Do you know about - Why Lack Of Capital Cannot Hold Your firm Back
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I grew up hearing separate population talk time and time again about “Lack of capital” as the think why they could not start their own businesses or why they failed when they tried to start one.
Some effortlessly latch on to the excellent excuse (what I believe Americans call a "cop out") ...They say: even the banks will not lend money to them since they lack collateral and could not maybe pay back loans taken at the high interest rates charged by banks!
My submission – with apologies to all those who subscribe to the above excuses - is that these problems are not insurmountable as most population seem to think they are. I make no idle claims here. Believe me - I live in a society where institutional - or any other kind of - keep for company startup is Very Far from abundant (capitalised emphasis Very deliberate) compared to most other societies. So in that sense, I can impart to what they say - but only up to a point.
Going by my experiences and what I See many population Do daily, I am fully convinced the question is frequently Not how or where to get money/capital. The Problem, Most Times, Is With The person Who Wants To Get It! I explain, below...
Learning That Not Being Financially attractive Is A Bigger question Than Not Having Capital
There are separate dimensions of intelligence. Unfortunately, many “educated” population tend to be uneducated about this subject. Psychological study has proved irrevocably that separate population are attractive in separate ways, depending on their predominating natural aptitudes.
For instance a person might not be academically strong (i.e. S/he has low "academic intelligence") but s/he might be highly “intelligent” as a football player – what the scientists would call having “Psychomotor Intelligence”. Robert Kiyosaki, in his book “Rich Kid, Smart Kid” described over 10 separate geniuses(intelligences), which population can have. (Get a copy of that book and learn more about this subject).
He said his Rich dad often defined brain as “being able to make finer distinctions in life”. From reading Kiyosaki’s writings, I have arrived at my own definition of Financial brain as “having an comprehension of how to make creative use of money, in a way that ensures its perpetual availability”.
Consider this. Let’s assume you got promoted and earned a huge salary increase, plus allowances and other benefits splashed on you in your workplace (or if you own a business, let’s say you made an impressively huge behalf margin on a deal). To buy that brand new big screen Tv you've all the time wanted, Robert advises that one spend money in a way that ensures one still holds on to it (i.e. The money) at the end of the day.
Using the ideas from Robert's books, one way to do it would be as follows: You would delay your “gratification” a slight bit and take time to examine possible options of reasonably lucrative and dependable ventures/investments you could put your money into. Then, over a obvious duration of time, you would harvest the returns from your speculation to buy the Tv, without touching the invested money. A bit simplistic I admit, but it communicates the message I want to get across.
What is crucially important to note is that, you would have, by doing the above - or something similar - established a new income stream source, acquired new knowledge/skills plus a new “toy”(the big screen Tv) - and still Held On To Your Money! Now That would be financial brain in action. Like Robert's rich dad would say, "the rich don’t work hard – they make their money work hard for them”.
So, as an entrepreneur entering into business, you should have this kind of reasoning disposition towards your monetary expenditures.
I started out in January 2002 with over N590,000.00(Last time I checked .00 Usd = N130 approx. Out here). A few short months later, believe it or not, All of that money was Gone! The reason: I lacked needful comprehension of how to cope money in relation to pursuing my company goals. Simply put, I lacked Financial brain of the type described by Robert Kiyosaki.
I made this mistake when I started, and many times afterwards. Old habits categorically do die hard - It was so hard getting this straightforward message to Sink into my "thick head" :-) despite the fact that I had read it!
Someone once said “A person who does not know, and does not know that he does not know, is a big fool!” In my case I was a excellent example of the fool and his money that are soon parted! I think my message has been well communicated. I leave you to ruminate on it, and settle how you wish to apply it to your personal situation. I sincerely hope reading this will help others Avoid production the same mistakes I did.
Having said that, I try to take solace :-) in the words of R. Buckminster Fuller who, agreeing to Robert Kiyosaki, once said:
"I know so much because I have made so many mistakes" - R. Buckminster Fuller
To me, that statement re-assures anything who Does go ahead to make these or other mistakes, that it would Not be the end of the world. S/he will Still be able to supervene in spite of those wrong turns if s/he will only Learn from them and Persist towards the goal.
My "Mistakes" Had slight To Do With The proximity Or Absence Of A company Plan
One must Learn to understand and deal with the realities extant in his/her own environment in order to stand any opportunity of succeeding. The way things work out here in my country, most company plans in truth tend to be slight in their usefulness, beyond being used to make a formal statement of intention.(The situation in your country may of procedure differ). Here are 3 instances that by comparison what I mean:
(a). There are issues relating to ethical company practices - or more accurately, their broad Abscence. I don't have to say more here - the front pages of national dailies do a best job - reporting cases of multinational corporations complaining about this Big problem. It's the reality - at least for now, though efforts at influencing change continue. You can gain some comprehension by reading my description titled "There Is Nothing Wrong With A Humble Beginning: perform Your Success With Honour & Integrity".
(b). Then you have the prevailing economic climate/government policies etc(. E.g. Sudden upward reviews of petrol/diesel prices coupled with poor availability of both items Plus perpetually erratic power supply which makes needful the use of generators run with petrol/diesel (that's changing prices and Not even effortlessly available!) make using a company plan to reliably manage a company out here, in most cases a practical waste of time.
Of course, some population would disagree with what I have said, but the best way to judge in my view is to Look colse to at how businesses(that manage to survive) - even the big ones - operate out here. It won't take long to See that there is major truth in what I have said.
(c). There is also the issue of how much of a store Exists for the product(s)/service(s) a company is offering. I throw more light on this in an description titled "Do You Need A company Plan If Your Idea Is New, Untested, or Unproven?".
Incidentally, I did have a company plan (for my Integrated Fish Farm) startup that I took weeks to painstakingly prepare, going out to study varied aspects, and getting guidelines from banks towards securing equity speculation under the Small Medium Enterprises speculation Scheme(Smeis). My experiences over a two year duration in this regard, convince me of the accuracy of the opinions I have expressed above. Visit http://www.selfhelpcd.spontaneousdevelopment.com to learn more about the company plan I wrote for my Integrated Fish Farm.
Your Integrity Is The Best Collateral You Can Have – foster It!
So if I “squandered” all my money that quickly, how did I survive? Well, I began by reasoning – Hard! It did not take me long to perceive I had no option than to ask for Help*. The interrogate then was who to ask. My mind immediately went for the name(s) of person(s) I knew who would not doubt my motives for beginning a company Plus who knew me well adequate to trust that I would not ask money under false pretences. Over a duration of about nine months consequently, one singular person, a close friend, previous colleague and confidant would bail me out to the tune of almost half of the total estimate I had already spent - mostly at short notice.
*Note: Some population let their egos get in the way at this point, feeling they would look "weak" if they had to "stoop" so low as to ask for help from others. I would say if you have any viable alternative to asking for help, then go for it and perform your purpose. If not, Please swallow your pride and Ask - nicely too! - for Help or forget your dreams!
Napoleon Hill said your magnificent obsession will at a point take you over and you come to be one and the same with it. At that point you will think, drink, sleep and eat that vision you are working to perform – sparing slight or no view for anything else. That state of mind, agreeing to him, is what will make population and things that will help you perform your objective come together at the right time and in the right place. He adds that this is what the uninitiated see happening to Real entrepreneurs and other great achievers, which they call “luck”.
More than five years on, I can look back and confirm that Hill's submission to a great extent, especially going by my experiences, explains how I managed to survive perpetual scarcity of Cash - and other resources - that afflicted me prior to Each breakthrough that took me to a higher level of success in my work. I have all the time emerged Wiser and More competent. You will hopefully be able to draw some consolation from knowing this up front if/when you pass straight through a similar experience.
But Integrity was a key factor: Luck has been defined as “that which occurs when making ready meets opportunity”. Entrepreneurs who advantage financially or otherwise from others, many times have paid their dues, and Earned the trust, confidence, respect and empathy of those who increase such aid to them.
At this point some persons who are the typical complaining type, who never want to sit down and Think of how they can apply/adapt what they read to their own personal situations, will probably say “But Tayo, you had the advantage of person who could give you such money when you needed it – I don’t!”.
My acknowledge to that is this: I have learnt that life dishes out challenges to us agreeing to our circumstances and capabilities in order that we might grow to the next level of strength/achievement. It is left to each person to settle how s/he will respond, which will in turn be carefully by the force of his/her desire for success.
Lack Of Capital Can categorically Be More Of A Blessing Than(If At All) A Curse
So it was that even though I started off with what many would have carefully cheap capitalization for my business, I ended up within a few months looking as if I never had any capital in the first place! That was my own “portion” if you will.
But the supervene was that I had to think of other creative ways to carry on with my work. There was no point complaining. You will find that where you have one thing to your advantage, an additional one person lacks that same thing. So, as I said in my description titled "7 Deadly Myths That Can Stop You From Succeeding", you must learn to take what you are given, and use it to get that which you want.
Francis Bacon once reportedly said “A wise person makes more opportunities than he finds”.
As has been revealed straight through studies of the lives and achievements of many victorious entrepreneurs, the duration of most learning, and fastest growth, are often those periods of Lack and Want. It was when I found myself in that highly excruciating health of lack of money that I categorically began to learn the skills I needed to survive.
I want to assure you here, that had I not experienced Each of those periods of hardship, I am Fully convinced that I would not have the level of clarity and depth of comprehension that I now do, and with which I have been able to subsequently improve my work.
Today, I have detailed, handwritten records of daily expenses I have made since April 2002 till date – one of the new things I learned to do at the time, in order to keep my spending “sensible” and track it against my budget. This was something I had read about so many times while in paid employment, but never categorically allowed to “sink home” into my consciousness because of the bad spending habits I had formed then.
Like I stated in an additional one description titled "Practical Guiding Philosophies For Entrepreneurial Success", If you plan to(or have already) entered into entrepreneuring from a similar background to mine, this is the first thing you have to watch out for – your spending habits. With very few exceptions, most population who go into company after having being in paid employment - especially where the pay was relatively comfortable - often lack the “discipline” needed to keep the “lifeblood” (i.e. Cash) of their new businesses.
Sourcing Capital For Your company ("Priming" Yourself To Do It Right)
Now, I am not here to claim that I am the world’s master on raising capital or anything of the sort. Rather, I want to share with you my perspective which I believe is probably one of the most realistic ways to look at the problem– if you want to successfully tackle it.
My position is that anything will be a question for you if you believe it can be a question for you. For as long as you think – or allow yourself to believe – that "seeming" lack of capital sources can stop you from succeeding in your business, then the chances of that happening will be high.
1. Start by having the unshakeable trust that you can find the money you need to startup your business. You need to be convinced that you can if you are ever going to be able to do the next thing I will tell you. So, erase any doubts arising in your mind. Block your ears to the “advice” of Any sage realist friends/relatives you have who may ask you “Where are you going to get person to give you that kind of money?”.
"Spare me the grim litany of the realist. Give me the unrealistic aspirations of the optimist any day!" - Gen. Collin Powell
2. Next, settle within yourself that anything plans you come up with, you will Never allow yourself to be discouraged if it appears that they are not working the way you intended – and the capital you seek seems not to be forthcoming. Again, you have to convince yourself that it will be best to persist in implementing your capital-sourcing plans(or modifications of them) till you do get the capital than for you to give up.
3. Take a pen and paper and begin identifying the varied individuals, groups or organisations/institutions that can help you. Once you have a broad listing you will then draw up a plan to coming and present your proposal to them for possible funding by them.
To do this effectively, you will of procedure have to study exact possible sources of funding, and this varies from one society to an additional one - as I have found from trying to supervene ideas for sourcing funding obtained from reading articles by persons in the Us, out here in Nigeria! You know your society best and will be able to judge - reasonably - what kinds of funding ideas are likely to resonate best with people/organisations you are likely to approach.
Let me add here that I believe there is No one strict way of raising cash. In my case(following the advice in James Cook's "Startup Entrepreneur" book that "if you have to borrow to keep going, do so…but turn your back on handouts"), I have sourced it at separate stages of my entrepreneurial adventure by giving up percentage rights of my start-up company.
Today more than five individuals (friends/relatives have combined rights of over 45% of my slight company). I feel good about this because looking at the profile gives me the motivation to Work Harder to deliver on the promises I made to those who chose to buy into my idea.
At other times I have also bartered my services in transfer for a badly needed resource(s). An example was when I lost way to a laptop computer I was using to implement a web construct project for one client and an Excel Vb project for another. In order to finish both projects, I negotiated with one of the clients, who ran a It company specialised in building and installations of computers and telecoms utilities, to build me a new desktop computer law unit which I paid for by letting him pay me a sum Less the charge for That service. As a result, I did not have to shell out cash from my own pocket.
In reality, looking capital especially when the more obvious channels fail to turn up anything useful(and that happens in my society quite a lot!) will often be about You being Willing to think creatively. Read my description titled “Use Strategic Partnerships To Start-Up Faster, And Joint speculation Marketing To Make More Sales!” for more Ideas about how teaming up with strategic partners can help you overcome a lack of adequate financing while taking your ideas from view to store place Faster and with greater chances of success using your partner's experience, expertise and networks/contacts.
Final Words: Worse Than Lack Of Capital Is The Danger Posed By "Wolves In Sheep's Clothing"
To survive in the real company world, anywhere, you will need to construct your sixth sense - specifically the potential to "detect" any signs of Insincerity in population you impart with especially in business. This is one of the hard lessons I learnt. And in my view a lack of this kind of "Street Wisdom" should give Any startup More cause to worry than even a lack of needful capital.
Why? Because it could make you Lose all you have, capital inclusive, to crafty/dishonest company persons you may unknowingly choose to work/relate with - and maybe depend on for advice etc.
I have seen obvious cunning individuals effortlessly take advantage of “green” fresh persons, that come to them looking for advice and support. They do this by exploiting the latters’ company naivety – and then letting them down, often deliberately, when it matters most. To put it simply, they Use and Dump newbie entrepreneurs.
In fact, I once read a startup guide e-book chapter on company Networking produced by a company called "Virtual Teknocrats" which described these "wolves in sheep's clothing" as "Pro" networkers - one of four main types of networkers. The "Pro" is one who is selfishly motivated and typically notorious for "sucking the life" out of "Newbie" networkers i.e. Using and dumping fresh others.
Does not matter what part of the world you're in - they're everywhere. So, be true who you go to for help! Networking is meant to be a mutually useful - symbiotic - relationship. Check those you do it with. If it looks like they only seem to take, and never give at all, or if you find you all the time get the obvious feeling you're being short changed, I say Trust Your Instincts and get out - Fast.
In relation to this last point, I'll leave you with these words of True wisdom from Burt Dubin ([http://www.dubinspeak.com]):
"Demand integrity from all associates. Would you go pilotage in a leaky boat? Would you drive on a tire that would not hold air? Then, steel yourself: In cold blood dump unworthy others." – Burt Dubin
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