Samuel Ng’ang’a is an MD at MasterFound Security Group Ltd, a company that provides security installations and technology, and security services.
He shares some of the lessons he’s learned about money and entrepreneurship over the years.
In 2020, most companies were hit hard by the Covid-19 pandemic. Mine, however, was resilient and could grow. We hired more employees in 2020 and managed to pay them promptly and in full. In addition, we offer our employees insurance protection for work accidents and contractual liability in the event of damage for our customers. Knowing why and who you are hiring is important. The faster you get the best minds involved, the faster your brand will grow.
In my business, we made it a priority to hire the top candidates. This includes people who may have served in the military, police stations, prisons, and the criminal investigation department. Looking back, I can say that adopting resilient business models, passion for the job and honesty were my driving force. Most people are either too lazy or too ambitious and often fail to build resilience. Because of this, new companies break down every other month, even though they were started on great ideas. I have also learned that as an entrepreneur I always have to stick to my vision. Yes, I can adjust it from time to time, but the original idea has to exist.
I once spent office money buying personal property that was worth Sh7 million. It turned out to be a huge burden. Immediately after purchasing the asset, I received an order and couldn’t deliver. I had to get external funding. Experience taught me the importance of measuring wealth against liability when making expenses, and also the need to separate office expenses from personal expenses. On another occasion, I allocated a large portion of the budget to Marketing, and the move did not bear any fruit. I should have put this money into employee training, which has proven to be more fruitful so far. Well-trained staff is the best marketing tool.
I used a large part of my starting capital for operating expenses. Renting large office space and electronics that weren’t that necessary. I should have started small and then focused on growing the company. I realized that entrepreneurship is a better way of creating wealth than formal employment. They get an intense thirst for success and fortune that those who are employed do not experience.
I invest in money markets, insurance and saccos. I find it much easier to take out a loan against my stocks and savings than at the bank, which requires collateral and the process takes a long time.
Success is something that you achieve through continuous learning. I’ve learned that if you don’t exceed your employees ‘expectations first, you cannot exceed your customers’ expectations. With money, I learned that kindness, humility, and integrity are more important than money. The desire to change people’s lives should always come first.