Chris Kirubi: Make Your 1st Million in These 6 Simple Steps [VIDEO]

Businessman Chris Kirubi, has offered six steps that entrepreneurs should follow on their way to making their first million.

He outlined the steps during a past interview with media personality and NTV show host, Sharon Mundia. 

First, any ambitious entrepreneur should come up with a brilliant business idea, which should satisfy a need in the society or add value to people's lives.

A business idea is a concept that can be used for financial gain, that is usually centered on a product or service which can be offered in exchange for money. To come up with a business idea, you can tap into family and friends, travel, or look up interesting topics on the internet. 

"With the right digital skills, you are able to use the internet much more efficiently, other than just as an entertainment source. The digital skills help you see the world in a new light and you are able to explore the internet, to come up with innovative business ideas to generate income for yourself," advises Emiphas Muchangi, Google Digital Skills' 2018 success story and founder of The Online Workshop.

Once you have come up with an idea for your business, one should analyse it critically, to conclude whether or not the idea is innovative, unique, and most importantly, profitable.

Profitable ideas should be able to generate more revenue compared to the cost of doing business over a certain period of time. However, some companies defy this and make losses, to begin with, yet are still exceptional business ideas that are worth billions.

Entrepreneurs also need to study the market they wish to enter into. 

Market research aims to understand the reasons consumers will pay for your product or service.

Enterprising Kenyans should study such things as consumer behavior, including how legal, governmental, cultural, societal and personal factors influence that behavior. 

Next, Kirubi advised entrepreneurs to create an execution strategy, with which they should use to enter the market. 

It’s well worth the effort because, it will ensure that one; has the best distribution channels in place, launches the right product and aligns the business's goals with those of stakeholders. It will also help edge out your competitors. 

For those unable to raise enough money to go into business, the media mogul advised that building partnerships would help secure funds from investors. 

"There are many ways to raise money, you can also bring an idea and partner with someone with money. You dont have to have the money if you have the idea. Another person may have a lot of money, but has no idea, so you link up, share the profits and move on," he spoke.

To bar others from copying your ideas, it is important to safeguard its unique elements even if it means filing for copyright, patent, and trademarks.

Watch as Kirubi outlines the steps to make your first million