Businesswoman Catherine Muringo has left netizens in awe after disclosing that she was able to buy her first-ever car from profits of a mtumba business just three months after starting.
Catherine Muringo is a businesswoman who sells mtumba.
Speaking on NTV This Morning, the entrepreneur disclosed that she left employment and plunged into the business world despite being a novice.
“A friend told me to try mtumba since it has a lot of money, and the same week I got fired is the same one I started business,” she said.
Business was amazing back then, Catherine
According to her, business in 2013 was a walk in the park because a customer bought all the clothes from her first ever “camera” baby clothes.
She explained that the stock cost KSh 2,000 and was sold for a handsome profit which gave her the impetus to dig deeper into business.
That was the start Catherine needed as she was soon able to afford a bale and a stall at Nairobi’s Gikomba market.
“Things were so good that within three months I had bought my first car. Between July and December, I had a Nissan X-trail which was worth KSh 700,000,” she noted.
The businesswoman’s revelations were, however, taken with a pinch of salt as social media users questioned the viability.
@cbs_ke “Hiyo three months ati she started with KSh 2,000 and by the end of three months she had bought a Nissan X-trail worth KSh 700,000. Alaa!”
@this_is_wessley: “Mambo ya wanawake na kumake it in life tuachane nayo kabisaa My neighbor has been doing the same business for over 15 years hio gari ndio hana.”
@Olunga_Agutu: “Ohhh stop this crap. There is no magic in entrepreneurship. Stop these cooked success stories, no one needs them.”
@okwero_moses: “Why do people think buying a car is a sign of “doing well”. Do we even know the difference between assets and liabilities?”
She was speaking during a discussion on the changing faces of business in Kenya and how the terrain has changed over the years.
Data by the Registrar of Companies indicated that 2,540 entities were closed in 2021, 1255 more than in 2020.
One of them is Kune Food which shut down in June 2021, barely two years after its launch over high operation costs despite raising over KSh 120 million.
We-Farm shop, an Agritech company announced its closure barely a year after it set up an app dubbed WeFarm shop.
