1 minute read
Lessons learned in entrepreneurship
In 2019, as a Mastercard Foundation Scholar, Crispus co-founded Invike (Invest in Kenya), a platform that helps Kenyan youth learn how to generate, grow and preserve their wealth. Here’s what he has learnt in the process.
1. Find a co-founder with the same vision. This is necessary to keep each other in check and ensures that one of you will always have the momentum to continue working on the project. Take the time to find a co-founder(s) with skills and experience that complement yours – this will give your startup a better shot at success. Aside from actively networking with like-minded individuals, search groups on social media; LinkedIn, in particular, offers many groups founders can join to find a cofounder.
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2. Block time off from your schedule. Especially in the early stages, you might need two weeks or a month to get the project off the ground. For students, I recommend using the long holidays. I did most of my research and work during my December-January holiday.
3. Get an experienced mentor in your field. I was able to access a mentor through the MasterCard Foundation and I also sourced another mentor through my network. Do not be afraid to reach out to potential mentors through LinkedIn.
4. Create a Minimum Viable Product (MVP). If you don't have the resources to create a working product, create what you can with the limited resources you have and present it to investors, funding partners and prospects.
5. Collect data from the target market. Tools like Google forms will help you understand the needs of your specific target market. Do not underestimate the importance of market research.
6. Don't get stuck on the project design. Hit the market and continue improving the product as you get more feedback from users. User testing before launching is also advised.
7. If you get stuck, always go back to your vision or mission and realign from there. Like me, when I got stuck on the design, for example, I used to remind myself my vision is to provide low-cost investment advice to young people.
UCT alumnus Crispus Kamau is currently working with the JLL Strategic Consulting team, assisting with consulting assignments in Africa. Being a Kenyan, he has a passion for entrepreneurship and educating the youth in Kenya.
READ UP ABOUT INVIKE HERE: INVESTINKE.COM/
