Blog

Entrepreneurs, Do Business Partnerships Really Work?, by JORAM MWINAMO

Posted in Entrepreneurship

entrepreneurs do business partnerships really work

 

If there is one thing I have seen in my long career advising entrepreneurs and growing enterprises, is just how many business partnerships fall apart. It doesn't matter how nice and well intention-ed the co-founders or business partners are . Partnerships are like marriages. If you get stuck with the wrong partner or partners, divorce is imminent. And the fallout's are usually nasty. Most of the complaints that I see driving business partners apart are things like divergent visions and direction, differing values and modes of operation as well as varied commitment levels. I could dwell on the ugly but I choose to look at what makes good business partnerships work instead.

So what will it take to make a business partnership to work?

My Journey as a Coach, by ANN ICHUNGWA

Posted in Entrepreneurship

I beg to ask, what comes to your mind when you hear the word "entrepreneur"? Actually, entrepreneurship is a fast-growing field in Africa today. Many youth are getting into self-employment and this is evident from the numbers that attend entrepreneurship talks, summits and conferences. It's clear that Africa and Kenya in particular, has become a center for innovation and entrepreneurship.

I was recently privileged to sit in as a pitch coach in the warm up to the 2018 Nairobi Innovation Week. This week's activities offered a platform for discovering and showcasing the newest and most promising startups in the region.

We are currently working with 18 startups who are in the e-commerce and business support category, helping them perfect their pitch, which will then culminate in a final pitching contest on 9th March, 2018. The objective is to identify Kenya's 15 most promising startups of the year 2018.

The entrepreneurial spirit sometimes strikes even younger than we expect. It's always impressive to hear stories about young entrepreneurs. Allow me to share some insight and business ideas from these young enthusiastic entrepreneurs:

Store17 - an app that enables users in and around Nairobi to order fresh fruits and vegetables directly from their phone, and have it delivered to their homes or place of convenience.

Loya - Are you looking for legal aid - advice or representation? This is an app that helps you find a lawyer in real time.

E pate Recovery - helps connect people that have lost their personal documents to people who have found them.

Moot - an app that makes everyday shopping more personal and rewarding. People use Moot every day to discover new products, plan shopping trips and earn rewards in stores.

MSheria - an app that insures matatu drivers against traffic offences

eShopper - app that enables shoppers to shop from any of their favorite retail stores from the comfort of their home or office and have the shopping delivered anywhere

These are stories of young budding entrepreneurs in Kenya. I am glad that I decided to be part of the journey, helping provide support and advice in order to help improve their business model.

This has been an incredibly rewarding process of assisting them in the development, growth, and progression of their business ideas.

KEY TAKE OUT

The role of mentorship in entrepreneurship is fundamental. All great entrepreneurs owe some of their success to their trusted coaching support system. There was someone who inspired them, sharpened them and taught them, that is why they stand to be admired today. It is only iron that sharpens iron, so the experiences of the mentors play a key role in shaping the mentees.

The economy is composed of enterprises and businesses. For business to survive, we need pioneer leaders who will adapt to changing times and come up with new ways to produce a product or a solution, and have the ability to constantly evolve to fulfill the demands of the community and the people.

In every business, it is imperative to be industrious and innovative in order to succeed, seeing that we are in a competitive environment.

So if you're passionate about something, don't let anything stop you. It's more than just about being your own boss - it's about taking risks and learning everything there is to achieve your dream.....and get a Coach.



Ann Ichungwa CPA is in charge of the Finance Solutions Department at Wylde International

My experience as a Pitch Coach

Posted in Entrepreneurship

I beg to ask what comes to your mind when you hear of the word entrepreneur? Actually, entrepreneurship is the fast-growing field in Africa today. Many youths are getting into self-employment and this is evident from the numbers that attend the entrepreneurship talks, summits and conferences. It's clear that Africa and in particular Kenya , has become a center for innovation and entrepreneurship. 

I was privileged to sit in as a pitch coach in the warm up to the Nairobi Innovation Week .. This week is a platform for discovering and showcasing the new most promising startups in the region.

Currently we are working with 18 startups who are in the e-commerce and business support category, helping them perfect their pitch, that will culminate in a final pitching contest on 9th March, 2018.The objective is to identify Kenya’s 15 most promising startups of the year 2018.

The entrepreneurial spirit sometimes strikes even younger than we expect. It's always impressive to hear stories about young entrepreneurs. Allow me to share some insight and business ideas of these young enthusiastic entrepreneurs.

Store17- app that enables users in and around Nairobi to order fresh fruits and vegetables directly from their phone and have it delivered to their homes or place of convenience.  

Loya -Are you looking for legal aid - advice or representation? This an app that helps you find a lawyer in real time.

E pate Recovery-helps connect people that have lost their personal documents to people who have found them.

Moot- app that makes everyday shopping more personal and rewarding. People use Moot every day to discover new products, plan shopping trips and earn rewards in stores.

MSheria- app that insures matatu drivers against traffic offences

eShopper- app that enables shoppers to shop from any of their favorite retail stores from the comfort of their home or office and have the shopping delivered anywhere

These are stories of young budding entrepreneurs in Kenya. I am glad that I decided to be part of the journey, helping provide support and advice in order to help improve their business model.

 This has been incredibly rewarding process of assisting them in the development, growth, and progression of their business ideas.

Key take out

The role of mentorship in entrepreneurship is fundamental. All great entrepreneurs owe some of their success to their trusted coaching support system. There was someone who inspired them, sharpened them and taught them that is why they stand to be admired today. It is only iron that sharpens iron so the experiences of the mentors play a key role in shaping the mentees.

The economy is composed of enterprises and businesses. For business to survive we need pioneer leaders who will adapt to changing times and coming up with new way to produce a product or a solution, be able to constantly evolve to fulfill the demands of the community and the people. In every business, it is imperative to be industrious and innovative in order to succeed being that we are in a competitive environment.

So if you’re passionate about something, don’t let anything stop you. It’s more than just about being your own boss - it’s about taking risks and learning everything there is to achieve your dream…..and get a Coach.

Ann Ichungwa CPA

 

African SMEs Can Exploit Digital Branding and Analytics to Spur Growth

Posted in Entrepreneurship

African SMEs Can Exploit Digital Branding and Analytics to Spur Growth

 

We conducted an SME survey in 2017 to find out how SMEs had performed and their aspirations for 2018. What was interesting is that 60% of all respondents indicated that revenue growth was their biggest aspiration for 2018.

Without concrete, coherent and strategic actions such aspirations will remain a pipe dream and would become like most people's annual resolution of losing weight by focusing on occasionally going to the gym instead of a holistic and radical shift in lifestyle.

First and foremost before talking about revenue growth SMEs must focus first on bringing customers on board while retaining existing ones; easier said than done.

TAX ALERT! (Have You Made These Necessary Adjustments to Your Payroll?)

Posted in Entrepreneurship

tax alert

 

We’d like to notify our clients of changes in resident taxes:

  1. 1.The Government, through the Kenya Finance Act 2017/ 2018, revised the resident individual tax brackets and increased the monthly personal relief from KES. 1,280 to KES. 1,408 with effect from 1st January 2018. The tax bands and personal relief have been expanded by 10%.
  1. 2.Bonuses, overtime and retirement benefits paid to low income earners (income below the revised lowest tax bracket of 10%, upto KES. 12,298 per month or KES. 147,580 per annum) are exempted from tax. This will marginally reduce the PAYE burden.

Monthly Taxable Pay (KES)

Annual Taxable Pay (KES)

Tax Rate (%)

Up to 12,298

Up to 147,580

10

12,299 – 23,885

147,581 - 286,623

15

23,886 – 35,472

286,624 - 425,666

20

35,473 – 47,059

425,667 - 564,709

25

Above 47,059

Above 564,709

30

Monthly Relief: 1,408

Annual Relief: 16,896

 

Therefore, starting with the PAYE return for the January payroll that is due on 9th February 2018, employers are advised to implement the following changes to their payroll processing. It’s the responsibility of the Employer to deduct and remit PAYE, failure to which it attracts a penalty.

For further information or assistance, please get in touch with Ann through the contacts below:

 

Ichungwa Ann

Wylde International

Tel: 0701 560203

Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it. /info@wyldeinternational.com