When great minds are put together in an enabling environment, exciting things definitely happen.
On Wednesday evening we sat down with Mandela Washington Fellow, Kenny Tonga; founder and C.E.O of Lusaka’s leading urban youth radio station Power FM broadcasting on frequency 99.7 MHz.
We believe that in order to inspire professionalism and good business development in Zambia, successful entrepreneurs like Kenny must be given a platform to communicate business insight to other entrepreneurs. Startup Junction provides a monthly meetup dubbed Startup Hour that accommodates a selected guest entrepreneur to address an entrepreneurial audience.
Startup Junction strives to bring together the startup community through monthly events to motivate and encourage people to co-succeed.
We had a brief chat with Kenny to get his views on business strategy, managing debt, business plan writing and market research; Kenny was very calm and offered insightful responses that are educational and motivating especially to young aspiring entrepreneurs.
On Business Strategy; Kenny had the following to share –
Kenny was excited to discuss this important element of business because he is a strategic thinker himself. He calmly advises business owners to avoid jumping at any opportunity without carefully analyzing how they will acquire the benefits or if they fail, on how they will bounce back. Kenny also advises entrepreneurs to be pragmatic in business and avoid trying to do business the way it is taught in business school. On this issue, Kenny also spoke about the importance of identifying a profitable niche market that is untapped or unexplored as a competitive advantage business strategy.
On managing debt; Kenny had the following to share –
Kenny acknowledges the fact that debt is a normal part of business. Almost every business has got some form of debt but it is very important for entrepreneurs to strike a balance and avoid borrowing excessively. Too much debt will run the business into the ground. Kenny went further to advise entrepreneurs to avoid starting new projects with borrowed money because the risk of business failure is much higher when starting than when one is already active.
On business plan writing; Kenny had the following to share –
Kenny realizes that many business plan writers are emerging on the Zambian entrepreneurial scene; however he does not agree with the notion of paying a business plan writer to write an entrepreneurs business plan; instead Kenny recommends that an entrepreneur should initially come up with the draft and only engage a consultant or a business plan writer to assist with additional marketing or financial information and to advise on how to present the information in a presentable manner. In other words, Kenny says write your business plan yourself but feel free to consult professionals should you need additional help.
On market research; Kenny had the following to share –
Lastly, Kenny touched the issue of market research. He stressed the importance of conducting a feasibility study before introducing any product or service to market. In his words Kenny said:
“find out who your customer is, where they are, what they expect, how much they make, how much they are willing to pay you and how to get your product to them before you launch”.
In conclusion, Kenny Tonga has much more to offer the Zambian entrepreneurial sector, he is a brilliant intuitive young entrepreneur who is set to venture into other sectors such as tele-broadcasting and is yet to launch Power FM’s ‘powerful’ youth schemes and programmes that are aimed at reaching a broader demographic of Zambian youth that make up about 66% of the country’s population.
His invaluable insight will be very beneficial to Zambian entrepreneurs. Press play on the video below!