Lessons for upcoming entrepreneurs from Samantha's Bridal Founder, Dr. Catherine Masitsa
In an interview on KTN’s Late Night Business on Tuesday 19th
Dec 23, Ian Dennis hosted renowned business woman and founder of Samantha's Bridal, Dr. Catherine Masitsa
She was able to share her journey into founding her first
business after quitting her employment at the European Union.
In the insightful interview, Dr. Masitsa shared that what
really drove her into business and resigning from her employment is the desire
to have financial freedom. By first achieving financial freedom she has been
able to get out of the 8 to 5 work schedule which seemed like a prison to her.
Her first foray in business was starting a magazine which she
distributed for free. She sold advertisements to break even however the
business was not growing as fast as she needed it to. She then decided to ask
for advice from an hotelier who told her rate card was too low and what she
really needed to do was to offer better priced annual packages.
It is at this moment that she realized it was important for
her to change her business model for her to be able to grow her business. Her
breakthrough came when she was able to successfully pitch to KQ management and have
her magazines displayed inside Kenya Airways flights for travelers.
When Dr. Masitsa was
about to get married she realized there was a need for information on matters weddings
from photography to presentation and that is when the idea to start her
flagship business Samantha's Bridal magazine
was born.
The business has grown from the magazine, to wedding planning,
hosting a reality show to now diversifying into the Samantha's Wines business
whose reception in the market has been great. Being in a business of providing cherished
memories, the wine business was an obvious addition to her empire which will in
the near future also include a fragrance business.
One thing she considered important when starting her
business was growing her assets in real estate to secure her during rainy days.
A business she says will always have tough times so it is important to build
the cash flow first and invest the same to be able to build an asset base. An
asset base and cash flow is necessary when one needs financing to expand a
business.
Another important thing that she advised upcoming
entrepreneurs and the startup founders is that the journey to owning and
running a profitable business is not easy. She had to be intentional and
militant in pitching her business to prospects.
In starting a business an entrepreneur should ask herself
some key questions and conduct market research to find out if there is a need
for the product or service she is offering .Furthermore, the entrepreneur needs
to know if the market big enough and the product or service scalable in the future.
Once the product or service has been rolled out, it is
important to be consistent in the service offering and remunerate the staff
well so as to maintain them. If a business is not working out it is also important
to find “one’s true north”; what will work out for you.
In order to be truly independent the entrepreneur must
transition from being an owner of business to a business owner. This means
delegating work to competent staff who share the founders vision as the owner
oversees the business and diversifies as the business continues to evolve.
Another key component in growing the business is developing
a network of like-minded business people who will help in sharing industry
experience and advice on the maneuverings in the business world. She ended the
interview by saying “Your Network is your Net worth”.
You can always catch the Late Night Business show on Tuesday 10.00pm on KTN
Home presented by Ian Dennis.
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