Starting a business is a bold and rewarding step, but it is essential to reflect on whether you are prepared. People sometimes are quick to start a business sometime without putting enough thought into it. In Kenya there is the ‘copycat’ culture where it is common for one to start a business just because a friend or family has started one. It is common to observe a trend where if one is manufacturing cooking stoves and selling at the streets, so many other people will start making cooking stoves and start selling down the same street! This is what I am calling Kenyan culture where people start a business without putting much thought into it, but rather it is a ‘copycat’ trend. 

Here are some key points to consider before starting a business or even as you run an established business for it to thrive and grow. Key among these points is a reflection on your personal characteristics as follows:

• Commitment: Are you genuinely committed and passionate about your business idea for it to develop and succeed? Passion drives resilience when challenges arise. You don’t easily quit.  When you are committed it means you are putting your business before anything else. It means you are ready to commit money and time on your business. It means foregoing fun and social events with friends for the sake of investing time and money on the business.

• Mind-set: What is your level of risk tolerance: How comfortable are you with uncertainty and potential setbacks? Are you motivated enough to keep going despite setbacks and challenges? Your business will succeed if you are keen on it and can face risks and setbacks. 

(c) Mentorship Support: Running your business will take a lot of time and effort. It is important to have adequate mentorship.  Surrounding yourself with business mentors will help in the realization of your dreams and your business will thrive and grow.

(d Sustainability of your business; In considering matters sustainability, you put into thought the environment. If your business impacts negatively on the environment, this may affect its survival.  There was a Kenyan transport company that owned several huge trucks for delivery of goods from an international company to local companies. But the owner of the transport company never put a thought on getting a suitable parking for the trucks. They were always parked at a residential estate at end of day. The trucks would start work early morning each day at 5 a.m. emitting noise pollution in the estate. Residents complained to the truck’s owner, but they were not listened to. They decided to send a complaint letter to the international company that was giving the owner of the trucks lots of business. On receiving the letter of complaint from the residents, the international company cancelled the business contract they had with the truck’s owner. The business could not survive, and it closed.

These are just but a few examples of factors to consider when starting or running a business. Many of these factors are hidden and not very obvious to a businessperson. And that is why you need a mentor to discuss with and reflect on factors that could hinder or is hindering the business from thriving and growing. Taking time to assess these factors can help you build a strong foundation for your business.