We continue to emphasize the need for learning to achieve a critical level of self awareness and a character in the journey to financial freedom. Successful investors are unique character's the product of learning from a series of mistakes that have helped them to develop clarity on their risk appetite.
My Financial Literacy Coach, taught me that learning is the process of converting information through experience into Knowledge, and knowledge into skills and eventually acquiring confidence to take on different levels of risk. This is informed by the gradual development of the ability to connect present pas and future trends into valuable investing information. That information in itself, and whose results is yet to be experienced is not knowledge. I was also reminded that an open attitude that encourages learning from your mistakes help you achieve a cool head when faced with hard decisions.
It is not easy to learn from your mistakes.
Our environment of nurture and education taught us not to make mistakes and in fact pain was inflicted to deter creativity. No wonder most people easily fold into "justifiers" , blamers, deniers, liars or even quitters, rather than learners from our mistakes. Nurture and natures encouraged us continue to “look good” in a failed situation. This is perhaps the one single reason must people would defend what they should discard and move on.
After recognizing that you have made a mistake, it is difficult not to let one of those characters take over you. However, if you are ever going to get your financial mess back to order you are going to let the responsible you take control of your thoughts, convictions and actions by considering the priceless lessons from each mistake. Learning from your mistakes habitually enable you to discern and manage investments risks proactively.
A major local daily recently carried a real life story of a self made billionaire, one Nelson Muguku. “With only two hens, a cock and with Ksh.2,000 in his pocket, Nelson Muguku quit teaching at a college in his early twenties to begin a long journey to multi-billionaire status.” The man was prepared to take hard choices, bordering on defiance, something that only happens to people who know what they really want and are willing to build their own character form scratch. He knew what he was capable of doing and prepared for the opportunity by raising capital to purchase a chicken business who owners were emigrating from Kenya, at a time when chicken was an unknown business in Kenya. The rest of the success story is history.
Building a Business from the Ground Up
So you have this great idea, and you’re thinking of going into business to capitalize on it. You’re pretty sure that all you need now is a little guidance on how to get started. Starting a business is never easy, and you want to be as prepared as you can possibly be for what may be lurking ahead. With that said, let us do a little litmus test to see if you really want to choose the path of entrepreneur.
The first thing you must understand is that in order to get things up and running, there may be times that you will need to dedicate extra time and energy to your business. These longer hours may cut into what would typically be personal or family time. Are you willing to make that sacrifice?
The second thing you must ask yourself is if you are willing and able to leave your ego outside the the door. Are you willing to seek out the advice of those who have been there and succeeded in doing what that which you are working to achieve, and are you willing to take that advice?
Here are some questions you need to find answers for and quickly.
Are you aware of your strengths and your weaknesses, and are you willing to bring on board others who are skilled in the areas in which you are lacking?
How much do you truly desire this? Are you ready to commit to what you are beginning, and see it through to the end?
It is here that you will find yourself most greatly challenged. It may challenge everything that you thought you knew about yourself, and then some more. Do you have what it takes to absorb the highs and lows of building a business, and do you truly possess the unmitigated drive to succeed?
If you doubt yourself, then do not get started until the time comes that you have the confidence to do what is necessary to prevail. If you can honestly answer yes to all of these questions, then forge onward with my blessings.
Patrick Wameyo, Financial Literacy Coach, Financial Academy & Technologies