6 lessons from Dr Naph Macharia on moving from employment to entrepreneurship

Transitioning from a stable job to the unpredictable world of entrepreneurship is a daunting journey that requires careful planning, resilience and strategic thinking.

Dr. Naphtali Macharia, a renowned Kenyan dental clinician, has successfully taken this step and shared invaluable insights on the ‘Financially Correct’ podcast.

His journey from employment to entrepreneurship provides a roadmap for aspiring entrepreneurs. Here are the main lessons he learned along the way:

According to Dr Macharia, quitting your job for entrepreneurship is a decision that needs to be thought through and requires psychological and financial readiness.

Dr Macharia made a mistake by leaving prematurely as he was inadequately prepared. Although he eventually got back on his feet, he learned that he should have been better prepared.

One of the key lessons that came out of Dr Macharia is the importance of managing debt effectively.

To start his clinic, Dr Macharia approached a bank that gave him a loan to start his business despite the fact that he was already servicing another loan.

Dr Macharia said effective debt management has enabled him to run his business without the fear of the bank repossessing his assets. While debt can be a vehicle for growth, it can also become a significant burden if not handled properly.

By managing debt wisely, Dr Macharia was able to maintain financial stability, which was crucial during the early stages of his business.

Social media played a major role in Dr Macharia’s transition. He began marketing his dental skills and services while still employed, gradually building a strong online presence.

This was ultimately his motivation to start his own business, as the demand for his services increased significantly.

His early investment in social media marketing paid off handsomely, providing him with a solid customer base that allowed him to fully transition into entrepreneurship.

Dr Macharia underlined the importance of surrounding yourself with a supportive and knowledgeable network.

From family to friends, he elaborated on how they all played a major role, from his education to his internship and eventually starting his business.

His dental clinic is not a sole proprietorship, as it is a partnership between him and his best friend.

When the going got tough, Dr. Macharia would turn to his mother and aunt, who constantly sought him out. His good circle of professionals also enabled him to always have people with whom he could share ideas and get feedback.

Continuous learning is a critical aspect of entrepreneurial success.

After starting his business, Dr Macharia has continued to invest in training and other resources that the business requires to serve his clientele even better.

Effective financial management is the backbone of any successful business, as Dr Macharia has experienced.

This ensures that you don’t go into unnecessary debt, maintain a good credit score and spend your money wisely.