Page 90 - Msingi Afrika Magazine Issue 16

Economy

guarantee sustainable business suc- went through to arrive at where they currently are. The stories of the individ-
cess. Employees play crucial role in uals and their journeys profiled by Kuada and Mangori inform that the road
making customers happy, by treating to entrepreneurial success is not paved with gold. So, both practicing and
them as kings and queens as well as aspiring entrepreneurs should not only learn the lesson of successes, but they
princes and princesses. Managers should also learn the lesson of failures. While the lesson of success will guide
need to develop vital skills in cus- them in developing successful mindset, lesson of failure will help to avoid the
tomer care and relational manage- proverbial entrepreneurial valleys of death.
ment as well as how to handle and
address customer complaints. In Part 3 (143-153), Kuada and Mangori present cases of successful busi-
ness ventures in a variety of industries, ranging from poultry farming, waste
In Chapter Fourteen, Kuada and management, hospitality, to clothing. In each of them, there are case study
Mangori discuss the importance questions to engage the minds of the readers and provide additional insights
of effectively managing business about the inner operations of the enterprises.
finances for creating a stable finan- Taken together, the books makes invaluable contributions to our stock of
cial future. Entrepreneurs need to knowledge of entrepreneurship in African context. The profiles of successful
understand financial statements entrepreneurs and case studies of successful business ventures in a variety
(cash flow statement, income state- of industries across African continent are all a testament to the growing and
ment, and balance sheet) in order to deepening entrepreneurism in the region. The book is enriched and very
properly understand how their busi- informative by embedding the stories of specific entrepreneurial journeys;
nesses perform. The authors state profiling of individual entrepreneurs; documenting cases as well as operation-
the truism that “Without [under- alizing and applying contemporary management concepts to African business
standing] these financial statements, environment. This book belongs in its own class in contrast to comparable
business owners will be blind to the work in the field. I have enjoyed the book and I recommend it to researchers,
financial health of the businessˮ. students, entrepreneurs, and policy makers who are interested in practical
If total revenue equals total expens- guidance on how to navigate and succeed in the African entrepreneurial
es, entrepreneurs can continue in environment.
business as long as they want. The
goal of every business is to operate
above the break-even point. The
authors painstakingly explain the
financial ratios in granular details.
The entrepreneurs need to know
and understand what each figure on
the financial statements represents.
Knowledge and understanding of
the basic key financial indicators
are not esoteric skills reserved for
financial gurus; they are very basic
skills that will help entrepreneurs to
monitor the financial health of their
enterprises.
In Part 2 (100-142), Kuada and
Mangori provide synoptic profiles
of eight successful African entre-
preneurs. It is not uncommon for
young Africans who are dazzled by
successful entrepreneurs who live
flamboyant lifestyles to want to be
like them. The simple reason is that
many prospective young African
entrepreneurs are familiar with how
well successful entrepreneurs do, but
not how they started and what they

90 | we tell the true afrikan story