The 10 things I have learned as a young entrepreneur

The beginning of it all

I embarked on this journey at the end of 2020 when I was 21. My family had just relocated to Nairobi, Kenya, and I was visiting them during my university Christmas break. With several business plans on my laptop and savings from my pocket money, I decided to open a clothing store. I ordered clothes from China and set up a small photoshoot area to create content for the brand. However, the clothes never arrived, leaving me with an empty studio. Determined to make the best of the situation, I discovered that studio hire was an underexplored market in Nairobi. Seizing the opportunity, I dove in headfirst. Now in my third year, I've learned valuable lessons that I wish I had known earlier.

1. Maintain Momentum by Doing Things Fast

I believe this is crucial for starting a business. I've observed many discussions about great ideas, but only a small percentage of them come to fruition. Often, these ideas remain unexecuted because people start with high excitement and satisfaction just from talking about them, but then that excitement fades. The key to executing your ideas is maintaining momentum—one hour, one day, one month later. How do you keep this momentum? By taking action and not focusing on limitations, especially financial ones. You don't need much money to start; you need it to grow. Starting can be inexpensive if you leverage your creativity.

2. Your Business’s Money Is Not Your Money 

Once you start generating revenue from your services or products, it's important not to treat that money as your own. I wish I had known this sooner. It can be challenging, especially if you depend on your business to pay your bills in the early stages, but if possible, first save. Discipline yourself to understand that you and your business are two separate entities. Your business needs fuel, and that fuel is cash flow. Businesses often fail because they run out of cash. Pay yourself a salary that your business can afford, and as revenue increases over time, you can gradually pay yourself more.

3. Avoid Over Delegation

As your business starts generating more revenue, you'll likely want to hire people to take on various roles. This can greatly benefit your business's growth, but over-delegation can be risky. If you delegate too much, you might lose touch with the day-to-day operations, especially when you are still establishing your business processes. Always stay informed about what is happening within your business. For example, if you have someone handling customer care, stay involved, conduct regular reviews, and always be aware of how things are running from top to bottom.

4. Embrace the Beginner’s Mindset

Starting and building a business involves a lot of inner work. When you make that decision, you need to leave shame behind. Why? Because you have to put yourself and your business out there to attract the right audience—those who resonate with what you do and are willing to pay for it. This means overcoming the fear of looking "lame" while promoting your business, or the fear of appearing inexperienced when sharing content on social media. Remember, everyone starts somewhere. From there, you climb to the top, but you can't skip any steps along the way.

5. Constantly Define Your Target Audience

Gathering information from day one is crucial. You might think you know your target client, but once your offerings are out there, you could attract an entirely different audience. If you ask me who our clients are, I can tell you without hesitation—I know their online behaviors, hobbies, who they aim to impress, and who they admire. Our clients have evolved as our business and brand story have developed. This continuous learning about our audience has been key to our success.

6. Be Ready to Pivot

Have a clear vision but remain flexible in its execution. In our fast-paced world, what worked last year might not work this year. At NIT, we evolved from simply offering studio hire to freelancers to producing our own content—a shift that was never part of the original plan. Be prepared to pivot to where the money is in your industry and be willing to pivot again and again. If something isn’t working, let it go and try something else. I transitioned from a clothing brand plan to a photography studio for hire, then to a production company, and now a content marketing agency that encompasses all these elements. I am always ready to pivot again in response to my clients' needs.

7. Redefine your Competitors

If you've ever spoken with me, you know I began by entirely copying the business model of my sole competitor in 2021. With zero experience or knowledge of the photography industry, this was my safest bet to get started. From there, we evolved with our own creativity. Today, I see new studios doing the same with us, and to them, I say, "You are doing amazing, sweetie." Focus on your path, but keep an eye on the market and your competitors at all times. Additionally, don't limit your perspective to your own country—look at global markets and adapt various elements to fit your local context.

8. Leverage Your Network Wisely - Avoid Wrong Timing

When they say your network is your net worth, they mean it. However, be cautious about leveraging high-profile connections too early. This means waiting until you can truly deliver on your promises. I remember in the early days, I tried to secure a high-profile client for a large project I had never executed before and didn't have the resources for. The pricing strategy was off, the plan was unclear, and I lacked the confidence to execute. As a result, I lost that client and missed out on potential referrals.

9. Keep Your Brand Human 

NIT initially took off because I played every role, from studio assistant to customer care, and everything in between. This hands-on approach allowed me to interact directly with clients, adding a personal touch that fostered loyalty. In the early stages, customer retention is crucial. As your business grows, you might not always be able to interact with clients personally, but you can still humanize your brand. Achieve this by creating strong associations with the founders, team members, or top external ambassadors.

10. Secure Your Financial Base

While money shouldn't be your sole focus when starting a business, it is crucial for growth and sustainability. The first few years can be incredibly tough, often feeling like you're living hand to mouth. You may frequently feel broke and be on the verge of losing everything. During these challenging times, having financial backing is essential. There will be many instances where you'll need to cover expenses out of pocket, and unless you can handle these situations, your business may struggle significantly. As a first-time business owner with no experience, you're also likely to make financial mistakes in the process of learning.

You got this! 

Starting a business is a challenging but rewarding journey, especially for young entrepreneurs. From maintaining momentum and separating personal and business finances to understanding your clients and being ready to pivot, each lesson is a step toward building a successful enterprise. Embrace your beginner’s mindset, keep your brand human, and leverage your network wisely. Always gather as much information as you can and be flexible in your approach.