Muyika Mubarak is only 20-years old but has achieved a level of success most only dream of .Orphaned at the age of 10 ,he went on to become top of his classes and shunned a scholarship to Harvard to become an entrepreneur .At 16 he started a company Hype Century Technologies .This was a web hosting company which he later sold for $100, 000 .
Now he is the founder and CEO of Zagace Limited, an app store where businesses can access software that enables them to manage accounting, human resources, finances, marketing, and so forth .Unlike other platforms that offer the same service his’ is affordable and has been customized to fit the needs of various clients .For instance a manufacturing company in Kenya would buy an app that fits their requirements and that is compatible to the taxation in Kenya .
To start Zagace he used money from selling his previous company .He also raised money from investors who gave them money in form of convertible debt .Asked about his greatest challenge this is what he had to say ,” As a business operating in Africa we find ourselves in a situation where it is ten times harder to get into the market, ten times harder to raise funds and even as an entrepreneur I have to work ten times harder than what Bill Gates probably did to get to the same level. This is a risk in achieving our potential, just by being in Africa by default. Other risks include delays in getting funding or actually getting the funding itself; so we have to get into partnership deals or engage in deferring goals.”
His greatest achievement has been being able to sell his company for a six figure amount .Which is also his breakthrough .His biggest entrepreneurial mistake was when he became too ambitious to the point that he lost perspective of reality. “For example, in my first venture (Hype Century) when I got the first ten paying customers – each paying $500 – imagined that if I continued getting five customers every week, I would make $10,000. As a young person (aged 17 at the time) with heightened expectations I was pushing everyone calling customers left, right and centre and making employees feel like they had to accomplish A and B within the shortest time possible.
The mistake I made with Zagace in the early days was in the investment of the platform we chose. We wasted a lot of resources in a period of three months. These experiences have taught me it is best to operate the way Bill Gates did. I should ask myself every day: what is going to be the problem? What is going to be wrong?”
By Becky Awitti