The head of a multi-million Kenyan institution shares her 4 steps on building wealth and becoming successful

david nganga

July 24, 2018 8:00 PM

The institution boasts of over 6,000 learners, four campuses and offers dozens of courses.

Lizzie Wanyoike

The former high school teacher has made great strides in the competitive business world despite facing a myriad of challenges in the initial stages of running the institution.

The college which enrolled 25 students at its launch now boasts of over 6,000 learners, four campuses and offers dozens of courses.

Ms Wanyoike has not only invested over Sh250 million to expand NIBS but she has also built a hotel in in an upmarket residence in Nairobi for business and hospitality training.

She recently opened up on some of the steps she's taken to build wealth and become successful:

Spend money to make money

According to Ms Lizzie Wanyoike, one should be prepared to spend money in order to build wealth.

"In order for you to make money and build wealth, you must be prepared to spend, sometimes even more than the business is making. Nonetheless, loans are a great means of financing and growing wealth."

She also adds that one should only borrow what is he/she can easily repay.

"Personally, I have borrowed heavily from banks at certain points. When I’ve borrowed, though, I have always ensured that I am able to sufficiently repay."

Entrepreneurship vs employment

Ms Wanyoike is of the opinion that one should seek employment for a short period before venturing into entrepreneurship.

As she put it in her own words: "Employment is the best teacher on how to become an employer!"

Starting a side hustle

While it may have several sides to it, the NIBS boss advises one to run a side hustle individually.

"Most of these (side hustles) fail because getting someone you can trust with your savings, can be challenging.... it can work or fail but the most sustainable is the one you do yourself."

Financial milestone

"Putting up an institution of higher learning that has all the requisite qualifications and learning facilities to operate, and that has a clean track record remains my bastion of pride.

Later this year, I am looking forward to opening the new hotel I have been building. It has not been easy but it has made me appreciate that in deed hard work pays! Honesty in business, too, is a must have!"

Source: Bizna Kenya

david nganga