In the previous publication, (link here: https://www.whisperinghopeafrica.com/post/l2g-with-ada-africa-how-to-startup-an-enterprise-without-much-personal-capital) I shared how I raised N10million and listed few other ways one can get funding to startup an enterprise. Many reached out and from my discussion with them ascertained why some startups aren’t getting the needed funding.
Ade said he is into plastics home equipment and has a business plan which has been submitted to the bank but couldn’t get the funds he needs. He talked to some wealthy guys to fund him, none did. He concluded that nobody wants to be of help.
Those you take your business plan to fund, do they have an interest in your business sector; do they believe in you and your values; what have you done or achieve in the past that will make them to be convinced about you and your business idea? Don’t take your business plan to anyone, identify those who believe in you and likely interested in your business sector, then market and sale your idea.
For example, WHAIafrica is currently managing shortlisted entrepreneurs who will be eligible for N3.5M grant for those in the agro industry, if your business is not in agro sector; don’t push it out to the funder expecting them to fund it.
It baffles that over 5 years of Tony Elumelu Foundation grant, many entrepreneurs still do not know such opportunity exists. What are we then doing with our smart phones? As an entrepreneur, join relevant groups online and you get such information. Also listen to, watch and read news rather than just chatting away online.
Another that consulted me said he has a business and do not know how to get the customers. He needs ways to convince customers to buy his products.
Nobody will invest in such a business. Before you venture into any business, make sure there is a need or demand for the product or service or you create it. Not after setting up, then you start looking for customers.
True that you can market to attract MORE customers but not that in a month, you made zero sales. You can give potential customers prototype of your products to use and get feedbacks. From such, you perceive if there is market or not for it.
Dupe has a viable business but complains nobody is funding it. She has no business plan. As a startup, first build a well written business plan. It’s also a sign that one is serious and understands the business well. Consult an expert to help you develop one. It is very essential.
We will continue next week. Let me know the challenges you face in your career or enterprise and I will help restructure it.
Opportunities for the Week: There are bounty opportunities out here including scholarships, exchange programs, grants, fellowship programs, professional training etc.
If you walk with Ada Africa, she would be available to answer your questions and walk you through.
Trust me, you will go places. Recognize what God has called you to be, accept the gifts He has given you and start building on them!
Udegboka Tessie Nkechi, +2348033842029, email@example.com.
God has called you to be, accept the gifts He has given you and start building on them!