Ways through which you can turn your dreams into reality (Getting the capital to start your business)
Starting a business can be a little bit
challenging in any part of the world but here in Nigeria, it’s like the challenges
are extreme compared to other countries.
But that does not mean you cannot start
your business because as entrepreneurs, we see challenges as sources of
important and needed experience…to know more about how important entrepreneurs are, read this Article.
The most important aspect of starting your
own business in Nigeria is FINANCING (CAPITAL)…You see people with brilliant
ideas but when you ask why the business have not been launched, you hears lots
of reasons, most of which boils down to CAPITAL! FUNDING!
Related Articles
So, how do you raise capital for your
business?
You can try one or a combination of these
for that fantastic idea of yours…
I hope you find these ways helpful as we
will take them one a day…
Ø
Venture
Capitalist
Ø
Getting
Employed
Ø
Entrepreneurship
Programs
Ø
Personal
Savings
Ø
Partnership
Ø
Sale of belongings
Ø
Crowd
Funding
Ø
Bank
Loan
Ø Micro
Finance Banks
Ø Start an Online Business
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VENTURE CAPITALISTS
Venture Capitalists are investor who either provides capital to startup
companies or support small companies that wish to expand but do not have access.
Venture Capitalists invest in companies that are not doing well or that are
just starting because they see a lot of potentials in the companies. This means
that a Venture Capitalist will only invest in a profitable business. This means
that you must have down a lot of your homework and know that this business of
yours in indeed a profitable one and you can convince him or her of the profitability
of your company.
As an entrepreneur, you need to understand
what investors are looking for. Investors are very, very skeptical, so you need
to do your homework before you meet them, you need to answer questions like:
1.
Who
are you? (track record of management team)
2.
Where
are you in the process?
3.
Where
are you going? What do you want to achieve?
4.
What
is the product?
5.
Who
wants it? (market research)
6.
Why
do they want it? (market research)
7.
How
many people want it? (market research)
8.
How
do you know? (market research)
9.
How
will you tell them about it? (marketing plan)
10. How will you
deliver it? (operations plan)
11. Who else has it?
(competitive analysis)
12. What are the
risks?
13. What are the
rewards?
14. What do you want
from the investors?
15. What is the exit
strategy?
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Investors won't put money into a business
that they don't understand.
Your product or proposed business has to solve a problem or ADD VALUE.
Be upfront and candid with the Investor about the RISKS and the COMPETITION.
Your experience and track record are very important to the investor.
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Remember, If you make money for an
investor, you will be able to go back again and again and ask as much
as you want.
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