The business start-ups have been challenged to embrace technology as part of their agenda to realize a substantial growth or perish.
The warning shots were fired by Mr. Julius Kiragu, Chief Executive Officer, Wabcom Technologies, a technology company that specializes in money transfer. While giving his life story, Mr. Kiragu said that business start ups should leverage on technology to reach a wider market segment. Some of the methods he prescribed include; the use of social media in advertising their services to reach a wider audience. They were as well encouraged to develop websites for their services and products.
Start ups were as well encouraged on the importance of having financial institutions as their partners in business. When it comes to funding, financial institutions help business persons with financial leverage. "You can save to achieve your goals, but remember, it will take a long time to reach your goals, you better use other people's money," he said.
Other essential business tips that were passed to the business start ups, innovators, students include; diversification by selling different kinds of products, training of new staff, having sales and marketing strategy, looking for mentorship, having partners, dedicating time to the business.
Other business moguls who spoke at the ‘SenseWithCents’ Masterclass include; Ciiru Waweru, the Chief Executive Officer, Funkidz Group. Ciiru Waweru, a graduate of Interior Architecture from the Glasgow School of Art, University of Glasgow urged the upcoming business men and women to network widely and make use of their network. She urged upcoming business people to ask ‘why’. Why are they pursuing their dreams, the businesses, why wake up and toil daily?
As regards the thorny issues of pricing, Ciiru urged entrepreneurs to cost their products and price them right. Further, she urged them to walk away if the clients can’t pay for the services or products and avoid under-pricing.
University of Nairobi is holding the second Innovation Week which runs from August 1-5, 2016 and there are several sessions for business start ups, business incubates, innovators coupled with paper presentations among other activities.