Dr. Patrick Mugonya Kihiu is a general medical practitioner and a DJ. He is also managing director of the entertainment business, Cross Entertainment Sounds.
He shares some tips on money and building wealth.
I save my money through the acquisition of assets and the Sacco. I am a member of the Kenya Medical Association Sacco. Some of the assets I have paid significant attention to include land, which I buy both for development and speculation. As a young entrepreneur, I have had my fair share of financial mistakes.
I have practiced medicine for five years. It was 2015 and I was aged 23. In my high school days, I had always dreamed of pursuing a career in medicine. My academic performance, especially in the STEM subjects was impressive so medicine was my first choice. However, I knew that I would start an entertainment business somewhere along the road. I have always been very passionate about music.
I started my entertainment business with about Sh250,000. When I was starting this business, I knew the exact type of service I wanted to offer. I started with a public address system, movable stage, lighting, and big screens. This incorporated end-to-end audiovisual solutions.
Medicine is more of a calling than a source of income to me. When I graduated, I knew in my heart that I didn’t want to work in the fancy city hospitals. I would go to a rural area where professional medical services are hard to come by. Today, I treat and offer medical help in a small village called Kilungu in Makueni. While I could have made more bucks elsewhere, I wouldn’t trade the joy I get whenever someone who wouldn’t otherwise access medical services gets relief. I have a team that I have trained to solicit for business and handle setups for the entertainment business. I then join them on weekends.
My experience in employment and business has also taught me the value of multiple revenue streams. The fastest way to create wealth is to stop relying on your primary career alone. Start a business you’re passionate about on the side. Find ways to invest in assets that accumulate value.
Breaking into the market and competing with established audiovisual companies has been tough. When I started, it was very hard to convince corporates and big brands that we could provide the same quality as other entertainment companies. With time, we have proved that we can do even better than our competitors and at more competitive rates. Capital has also been quite a challenge.
Life doesn’t have a marking scheme. We are all different and have different purposes. Do what your heart loves, but make sure it is constructive and takes you forward financially, mentally, and spiritually. Above all, do not box yourself into one corner. Be versatile and go beyond your primary career to grow wealth.
Courtesy: Life & Style