How Important is Money in Starting a Business

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Money is important when you want to start your own business but it is not everything. Money without a good idea still comes to zero. Money in the hands of a person without a plan is likely to 

create even more problems. just look at our leaders. they do everything to gather more money than they will ever need.... and what is the outcome ??

when you are thinking of starting your own business, the first thing you need to do is stop thinking about where the money will come from .... nobody builds a business this way ... most businesses that started with money are gone now.. but those that started with ideas remain and increase .... look at the levels ...

1. The first thing to consider is YOU. 
The initiator or the principal actor at the center of the vision. not everyone is designed to be an entrepreneur. some people are actually very excellent at carrying on something started by someone else as employees. steven ballamer the ceo of microsoft and leaders of companies across africa are examples. organisations actually need managers and workers. so not everyone can be self employed. you need to know if you are really cut out for entrepreneurship. i will repeat..... some of the best entrepreneurs are employed by companies. the fact that you are an entrepreneur does not mean you can not get a job and have a boss...

2. The second thing to consider is THE IDEA. 
you need to match the idea with your personality and also the environment and the timing. it is an intricate and delicate balance that is usually overlooked and is the real reason why many start-ups fail and many African entrepreneurs are superstitious. you greatest demon is your own mental laziness. Einstein tried his idea for the light bulb TEN THOUSAND TIMES without success and never blamed one witch in his village. the process of congealing an idea into a hit brand is very delicate especially in today's fast paced world. i can certainly not write it all in this post. if you send a personal request toThis email address is being protected from spambots. You need JavaScript enabled to view it. i can let you have the full thing.... ?? yes free !!

3. The third thing to consider is THE ENVIRONMENT. 
The word environment is very big. there is political environment, there is spiritual environment, there is family environment, intellectual environment etc.. all have to be taken into consideratoion if your chances at success are to be increased. there are elements that will not be possible to cover in a conventional business plan... that is one mistake many budding entrepreneurs are missing.... again, it will be too much to outline here.

4. The fourth thing is CAPITAL. 
Take note that i did not say "money" it is because there is so much lack of money in Africa that we think of it almost always. all we do is geared towards it in a very abnormal and un- natural way. when we focus too much on money, there will be a tendency to compromise the vision or the value being created.... money is part of the matrix of capital. there is social capital and it is a form of money too. if your uncle gives you a flat from which to take off, you have got the new office without spending money... what but you are enjoying your "worth" to that your uncle.. which in a way has translated to something that money should have got for you.... i hope you understand ... you can get so many things that money should buy without spending money. i can try and expand on this later.. i fear this post will be quite lengthy .... lol.

so you can see that focusing only on money .... will likely lead to frustration for an entrepreneur in Africa who very likely has little or none ... all the resources you need are within you. start from inside yourself and by the time you have exhausted all the avenues within, " miraculously " the next level will reveal itself .... every great entrepreneur will tell you this .... the reason for most failure is lack of faith in what is already available ....

There are no jobs.... but i can tell you there are many more opportunities out there ...
provided you are focused more on service and the delivery of true value than just the acquisition of cash. There are businesses you can start Part-time, anytime in this tumbling economy and insulate yourself from the harsh economy.

Many people are afraid to take the plunge on a full-time basis. Part-time start-ups could be the answer. You will easily build your confidence and get the venture going on a part-time basis and determine if you like running your own business.

If you do find that the life of a small business owner suits you, then prepare to gear up your business for full-time success. In a short time you could be talking great revenues. To be an entrepreneur, you need to develop a knack for knowing what niche needs filling.

Take a look at your community. Is there a business that needs to be started? Is there something that you feel should exist that does not ? Is there something that you think you are good at which you feel confident people will appreciate ?

Every great business started in this way. Even the great religions of the world ... Something is lacking ... Find a way to provide it. That's entrepreneurship.

If you already have a job, you can test the waters with a shoestring start-up without leaving the comfort and security of a steady salary and perhaps even nice medical, insurance and pension benefits. These things are also very important.

As I have always stated, there will never be enough jobs, but there will always be more than enough opportunities. This is a simple fact.

Conduct your own due diligence research. You might find that there is already a business that caters to your proposed market. Analyze the existing business. Could you do the task faster? Cheaper? Better? ...let me tell you ... there is still potential in the popular snack called "puff - puff " . one day somebody will restructure the concept and make billions while creating jobs and opportunities for others.

As I have said before, Every single idea than God can allow to enter your head is very feasible and needs just the faith and dynamism of a determined mind. You can never succeed if you do not first believe.

WARNING ! 
Success and ego can never mix well. Every single successful entrepreneur has succeeded because he or she has been willing to do whatever is necessary to make the venture a success. If you feel “too big” to do what it will take and make the sacrifices to make your business succeed, then you will remain big and empty. History has shown this to be a fact.

One problem we have in Africa is our ego. Some of us feel “ too big “ ( whatever that means ) to get involved in a particular type of business.If you feel too big for something it means you have a small mind. You can not see far. Most people who feel big can hardly have a big vision. What did they say about little drops of water ..... ? THEY MAKE A MIGHTY OCEAN !

Things are really changing these days and I am happy to note that I know a lawyer and at least one ex banker who are very successful catfish farmers. They pull up their trousers and roll up their sleeves to get the job done because that's what it will take if they really want to succeed.

There was a general in the bible called Naaman he had to do what he felt was degrading in order to get his problem solved. Take note of that and good luck in your entrepreneurial adventure.

Read 444 times Last modified on Monday, 04 May 2015 01:48
Tayo Aroloye

He is the founder of the B.Y.O.B initiative with decades of experience on how small businesses start and grow. He is very passionate about entrepreneurs and how entrepreneurs are able to move from idea into viable businesses.

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