“I have ideas but no money.”
“I will be richer than Bill Gates or Aliko Dangote if I can just get the money
to start up.”
“Nigeria is hard on young people. There are no jobs and no money to start my own business…”
Have you ever heard statements like any of the above? Or have you said such yourself? I have the solution to the problem of capital: Get started!
You need to be sure of your idea. Do your homework- research- properly and be sure you have an idea that would work. Write out a business plan… and start! If you really believe in the potency of your idea and you have good credibility, you will get the funds. Just follow the following steps:

Break it down: You don’t have to start the million Naira business with a million Naira. Start it with what you have. You may not have to rent an office at the start: use your house. You may not need members of staff: do it yourself. You may not need an official car. Many big businesses start from humble beginnings and as long as you know where you are going, you should not be too proud to start small. Are you aware that one of the biggest and most popular fast food ventures in Nigeria, Sweet Sensation, was started in the gatehouse of the CEO’s family house? Today, Sweet Sensation employs more than 1500 people!

How much have you saved? You can’t ask other people for money if you have nothing. If you are a student, save up a part of your allowance. If you have a job, save a part of your income. It is important to have some money of your own to start. Cut down on your personal expenses and save. In fact, if you can’t save, you probably don’t believe in the idea well enough.

What can you sell? Depending on the level of funding you need, you may have to sell things to start. Here is an example: a 300 Level undergraduate wants to set up a barbing salon. It will cost him N50, 000. He has only N10, 000 saved up. However, he uses a BlackBerry phone worth N60, 000. Does he really need capital?

Talk to your Family and Friends: When you have exhausted your personal options (savings and sale of disposables), talk to your friends and family. Tell them why you need the money, how you hope to make profit and specify how you intend to refund them (if you are asking for a loan). If you are fortunate to have rich people around you, you may get the entire amount from a single source. If not, look for like 5 or 10 people who can invest small amounts into your business. You have to be convinced about the idea yourself in order to convince them. You also need to have credibility as an individual.
If you don’t have the habit of borrowing money without returning and you are not known for fabricating lies, you should not find it too difficult to get the money.
Family and friends are a great way to raise capital. It is said that Aliko Dangote started his business of buying and selling with a loan he obtained from his grandfather.
Note that if you are asking for a loan, have a clear agreement as to how you will repay and make sure you keep your end of the bargain. That way, people will trust you enough to help you next time you need it.
Do you belong to a cooperative society? A cooperative society allows you the privilege of having access to funds. Of course, it is expected that you will join at least a few months before your period of need.

Talk to a “Venture Capitalist”. A venture capitalist is someone who invests in startup businesses. Venture capitalism is actually broad but for the purpose of this write-up, you should talk to someone who has money to spend. There are many such people! I’ve met people who are just looking for business ideas to invest in! How do you meet such people? By observing. I’m sure there would be one or two of such in your local community, church, club… For such reasons, it is good to be social. It is also good to associate with potential investors by joining certain associations that have a good number of them. It could even be a golf club, gym, salon… When you want to present a business idea, ensure you don’t sound desperate. Offer a good deal that favours you and would also interest your investor.
Instead of cash, can you get goods on credit? If your business has to do with buying and selling, can you get goods on credit? If it has to do with manufacturing, can you get raw materials on credit? If it is a service, can you ask people to pay ahead of time?
The first time I organized a training session as an undergraduate, I had no equipment and no money. I printed one-color handbills and asked my friends to distribute them. I then went to different school associations and requested for time to address the members. Within five minutes of speaking in each place, people would get interested. Eventually, most people paid before the training and I was able to purchase most of what I needed while borrowing the rest.
If your business is registered or you have an active current account, you can try talking to a bank. Microfinance banks are even faster with disbursing
cash. Ensure that you understand the terms of repayment and the interest,though. Some of them are outrageously high.
If you have looked at that list and felt like “I still can’t get the money. I can’t start small, I earn too little to save, don’t have rich relatives, I don’t
know anybody, can’t get a bank loan…” Guess what? Stop wallowing in self pity. There is no single person that is completely out of options!

culled from KudiZone

SMALLPENIS: “I have ideas but no money.”
“I will be richer than Bill Gates or Aliko Dangote if I can just get the money
to start up.”
“Nigeria is hard on young people. There are no jobs and no money to start my own business…”
Have you ever heard statements like any of the above? Or have you said such yourself? I have the solution to the problem of capital: Get started!
You need to be sure of your idea. Do your homework- research- properly and be sure you have an idea that would work. Write out a business plan… and start! If you really believe in the potency of your idea and you have good credibility, you will get the funds. Just follow the following steps:

Break it down: You don’t have to start the million Naira business with a million Naira. Start it with what you have. You may not have to rent an office at the start: use your house. You may not need members of staff: do it yourself. You may not need an official car. Many big businesses start from humble beginnings and as long as you know where you are going, you should not be too proud to start small. Are you aware that one of the biggest and most popular fast food ventures in Nigeria, Sweet Sensation, was started in the gatehouse of the CEO’s family house? Today, Sweet Sensation employs more than 1500 people!

How much have you saved? You can’t ask other people for money if you have nothing. If you are a student, save up a part of your allowance. If you have a job, save a part of your income. It is important to have some money of your own to start. Cut down on your personal expenses and save. In fact, if you can’t save, you probably don’t believe in the idea well enough.

What can you sell? Depending on the level of funding you need, you may have to sell things to start. Here is an example: a 300 Level undergraduate wants to set up a barbing salon. It will cost him N50, 000. He has only N10, 000 saved up. However, he uses a BlackBerry phone worth N60, 000. Does he really need capital?

Talk to your Family and Friends: When you have exhausted your personal options (savings and sale of disposables), talk to your friends and family. Tell them why you need the money, how you hope to make profit and specify how you intend to refund them (if you are asking for a loan). If you are fortunate to have rich people around you, you may get the entire amount from a single source. If not, look for like 5 or 10 people who can invest small amounts into your business. You have to be convinced about the idea yourself in order to convince them. You also need to have credibility as an individual.
If you don’t have the habit of borrowing money without returning and you are not known for fabricating lies, you should not find it too difficult to get the money.
Family and friends are a great way to raise capital. It is said that Aliko Dangote started his business of buying and selling with a loan he obtained from his grandfather.
Note that if you are asking for a loan, have a clear agreement as to how you will repay and make sure you keep your end of the bargain. That way, people will trust you enough to help you next time you need it.
Do you belong to a cooperative society? A cooperative society allows you the privilege of having access to funds. Of course, it is expected that you will join at least a few months before your period of need.

Talk to a “Venture Capitalist”. A venture capitalist is someone who invests in startup businesses. Venture capitalism is actually broad but for the purpose of this write-up, you should talk to someone who has money to spend. There are many such people! I’ve met people who are just looking for business ideas to invest in! How do you meet such people? By observing. I’m sure there would be one or two of such in your local community, church, club… For such reasons, it is good to be social. It is also good to associate with potential investors by joining certain associations that have a good number of them. It could even be a golf club, gym, salon… When you want to present a business idea, ensure you don’t sound desperate. Offer a good deal that favours you and would also interest your investor.
Instead of cash, can you get goods on credit? If your business has to do with buying and selling, can you get goods on credit? If it has to do with manufacturing, can you get raw materials on credit? If it is a service, can you ask people to pay ahead of time?
The first time I organized a training session as an undergraduate, I had no equipment and no money. I printed one-color handbills and asked my friends to distribute them. I then went to different school associations and requested for time to address the members. Within five minutes of speaking in each place, people would get interested. Eventually, most people paid before the training and I was able to purchase most of what I needed while borrowing the rest.
If your business is registered or you have an active current account, you can try talking to a bank. Microfinance banks are even faster with disbursing
cash. Ensure that you understand the terms of repayment and the interest,though. Some of them are outrageously high.
If you have looked at that list and felt like “I still can’t get the money. I can’t start small, I earn too little to save, don’t have rich relatives, I don’t
know anybody, can’t get a bank loan…” Guess what? Stop wallowing in self pity. There is no single person that is completely out of options!

culled from KudiZone

Good instinct. keep it up

Nice one..... Do you know any Venture Capitalist?