve with time diversified to many other sectors. We know Tony Elumelu, Nigerian, through UBA but he now has interests spanning all sectors through his Heir Holdings.
Patrice Motsepe is known for his mining company ARM (Africa Rainbow Minerals) but he now owns stakes in Financial companies and other Businesses. etc.
But all these individuals had to grow their flagship businesses first. Without focus and Concentration, all above-quoted companies would not be anything to write here about.
But we must start by doing something. We must make the first step. Reading this post or even the previous one can’t change your life an inch. Taking action will.