Peter Nyaga is the chief executive officer of Mahiga Homes Ltd, a real estate firm that deals with the construction and sale of houses. He shares some of the lessons he has learnt in business and financial potential.
My biggest milestone
Completing an estate within six months is my biggest milestone. In February 2018, my team and I started the construction of an estate comprising of three bedroom bungalows on Thika Superhighway.
We completed the houses within six months. This taught me that having a team that is focused, coordinated, has unity of purpose, with a common goal is very crucial.
How to succeed in business
Research a lot before you start a business. Know your target customers, whether they need your solutions and your competitors.
Be unique. Don’t launch a copy-paste. Be patient as well for the business to develop. I have had to practise a lot of discipline, resilience and develop a go-getter attitude.
Goals are part of every aspect of business and provide a sense of direction, motivation, a clear focus, and clarify importance. Write your goals in a big font.
Biggest money mistake
I made my first million at the age of 22. I was still in real estate, selling plots and land. At the same time, I was in campus.
Instead of reinvesting the money into business, I bought a car. Having a car at such an age could be a blessing or a curse; a blessing when you use it to grow a business or a curse if you use it to party.
The car turned out to be a curse for me. Within one year, I was bankrupt and sold it to pay debts.
My biggest career loss
This was in 2017 when I ventured into politics. I contested for the MCA seat in Magumoni Ward, Tharaka Nithi County. Running a campaign is time consuming and requires a lot of money.
I diverted money meant to run the business into my political campaigns. I drained my cash flow. This was a wrong and costly move since I didn’t have a clear plan or roadmap to juggle between politics and business.
If I could start all over again
I don’t regret the way my life has panned out. I have learnt the greatest life-changing lessons through my failures. At the same time, I have gained the greatest pleasure from overcoming problems.
My saving method
I only save through an emergency fund. Any other money that I get goes to my real estate venture. I believe that real estate has some of the best returns on investment.
Previously, I saved money in a fixed account. This never gave me the returns I now get from reinvesting money in my business.
My parting shot
If you want to be a high performer and succeed, be willing to do what others are not willing to do. Do not limit yourself because of lack of money when you want to venture into business.
If your idea is convincing enough that it will generate income when implemented, you will get the funding.