by Ayvaunn Penn, Your Black World
You, too, can have your own successful business if you utilize one not-too-hard cue from Fred Mwangaguhunga, the founder and owner of gossip site MediaTakeOut.com. All it takes is a little — no, a lot — of discipline, but it is indeed doable as this phenomenal black businessman has shown. Do not let the fact that Mwangaguhunga has an MBA and law degree from Columbia University intimidate you or get you to thinking that his key to business success will never fit you. His method is also widely accepted by businessmen across the nation: save money.
Mwangaguhunga “saved money for nearly five years in order to buy a laundry-service business” NewsOne reports. When you want something bad enough, that kind of discipline is indeed possible. The lawyer says that, “while everybody was going out flossing, balling out, I was taking every penny that I had and just saving it.” He knew that when he had enough money he would be able to further pursue his business goals. Mwangaguhunga was able to purchase that laundry business, sell it, and ultimately have sufficient funds to start MediaTakeOut— an undoubtedly booming business reelin’ in the dough.
What causes many entrepreneurs to fail is the inability to save money and maintain a source of revenue. The step of saving is essential because most new businesses will not make money for the first two years. On average, it is during the third year that businesses break even, and it is not until the fourth or fifth years that a business actually starts to make profit. Hence, the tip entrepreneurs can take from Mwangaguhunga — save money in advance to support your business for a full five years.
Ayvaunn Penn is a spoken word artist and an award winning writer completing her degree in English and philosophy. For more of her witty-word works click here. To have your original poetry featured by Ms. Penn on Your Black Poets, click here.