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It has been said quite often that alone you can go fast but together you can go far. This is a true scenario in the entrepreneurship sector. People have been encouraged to come together as a team and do business together.
Growing up, I could hear my grandfather tell me about various parcels of land that he and his relatives owned. He could tell me that they had come together and contributed some money. Years later, they sold the plots at good profits. It is these profits that they would then share accordingly.
A keen attention to most successful business people reveals one very powerful component. Team work! They will always talk of our company. Building an empire requires brains coming together.
The Government of Kenya has in the recent past emphasized that the youth, women and persons with disabilities form and register groups. With groups in place, they can comfortably apply for funds that the government has set aside for their projects.
The government in its effort to empower these categories of people has set aside funds such as the youth enterprise development fund. This is the most renowned of Kenya’s government initiatives. The Youth Fund was established in 2006 with aims of availing opportunities to Kenyan youth. It is open to those aged between 18-35 years old.
Another funding option would be the Uwezo Fund. It offers capital and mentorship to entrepreneurs with the primary aims of achieving gender equality and eradicating poverty. Its loans range from sh.50, 000-500,000 at a time.
These funding options in Kenya often times are dependent on the groups we form. So yes, if you think of entrepreneurship, think of team work, think of a group of like-minded individuals.
Well in as far as I acknowledge the importance of groups it is also important to note that groups are sometimes present the most challenging dynamics to deal with. I say this for following reasons;
First and foremost, getting like-minded people is a challenge. The people that we share the same ideologies and aspirations are not in a common pool somewhere. So yes, along the way you are likely to make mistakes in selecting.
Before coming into partnerships with the prospective individuals, acknowledge that each has their own personal goals and dreams. As you all sign that partnership deal, make clear the common goal. This will make it easier for the group to productively work together.
Secondly, in groups not everyone is willing to pay the ultimate price to see your project succeed. Some individuals will only make contributions then sit back and wait for when the profits start streaming in. Commitment, research and presence are very important to offer on top of the money contributions you make. So besides money you have to agree on the other price one has to pay for the success of your group.
You should also be with people who look towards the future goals of the group. Not people who join it for quick riches. We all know how ambitious ideas look when they are discussed in the group but unless you focus and commit to making it work and being patient with whatever project you have invested in, it will be as well as a dead group.
Remember to make clear distinction between business and social groups. The best person in your social circle sometimes is the worst business partner. It is also true that your social friends will sometimes overlook things when you are in partnerships and you may not do anything. After all they are your close friends. Social life and business should be clearly distinguished in any partnership.
Most groups fail when there is no trust and transparency in accounts of the group. We all join partnerships to benefit so if these important aspects are absent, sometimes it means that the failure of the group just began.
Most importantly is discipline. With discipline, the group can make contributions in time. Discipline will enable group members to attend meetings, to complete tasks given in time. It will help in the management of finances and yes discipline to abide by rules and regulations of the group. Discipline is very essential for growth.
In conclusion, the idea of group work is good. It is a good way to grow your investments. Note that, dealing with a group of people can in deed get difficult but if these differences are harnessed and channeled towards a common goal, so much could be reaped.