Having accumulated 25 years of experience in different sectors, Frida Owinga employs a simple five-step profit formula to help entrepreneurs transform their passions, vocations or expertise into profitable brands.
What is Passion Profit about?
Passion Profit is an organisation that helps individuals package their ideas well and turn them into profit making enterprises.
What tips would you offer young entrepreneurs looking to thrive in business?
First, they should have a very clear goal in mind. They should know what they want. Why are they starting the business? Are they looking to solve a problem in society or do they have some personal reasons driving them to start the business? Neither reason is better than the other, but to achieve success, one must apply different strategies for each.
Do you think young entrepreneurs are adequately prepared for business? Are there enough avenues for young entrepreneurs to thrive?
With the right knowledge and support, anyone can achieve whatever they desire. Success starts with one person’s desire for a better future. And if they are consistent in their pursuit of the future they desire, they will take the necessary action to realise their dream. Anyone can get what they really want, if they want it badly enough.
For young people, entrepreneurship is floated as an escape from the realities of unemployment. Your thoughts?
Young people are adults, and they should have the correct information in order to make the right decisions. The issue of employment is personal and subjective. It depends on one’s preference, their personality and the value they can contribute. One can be self-employed, employed or both. The problem is that many people only focus on meeting their needs through an eight-to-five job.
I recommend that first you establish how much you need, and then find out what you can do to generate that amount. It may be a regular job, a side hustle, or even two jobs. It all starts with finding out how much you need, and what you can do to raise that amount.
What are the top five skills an aspiring businessman or woman needs to succeed?
My five must-have skills are: financial literacy (or a close associate who is financially literate). You also must have discipline. Do what needs to be done whether you feel like it or not. Patience to stay committed to the process it takes to grow a business from the ground up, sometimes with little returns. Resilience to stand up and try again when you fail, until you get it right.
What are some of the key lessons you’ve learnt about business?
Patience. Just because I have a great idea, customers will not just come from nowhere and swarm around me. It takes time to turn the idea into a popular product or service, and that requires appropriate packaging and aggressive marketing. I’ve also learnt to be agile. The industry is quite dynamic, and it is important to adapt quickly while at the same time staying focused. Failure simply means you have discovered that what you thought would work isn’t. You need to find another way to make it work. Having the right people on your side is also critical to your success. Choose your team and networks wisely, and trust God.
How can young entrepreneurs find you for mentorship?
Every Thursday at Park Place Business Center on Limuru Road we have Founders Conversation from 8.30am-9.30am. We have open conversations about different business related topics, and business owners have a chance to network. One can also book an appointment for free on our website or e-mail [email protected], and they can get a 20-minute free chat with me or other business development mentors.
Did you have any fears when you were starting out?
I had many fears, but starting a business was never one of them. Initially I got into business because there was a huge number of people who needed an item that I could readily provide. I seized that opportunity and since then, I strive to come up with something I know people need, and I keep tweaking it until it becomes popular.
How can we modify business courses at tertiary institutions?
The courses offered in university should be relevant, and geared towards solving real problems.
