faulker047

Lack of capital is one of the biggest threats to entrepreneurs across the world, especially in tough business environments like Africa. In fact, most people say it’s hard – almost impossible – for entrepreneurs to raise capital on the continent, especially if you’re a startup. But, in most cases, “lack of capital” is not the problem. The real problem is  “lack of awareness.” Below are some practical ways of financing your new business idea. Bootstrapping When first getting started, many entrepreneurs use “bootstrapping,” which means financing your company by scraping together any personal funds you can find. This typically includes your savings account and any home equity lines you may have. In many cases, using the money you have instead of borrowing or raising is a great approach—in fact, some entrepreneurs continue to bootstrap until their business is profitable. This can be beneficial because it means you won’t have extensive loans and monthly payments that bog you down, especi...

One of the most common pieces of advice to those who are thinking of starting a small business is to do what they love. Particularly when you are at the stage of starting your own business where you're casting about for ideas and deciding what kind of business you want to start, choosing to start a business based on what you love can lead you on a path headed entirely in the wrong direction - or even over a cliff. You should not do what you love because: 1.  Love tempts you to take shortcuts. One of the reason love and starting your own business don't mix is that we tend to assume that other people will love who or what we love. Who hasn't experienced the bewilderment of realizing that a person who’s important to us dislikes a loved one? It's an uncomfortable situation that can lead to hurt feelings and even the loss of a friendship. When you start your own business based on what you love, the assumption that other people love it too can be downright dangerous. When you...

Finding new customers is a fundamental challenge for every business. If you’re looking to attract new business or service new clients here are creative tips to help  attract and turn prospects into paying customers. Related post: How to attract your desired clients and make more sales Networking and referrals Landing referrals from networking or past business associations isn't just a cheap way to pick up new business. It's also a way to pick up customers with the highest retention rates. What's more, referral customers tend to purchase more over time and in turn become a source of additional referrals.  One of the best way to have good and responsive referrals, is to offer some free sevice(s) or low-price-product. Develop a clear offer for each prospective partner. Come up with a free or deeply discounted product or service that has a high perceived value for the consumer with a low dollar cost for you. In that way, customers will keep pouring into your business. Investors...

A pitch is basically delivering a business plan verbally. A pitch typically takes the form of an entrepreneur or group of entrepreneurs presenting or describing their ideas to prospective investors. An elevator pitch is simply a very short pitch that distils the idea into a short summary that takes only as long as a short elevator ride. A video pitch is a pitch done via a short video rather than in person. Regardless of the means chosen to pitch, the aim is typically the same; describing a business opportunity with the intention of securing funding to develop the idea further. When it comes to succeeding as an entrepreneur or in any business, making presentations and negotiations cannot be side-lined. For starters and aspiring entrepreneurs, pitching is an ultimate necessity. In order to get funding and support, one has to be able to constructively pitch his/ her ideas to the appropriate people. You may need to pitch to clients, banks, governmental bodies and many others. As such, it i...

Founders soon learn that customers only spend real money for solutions rather than ideas. Investors have also learned not to invest in ideas but only in entrepreneurs and teams who can deliver solutions. Success requires moving your passion quickly from the idea to the business implementation. A good execution requires a plan and the right people, combined to create operational excellence and exceptional customer value. Companies that do this best become market leaders. Google, for example, was not the first Internet search provider (think Yahoo!, AltaVista, InfoSeek and others), but according toInvestopedia, Google was the first to really monetize search. As a result, Google has become a verb, and the company is a tech giant with record growth rates and a revenue of $74.5 billion in 2015. But Google is not unique. Many other companies have followed a similar set of execution principles which I believe are required for business success, no matter how great the idea: 1. Tune the busines...