Popular filmmaker Eugene Mbugua recently opened up on how he lost KSh 10 million in a period of six months.
Speaking in a sitdown interview with Biko Zulu, the filmmaker said at the time, he partnered with his friends and opened a bar in Nairobi CBD.
The bar dubbed Number 7 became successful and generated a lot of profit making Mbugua think that he would make the same revenue in a different the location and set up the same business in Westlands.
"From day one huge success um but also Number 7 also led me to the biggest loss that I've ever experienced to this day businesswise because we set this up and you know, you open a business and from day one people flock in and you start to think it's you who's done it," he said.
Adding;
"There's a quote which says success tricks smart people into thinking they can't lose and that's what happened so very quickly we went around getting a second space in Westlands, signed the lease, started the construction and then I flew off on holiday in Europe, came back when it was complete and we had a huge launch party and then nothing."
Mbugua sais he tried to turn around things by investing more money hoping that the business would pick but it flopped forcing them to shut down.
"Month one goes by and it was very clear it was it was not going to work. Month two goes by, month three goes by then I start pumping in my personal money because I still think I'm smart enough to turn the whole thing around eventually I did not," he said.
"I kept digging the whole deeper and deeper, throwing good money after bad money, and then eventually, very humbling I had to shut it down. The location was wrong, the setup was wrong, we were wrong about Westlands as a party destination, it was on its deathbed at the time. We lost money in the doubledigit millions in a period of about six months," he added.
