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Don’t sell what you wouldn’t buy : The Standard

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Behind every entrepreneur is a story of resilience and boldness. John Muinde is no different.

At the age of 12, he lost his father, who was the sole breadwinner of the family. Life changed for the worse, but as good fortune would have it, he found sponsors along the way to see him through school.
John pursued PR and communications in university, with his eyes set on one day replicating the success of Gina Din, a pioneer of the public relations industry. However, after he got his degree, he didn’t dive straight into entrepreneurship, but took a detour into employment.
His plan was to learn the operational structures within a corporate business so he’d be better prepared to run his own company. He had already registered his business name, so while employed, he learned the ropes and networked extensively. When he felt the time was right, he left to focus on his PR firm, DannRoss Media Africa.

SEE ALSO :The Business Coach stirring up struggling SMEs

Two years into the business, John’s entrepreneurship journey has been a mixed bag of experiences. On the one hand, he’s been able to bag listed companies as clients, but on the other, he’s had to go through a nasty ‘divorce’ with his initial business partner.
However, his eyes are still on the prize: success in the PR field. The Business Coach got John in touch with Mary Njoki, the CEO and founder of GlassHouse PR, for insights into manoeuvring in the PR industry for success. Here are some of the highlights of their conversation.
1. Don’t sell what you haven’t bought
Digital is an integral offering in the PR industry, and aside from offering it to a client, your business needs to execute it in achieving its objective of reaching out to new clients. Never sell to a client what you, as a business, haven’t executed.
2. Capital doesn’t have to be monetary

SEE ALSO :Want to fund a music dream? Tips from Sauti Sol

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The biggest capital in business is the knowledge and skill possessed by the entrepreneur, and this is especially true in a service business. As an entrepreneur, strive to accumulate as much knowledge as you can in the industry you’re in, as well as keep tabs on emerging trends. This is the capital that will make a difference and help you succeed.
3. Have advisers and mentors to guide you
As an entrepreneur, avoid operating in isolation. Have a team of advisers and mentors to keep you accountable and to hold your hand as you navigate new terrain. The team of mentors should preferably be in a different business so that they can give you the benefit of an outsider’s view of the business.
4. Network extensively
An entrepreneur should always be looking out for networking opportunities. Through networking, you get information on business you can bid for or opportunities you can exploit that lead to more sales and greater visibility.

SEE ALSO :Running a restaurant? 3 tips on doing it right

[The Business Coach airs every Monday at 7.30pm on KTN Home]   

The Business CoachDannRoss Media AfricaGina DinGlassHouse PR



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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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