It is no news that finance hinders individuals, who think they need huge capital to become an entrepreneur from achieving their goal. They assume it can’t happen because they strive to earn a livelihood. ‘Where would the extra finance come from‘?
Capital can’t be acquired with mere dreams but rather, with great insight and action.
You need to understand that the business you’ve always dreamt of, that company you wish for and the name ‘entrepreneur ‘ you want to be called can actually be yours.
Ask me how.
How would you source for means to fund your million dollar idea?
Ever thought of saving from your stipend? Excuses like handouts, socials and upkeep hinder your intent from developing into action. It’s not an easy sea to dive into. Yes! I know.
However, this is your goal and there are some sacrifices to be made. Let’s assume you earn a stipend of $100 monthly, spare $20 for your savings. If this becomes a part of you, you would have about $240 at the end of the year.
Now, you are wondering, “What kind of business can that meager sum start-up?”
A lot! It’s a great feeling, knowing your savings is the foundation to your business.
Oh! You want a renowned business that needs heavy capital?
Do not panic; opt for either of these, or both:
- Start a minute business to serve as a means to multiply your capital
- Or source for funds externally
You can get help via loans from companies and banks who give funds to entrepreneurs. All you need is a convincing proposal, collateral and business plan.
What if you have no collateral? Then, equity financing is for you. This exchanges a part of your business with a buoyant individual. He invests in your idea in exchange for shared profit at an agreed percentage. Note that – this type of financing can’t refund the investor’s funds at a later date.
Always remember this:
‘The critical ingredient is getting off your butt to take a step. It’s as simple as that. A lot of people have ideas, but only a few take another step. Start now! Not tomorrow, not next week, but today.’
Nolan Bushnell said: ‘The true entrepreneur is a doer, not a dreamer.’
Get off your butt now, to become a doer.
How else can you source for funds? Share in comments.