“Each man is capable of doing one thing well. If he attempts several, he will fail to achieve distinction in any.” ~ Plato
By the time I officially registered my business as a PLC in April 2016, with its headquarters in Mombasa, Kenya, I had already identified the ventures I intended to launch. These were among the numerous business ideas that had occupied my thoughts day and night throughout my employment. The persistent nature of these ideas tormented me, and the delay in bringing them to fruition weighed heavy on my heart, occupied my mind, and left my hands itching. When the opportune moment arrived, I named my company Techinva Kenya, which stands for TECHNOLOGY, INNOVATION, and VALUE. My objective was to utilize technology and innovation to provide high-value solutions, contributing to positive societal change.
Unaware of the consequences, I eagerly launched five businesses simultaneously under the umbrella of Techinva Kenya. The first venture, Quantum Media Galaxy, was established with the sole purpose of providing administrative, communication, and virtual assistant freelancing services to individuals who were not particularly tech-savvy, as well as business owners and CSO leaders. The second venture, Lena Sparkle Cleaning Specialists, focused on the production and supply of liquid soap and detergents to households, along with offering specialized cleaning services to corporates. The third venture, Z~it!, specialized in the repackaging and distribution of pest control products and fumigation services to households and corporates. The fourth venture, Nam Lolwe Delicacies, involved the sale of fresh fish sourced from Lake Victoria to the residents of Mombasa. The fifth venture, Cloud “9” Wines, entertained Mombasa revelers with alcoholic and non-alcoholic beverages. Quite a handful, isn't it?
The positive aspect of establishing all these ventures is that we successfully developed minimum viable products for each while adhering to legal and regulatory business compliances. This included obtaining standardization, barcodes, licenses, and permits to facilitate smooth operations. We also gained subtle traction in customer acquisitions. Despite discontinuing the operations of the five ventures by 2019, with Techinva Kenya pivoting to focus solely on capacity building consultancy for women's economic empowerment, we still have loyal customers placing orders to date. Moreover, the knowledge and skills acquired while managing the operations of these ventures have been instrumental in building my entrepreneurial traits and abilities. I am confidently leading my business with wisdom, courage, and resourcefulness as I bootstrap.
Reflecting on the past, starting five ventures simultaneously was a mistake, and here's why:
Mistake #1. Resource Exhaustion: Managing five ventures at once depleted the limited resources, including time, money, and energy, allocated to start the business. This dispersion of resources made it challenging to provide each venture with the necessary attention and investment for success.
Mistake #2. Lack of Focus: Running multiple ventures simultaneously resulted in a lack of focus on core aspects such as the market, customers, and industry trends for each business. With attention divided among multiple ventures, I struggled to comprehend and respond to market dynamics effectively.
Mistake #3. Increased Risk Exposure: Each business venture inherently carries risks, and starting multiple ventures simultaneously elevated the overall risk exposure. This jeopardized the success of all ventures, leading to potential financial loss.
Mistake #4. Team Management Challenges: Starting multiple ventures meant assembling a team for each, averaging two staff per venture. Managing such a relatively large number as a business novice then, strained my ability to lead effectively. Additionally, failure to identify teams with the required skills and competency resulted in performance challenges, decreased morale, and productivity.
Mistake #5. Lack of Customer Identification Strategy: Since the ventures targeted different markets, we lacked a clear strategy for customer identification and validation. As a result, our market positioning inadvertently targeted the same customer base, violating the cardinal rule of market segmentation. This confusion contributed to poor sales performance, failing to meet sales targets during that period.
Mistake #6. Limited Industry Understanding: Juggling multiple ventures simultaneously hindered my ability to fully comprehend and adapt to the specific challenges and opportunities within each industry. Rushing into multiple ventures impeded my understanding and led to critical decision-making errors.
They say that the only way to learn is by taking the rocky road of learning from one's own mistakes. Therefore, even though my mistakes gravely cost me, I didn't quit. Here are some lessons I learned along the way:
Lesson #1. Focused Resource Allocation: Rather than spreading resources too thin across multiple ventures, I should have focused on one or two at a time, providing adequate attention and investment. I believe this could have increased the likelihood of success.
Lesson #2. Depth and Expertise: Concentrating on one venture at a time would have allowed me to achieve depth and expertise by maintaining focus on the core aspects of each business. I have since learnt that a valuable business must start by finding a niche and dominating a small market.
Lesson #3. Thorough Risk Assessment: Before initiating any venture, thorough risk assessment should have been conducted, and measures put in place to mitigate potential financial losses.
Lesson #4. Effective Team Building and Leadership: Building and leading effective teams is a critical factor in success. Therefore, I should have considered the size and competency of the teams needed for each venture. Assembling teams with the right skills and ensuring effective leadership and communication would have maintained morale and productivity.
Lesson #5. Defined Target Markets and Customer Identification: I should have clearly defined the target markets and validated customer identification strategies, while positioning each venture appropriately in its respective market.
Lesson #6. Thorough Market Research and Industry Analysis: Thorough market research and industry analysis should precede business launch. I should have taken the time to understand the specific challenges and opportunities within each industry.
Napoleon Hill emphasized that "When defeat comes, accept it as a signal that your plans are not sound, rebuild those plans, and set sail once more toward your coveted goal. If you give up before your goal has been reached, you are a ‘quitter’." That is exactly what I have been doing for the last three years—pivoting, rebuilding, and repurposing my business. Because I didn’t quit, I have been presented with the opportunity to do irreplaceable work on a unique problem alongside great people.
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