Former Kiambu Governor William Kabogo has revealed how he made his first million at the age of 27.
In an interview with Standard, the father of three stated that he came into his first million thanks to luck and being in the right place at the right time.
Kabogo saw an opportunity in importing cars and selling them locally at a profit. However, it was a restricted business at the time.
Luckily, he knew ‘some people in the right places’ and was able to get import license letters.
He could import up to 100 cars at a go and sell each for KShs100,000, which he says was like KShs10 Million those days.
After selling a few cars and subtracting the expenses, Kabogo discovered that his profit was in excess of KShs1 million.
He went on to say that he was lucky to be practicing what he studied at Punjab University.
The Bachelor of Commerce graduate explained that his degree has really helped him in business.
He has been able to understand and economies and diseconomies of scale as well as discover opportunities to exploit.
‘In every business, there has to be a gap that needs to be filled and by doing so you connect the left and right,” he stated.
After losing to Ferdinand Waititu, Kabogo set up a company that is involved in the construction and selling of homes.
