7 Money Lessons I’ve Learned From Project Management

Archibald Macharia Kariuki is the managing partner at Info launch, a project management consultancy that specialises in project management advisory services and training.

He shares 7 lessons on money and entrepreneurship he’s learned from project management.

• Money was not so much the motivation when I started my business. I was already in a well-paying job. This helped me learn the value of being authentic in business. Shortly after I founded my business, I won a training collaboration program with the Project Management Institute – Kenya Chapter (the local chapter of PMI-Global). This partnership has opened up opportunities for my business in other African countries including Rwanda and Uganda. Besides a steady flow of business for the company, it also exposed me to leadership and entrepreneurial skills.

 

• Discipline without planning is discipline that is misdirected. Maintain discipline in whatever you set to do in spite of the distractions. Most of us fail because of making impulse calls on the basis of seeing people we know succeed. We often fail to put in the hours for planning and considering where we are starting from. We fail to note that we do not all start from the same point. In the project management profession, there is a reason why planning is the most intense phase of any project. I believe this applies to our daily lives too. Longevity in success cannot be established in a day.

 

• I took in too much credit which I used to fund my lifestyle instead. I also told myself that I still had my job. Jobs give us an impression that nothing can go wrong, until something does. In addition, I once bought some stocks for short term speculation. I wanted to sell them early because the money was meant for something else. This strategy did not work out well.  Identify an investment opportunity as soon as you settle on the job. When you start investing early, as soon as you are settled in your job, you are highly unlikely to make huge losses. In the start of a career, you invest small amounts from your small means, which serve as a training ground for the future. Plan to start long before your resignation date to avoid the risk of running into cash-flow problems. This was my second biggest mistake

 

•  I should have started investing earlier than I did. This would have included seeking advice from experienced people. Over the years, I have learnt the importance of moderating urges and level of gratification.

 

• I save my money through the Sacco. With the right institution, the returns are considerably good. I previously used a bank savings account and stocks. The bank interest is unpredictable and usually low. Stocks are a good investment option on the long-term, but moderately risky.

 

• Entrepreneurship should be your ultimate goal. But employment should precede, especially for professional services. I cannot overrate the experience and exposure I obtained from my seven years of employment.

 

• There are so many unmet needs in the world today. We are all unique and you may find the perfect need to satisfy using the strengths you possess. The key here is ‘find’. You will never know your potential until you start something; a job, a business, a volunteering opportunity. Work hard and live life.

source http://nairobiwire.com/2021/01/7-money-lessons-ive-learned-from-project-management.html