Maureen Orango runs seven businesses across several sectors.
Entrepreneur Maureen Orango urges business owners to build on existing skills and networks while controlling expansion, hiring and spending.
Entrepreneur Maureen Orango says business owners can develop multiple income streams by finding opportunities around their existing ventures. She urges entrepreneurs to build on their skills, experience and relationships rather than repeatedly starting from scratch.
Orango runs seven businesses, including ventures in event management, construction and renovation, and transport and logistics. Speaking at the Co-op Bank Youth Forums, she explained how opportunities from one business helped create others.
Her advice comes against a difficult backdrop for Kenyan enterprises. A 2016 Kenya National Bureau of Statistics survey found that about 2.2 million MSMEs closed within five years. Of those businesses, 46 per cent failed within their first year.
Meanwhile, the 2023 FinAccess Micro and Small Enterprises Tracker Survey found that 27.4 per cent of surveyed businesses had closed by June 2023.
Building multiple income streams from existing opportunities
Orango began selling sample perfumes in Ksh20 sprays while in high school. She later entered event management, which opened opportunities in construction and renovation.
Rather than waiting to raise substantial capital, she encouraged young entrepreneurs to use their existing resources. These include practical skills and contacts who can help them identify opportunities.
She also advised owners to identify market gaps and distinguish their products through better customer service. A food vendor, for example, could supply serviettes or wipes alongside food to improve customers’ experience.
Partnerships, she added, can help entrepreneurs access opportunities and share expertise instead of handling everything alone. However, she cautioned against entering unfamiliar businesses, where owners may struggle to set prices or find customers.
Control hiring and keep business money separate
Orango also warned against employing workers before establishing a reliable customer base. She advised owners to understand their operations first, then hire when demand exceeds what they can manage alone.
Financial discipline matters just as much as earning revenue, she said. Orango recalled making Ksh1 million in profit but losing control of it through personal spending and loan repayments.
To avoid similar problems, she urged entrepreneurs to separate personal and business finances and maintain proper records. When an established business funds a new venture, owners should treat that money as a repayable loan.
Finally, she advised entrepreneurs to assess financial sustainability before committing more money to a venture. She cautioned against continuing to fund businesses that consistently lose money, urging owners to stop persistent losses.
