Angela Kariuki: Customers’ credit book wasn’t easy it almost killed my business

Angela Wanja Kariuki, the founder and owner of Angie’s Closet is a clothing line that designs modern women.

Angies Closet

The boldest move was to quit my job as an investment banker and focus on my small business, which I started as a hobby and then as a part-time job. This took my business to a new level. It was worth every bit of my attention.

Building a career Passion is the best thing. It’s the fuel that keeps your flame burning until the end. It is your passion, which drives you to keep going even when you feel like giving up. It started as a hobby for me and I have slowly built it up step by step. Although I’m not yet there, I know my goals.

My success formula: Although it may sound cliché, the phrase “Identify a problem and offer a solution” actually works. Although the clothing industry is competitive, adding value gives it an edge. You will eventually tire if you try to start your own business because your friend is doing well.

The biggest money mistake was opening a book of debts. Small-scale retail businesses, especially those that deal with goods, require you to manage your cash flow. My cash flow began to decline the moment I began releasing goods on credit, or on partial payment. I was able to quickly learn from my mistakes and bounce back. Although losing long-term clients was my biggest fear, it could not be compared with losing a business. I finally closed my debt book, and I did not lose any of my clients.

The biggest career mistake is writing off bad debts, particularly those incurred by close friends. This can lead to capital loss and all your efforts going down the drain. To reduce such losses, I have set up a side account where a small amount is deposited each month. This allows me to keep a portion of the profit. This fund is useful for upgrading aspects of my business.

I would start over if I could. I would take greater risks. Jump and move on.

My saving technique: I don’t think I save much. Not in the traditional ways, and not in large amounts as I would love. It is more efficient to take out a loan to purchase an asset, do a project, or buy education policies. Then you can pay it off in installments. This gives me a sense of urgency and enables me to save.

Entrepreneurship or employment? Each one has its ups, and downs. Both are suitable for different people. Some will work and others won’t. Let no one tell you that one is better or worse than the other. Any of these can help you excel and make an impact on people’s lives. Give each one a shot and you’ll see where your strengths lie. You can always improve, so don’t be discouraged. There are many choices in life.

My final shot: Happiness is not a matter of success. Happiness is key to success. You will succeed if you love what your doing. Be yourself. You are the original you and that is how the world needs you. Simply do it.

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