Entrepreneurship Zone: 26 March 2021: I sold my wedding ring to stay in business

Fri Mar 26 07:59:03 CAT 2021

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Entrepreneurship Zone: 26 March 2021: I sold my wedding ring to stay in business

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How we made it in Africa’s Regina Ekiru speaks to Jenny Luesby, founder and chief executive of African Laughter, a Kenyan public relations and new media company. Luesby is a long-time international business journalist, trainer and an economist.

Tell us about the inception of Africa Laughter?

It started as a vision to transform the Kenyan media through the internet at a time when international media painted a grim picture of the country. African Laughter has several lines of business, ranging from PR services, contract publishing, e-marketing solutions, consultancy and training. On the publishing front, African Laugher publishes Kenya Kidz (www.kenyakidz.com), UzimaKenya (www.uzimakenya.com) and Webaraza (www.webaraza.com) among others.

African Laugher also runs an independent news agency providing content for local and international newspapers. In the future we will be moving into audio and begin selling podcasts. All these are geared towards transforming Kenya’s media and will help in disseminating information to all people across all economic and geographical divides.

In time, we shall be reviewing stories online, adding media training tools, local media statistics and research reports on media issues. This is an investment for us in providing the local media with its own information centre.

What challenges did you face in the early stages of setting up African Laughter?

If I had known how big the challenges I would face in business would be, I might never have started African Laughter. Twice we had all our computers stolen. At one time our office manager defrauded us over Ksh. 1 million (US$12,000) and twice we found ourselves in the middle of property wrangles disrupting our operations. We had all kinds of challenges.

As an international business journalist – I had worked with the likes of the Financial Times and the British Broadcasting Corporation (BBC) and I did a Masters in Economics – one would expect that running a business would be a walk in the park for me. But it was the exact opposite. As the saying goes, experience is the best teacher. At one particular time I really didn’t think we were going to make it. Our power had been cut off and we were having cash flow problems. I sold my wedding ring and mobile phone to get enough cash for the generators’ fuel to keep our computers running. That was the absolute lowest point for us. It was the company or the wedding ring.

With all these challenges didn’t the thought of giving up cross your mind?

I actually think, looking back, the reason I didn’t give up was sheer stubbornness. I just wouldn’t be beaten. I did everything in the media, from being a reporter and rising through the ranks to editor in chief. What else would I do if I let my business down the drain? It had to work out.

Your advice to other entrepreneurs?

To succeed in business, one needs to be aggressive, plan well, and most of all have determination. Know yourself as a company and know where you want to get to. You have to invest a lot. If you know where you are going it will drive your decisions. It is important to have a vision. Most of all, never give up.-Howwemadeitinafrica

Jenny Luesby

Invest Wisely!

Bulls n Bears 

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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