Agriculture is a major sector of the Kenyan economy and is a significant source of employment and income for the country's population. According to data from the World Bank, agriculture accounted for approximately 31% of Kenya's gross domestic product (GDP) in 2020. In episode 2 of OVAReact Podcast our guest Sheena Raikandulia said the best business Kenyans should work to invest in is agriculture because it has so much to offer yet there is low productivity, she also stated that Africa has the ability to feed itself if we were able to utilise the benefits of this sector to its full capacity. To help steer the conversation forward we had the pleasure to have with us on episode three, Wanjiru Mambo, the Founder of Wedgehut Food Ltd which she runs alongside a courier and bar and restaurant businesses. The Queen Hustler guest talked about her journey of starting a potato business and through our conversation we were able to identify the questions you can ask yourself that will help you identify if Agribusiness is something you can venture to. These are:
1. Is your passion still there?
When you start your agribusiness always check in with your passion that it’s still there for it is what will help you stay in business. And when you feel you’re low on fuel especially when things are more challenging than anticipated learn to connect with other people who will energise you and help you come up with new ideas.
2. Do You have good working capital?
Most businesses have cash flow issues and this is because one needs to ensure that you plan your money well and identify how it needs to be used, so you don’t end up spending it on the wrong things and borrowing money to cover those unnecessary expenses.
3. Can you give this a try?
If the answer is yes to the first two questions then the next thing to ask yourself is whether you have the potential to be audacious enough to try even if you have to fake it till you make it. Wanjiru shares her journey of juggling all her businesses and states that she had the will to explore the idea of making these businesses successful by being willing to try. This supported by research and investment has in the end paid off.
Therefore we conclude that before starting a business it is important you ask yourself the right questions that will help you determine if the risk is something you can mitigate and if it is worth your time. The most important thing to remember is that businesses grow but this is supported by the entrepreneur spending time researching and garnering information that helps nurture the idea in the right way. So if there is no interest the business will falter because the effort to succeed won't be matched.
Learn how to embrace failure from the proud failed entrepreneur, Sheena Raikundalia!