David Kyalo: Business will make you rich quicker than employment

Business Daily’s Top 40 Under 40 finalist David Kyalo is the co-founder and managing partner of events and marketing company, Koncepts and Events Ltd.

Biggest milestone: In 2016, I was included in the Business Daily’s Top 40 Under 40 list. I was the youngest entrepreneur and featured alongside other big players in entrepreneurship such as Darshan Chandaria and Ronald Karauri. This was barely two years after venturing into entrepreneurship. By that time, the business had managed to run some huge projects with top brands such as World Bank Kenya and World Bank Burundi. One of the major things I learned was that anything is achievable despite the challenges that might pour unto your way.

Secret to making it: Living on the edge has played a big part in my success. Most people want good things to happen but are not willing to risk anything for it. Living in the comfort zone is the greatest enemy of progress you will face whether you are in employment or in business. My mantra has always been; jump off that cliff then build your parachute on your way down. I also ruthlessly follow up on my business goals.

Biggest money mistake: Mixing personal needs with the company needs when the business started has been my biggest mistake. Incidentally, this is a mistake my business partner and I share. We would get paid by a client but would put personal needs first instead of the company needs. At some point running day to day operations became a problem simply because we gave ourselves more than the company should have taken . Through this, I learned that as much as you might own a company, treat yourself as an employee. This will make you respect the business resources more than you would if you view yourself as the owner or give yourself too much freedom to do as you wish with the available resources. Have a ratio program where there is a certain percentage that goes back to the company. This should be at least 40 to 60 per cent.

Biggest business loss: I once lost one of my major clients because of shoddy services that a supplier I had recruited delivered. This taught me to never assume small details in any project the company undertakes. This experience also helped me see the need for diversification and opening of new lines of products.

If I could go back in time: I would invest in more meaningful business and personal relationships. I would also venture into entrepreneurship at a much younger age than I did. Before I took the jump, I really battled with the fear of the unknown.

Saving method: The most effective way you can save money is by using a system that prevents you from easily accessing your cash. You can do this through buying of assets such as land or meaningful insurance covers. This is the method I have been using. A savings account has not been as effective due to the easy liquidation space it presents.

Entrepreneurship vs employment: I am pro entrepreneurship. It is a more effective tool in wealth creation than employment. There is a certain limit that a company will be willing to pay under employment. With a great business product, processes and an efficient team, though, there will be no limit on how much you can make. Most people say that entrepreneurship is not for everyone, but the truth is that we can all be part of it even as passive investors or partners.