Starting a business is one challenge. Keeping it profitable while finding room to grow is another.
For many young entrepreneurs, diversification sounds like opening another shop, launching a new product or venturing into an entirely different industry.
But expanding too quickly, without understanding the new market or managing the money properly, can create more problems than opportunities.
That was the focus of the Co-op Bank Youth Forum on Friday, November 6, where host Violetta Ngina was joined by entrepreneur Maureen Orango for a discussion titled Beyond One Hustle: The Art of Business Diversification.
Orango brings practical experience to the subject, having built a portfolio of seven businesses spanning event management, construction and renovation, and transport and logistics, among other ventures.
Her entrepreneurial journey began in high school, when she sold small perfume samples for Sh20.
She later moved into event management, which opened opportunities in construction and renovation through relationships developed along the way.
Her experience illustrates how one venture can create opportunities for another.
One of Orango’s central messages was that entrepreneurs do not always need substantial capital to identify their next business opportunity.
Skills, experience and personal networks can provide a starting point.
For example, someone already running a catering business may identify opportunities in event supplies, deliveries, or corporate catering through existing customers.
