The African Women Entrepreneurs program has a positive system going on. They have set up process in which entrepreneur driven women send and receive emails with their mayor worries and questions about the business world they want to enter. A couple months ago, a young woman named Haleemah from Nigeria, asked how one was supposed to start a business that, although she has the passion, capacity and time for, she has no money to start? We have found out that this is a subject that many entrepreneurs struggle with so today we bring the answers that several successful women gave Haleemah.
Jane Ole of Elizabeth Waldorf Designs has a very interesting point of view. She admits to have struggles with this same issue herself, so she gives out a pretty unique advice. “There will never be a time when there will be money so my advice is to start now and start small.” Basically, she is saying that this is a problem that can not be easily solved. Chances are that most of you business women will come up with this challenge sooner or later, so make sure you know how to scale. Don’t expect to start out huge, plan your finances with extreme care and always be cautious with money expenses.
On the other hand, Rapelang Rabana, Founder CEO of Yeigo Communications and ReKindle Learning has a different point of view, which we think is interesting to share because at the end, when you have a bigger picture of the way successful people have gotten to where you are, then you are able to decide how you want to manage your own, and simply take the advice that you think is best. Nobody can tell you exactly how to do your job so we just lay out others’ experience for your own knowledge. Rapelang says: “Money is not everything. It is a false comfort. Money will not stop a “real entrepreneur” from starting a business. Work until you have saved enough – find investors, ask friends and family, borrow. Money should not stop anyone from fulfilling their dreams. Money is an accelerator – whether you are going in the right or wrong direction, money simply accelerates you in the direction that you are already going in”. As you can probably tell, she definitely believes that if you are good enough, money will not be able to stop you. She also has an interesting observation; that sometimes, when there is a challenge and money is scarce, it obligates you to innovate and become more creative. Many people work best under pressure so if this is your style, then maybe having to cut your expenses will help you become the best entrepreneur that you can be.
On a completely different note, Bilikiss Kola-Abiola, CEO of award-winning company WeCyclers, believes that having a team is the easiest way to get funding. “You will be surprised at how quickly your idea takes off when you have a solid group of people equally passionate about your idea….The diversity as well as the expanded network, will amplify your chances of funding the venture.” If you are a people’s person, then this definitely may be a better option for your business. Just be careful, however, that you make sure that who you are working with is safe, just so that you can get the most benefit from everyone’s contribution and that you aren’t taken advantage of.
Hopefully, these different perspectives can help you to create a better perspective on funding and help grow your business idea. Remember that there Is no secret formula and everyone’s situation is different, there is however, guidelines and experience help guide you through it all.