Tips on moving past the financial roadblock as a new business owner
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| Photo Credits: http://401kcalculator.org |
We
started off the series by looking at the role of parent/guardians in the financial pursuit of their children and today, we’ll continue by looking at the
challenge of capital.
Remember
that in my previous post, I mentioned that this was sparked off by a discussion
I had with friends and this was one point that kept coming up.
Money!
Money!! Money!!!
Many
business ideas have suffered the lack of funds and some of such have had to go
down because of the same reason. Young ones suddenly come up with fantastic
ideas and start furnishing the idea only to hit that brick wall of zero funds.
As I write
this, some options come to mind, and I believe they’re feasible…to a good
extent.
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| I credit this to myself, lol |
I’m
thinking of loans. Bank loans maybe. If the idea is good enough, one
explore the option of applying for loans.
I
also took time to check out some agencies in Nigeria that support SME’s and I
turned out quite a few.
I never knew that there was a
provision for youth corpers with business ideas. Under the bank of industry (BOI),
there is a graduate Entrepreneurship Fund (GEF) for that singular purpose.
Here
is where I would love someone who has a personal experience of these schemes or
any other, to step in and share.
Now,
it’s true that not all would be able to wow investors with their business plan,
so, that brings me to the next option.
*Pooling
of funds: Depending on the kind of company you hang around, I’m thinking that it
is possible for you to be able to sell your ideas to them. A group of 4-5
friends can come together and decide to bankroll a business. One could start
small, and with the necessary steps taken, watch the business grow.
If
you’re going to explore this option however, I would advice that you do
business with folks you trust.
Any other
avenue for a young entrepreneur to get capital?
I will take a pause here.
Yes, money to start up a business is a challenge.
Do you face such right now?
Have you been able to work around it? What are your
suggestions? Share your experience.
Comment or send an email to lighthbeams@gmail.com
Share this post with friends, let’s spark off reactions.
Let’s brainstorm.
PS:
By reason of experience, I will not refer to myself as an expert in this sort
of things. If anything, I’m also learning. This is the more reason I’m putting this open
for discussion.
This is an awesome topic to discuss. And am sure am a victim here too.
ReplyDeleteI used to hear some experts say they cannot help people who say money is their problem.
And am like why wouldn't money be a problem and why can't you just come and help.
There are many things I believe once we get right first can help us change that mindset.
In no particular order.
Let's talk about what we love doing. So many of us have lots of things doing which either brings nothing to our pockets or actually gets someone somewhere rich. I always believe if my hobbies can't add 1naira to my account why continue it.(disclaimer: this is only for those people who desire to make a change in Thier life and in others) you can so desire to just enjoy yourself . But let's face, when my hobby gets me money I can go extra mile to see it develop.
Why? Ohkay I love writing and criticism. Is what I do to be happy or have fun. I believe there is always a way to monetise this hobby, I can improve myself with professional resources and learn how to criticize professionally and then start proof reading articles or documents for a price. Woah.thats some extra cash.
Second is my idea a viable one?
I wouldn't be thinking of buying a G-wagon with just maybe sitting down to profile cars pass on the street, then I start dreaming and say one day when I will start driving my own G-wagon. Or maybe I have a little business which is not actually tagged a start-up(not all new businesses are start-ups) then I want to go borrow loan for it.
I personally disagrees in borrowing loan(not in a business that the future is not clear, if am a bamkni will not lend you)
Anyways we can finish the points later.
From my experience, I believe because I love what I am into, I have passion for it, it made me exhaust all options in search of more funds.
I did not cross my legs waiting for funds. I did not stop working on my ideas. I continued grinding and will not stop. I always ask myself what if someone meets you and say oh yeah your looking for money, if I give you 1million what cannyou do with it? Then u have nothing to say oh yes it will be used for this and that immediately then you are not ready yet.
When you are focused on one particular thing or help from someone it blocks your ability to seek other means. Keep grinding and you will get to a point where by money has no choice than to look for you.
Money doesn't come to poor people(that's poor in mind) it comes to people who has power(intellectual power) money is power so it is attracted by those who have the power. So what is the power? Knowledge is not power, but applied knowledge it - Napoleon Hill.
So what am I saying, take that time out of not having money to build more foundations to your ideas. Take that time out to network with people. Take that time out to look at your business model, what is working and what is not. Start making plans on how to use the money, what next step to take. Start building your customer acquisition engine. Understand your industry where your idea lies. No idea gets developed in the heads its when you start it off you refresh it and refine it.
When I see someone like that I am sure he is ready to attract that money. No doubt that money will surely come because now you can command money because you have the power money loves..
Get going, keep grinding, be focused.
Definiteness of purpose breaks protocols.
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DeleteThis is quite a read Kosi, but insightful nonetheless.
DeleteOf a truth, understanding what makes you tick and optimizing it, is paramount.
So while one waits for the money, one should,
-Start making plans on how to use the money
- Start building customer acquisition engine
-Understand the industry.
Good suggestions .
Thanks for your time.
on my own thought, money can be a major set back if your actions and determination isnt right. 8 out of 10 times no body sees your goal as clearly as you do.
ReplyDeletewhy i say that is cos in every goal set to achieve there are bound to be obstacles, cutdowns, hits and injuries etc. Only you can see past the risks that many investors chose not to look past.
so to me if your focus and determination is right then Money isnt a limitation.
Somto, you agree that money is not a limitation. It's all in focus, determination and persistence..
DeleteI hope someone reads this and decides not to let the lack of capital, put off the light of their dreams.
Thank you for sharing.
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