The struggle for Financial Assistance and Advice

Financial assistance and Advice

It is a challenge for young entrepreneurs to get financial assistance and advice from some of the successful entrepreneurs. Which is in a way a normal process that almost every single entrepreneur faces in their lifetime. Due to globalisation we now have access to communication channels that help communication flow much easier but nevertheless, the communication can only flow easier if there is a response between the sender and the receiver. At times, we build the courage to actually try to contact entrepreneurs for advice but sometimes we do not get a response. And this does not only happen to entrepreneurs but also job seekers out there who apply for jobs in great companies however these companies have terrible recruitment practice and fail to respond to the job seekers.

Financial assistance is the most difficult process for every entrepreneur out there. When we think about investors or banks, we assume that the only way you can receive financial assistance is when there is trust between the receiver and the loaner. An investor and the bank would want assurance on how they will be paid back on time. And the only way to prove that is when you have valuable assets or profits for an already existing company. So for the new startups, what should they do? how can we gain the trust from investors or banks without having the valuable assets or profits?

In my opinion, my advice would be to ask for financial assistance from family members and friends firsts before going to the big giants and also to be patient and work with what you have. Moreover, seek a job and run your dream with your own sweat and tears. It is better than working, with a stress reminder that always reminds you to pay off a debt and limits you to take risks for the expansion of your own business. 

These are some of the things that limit entrepreneurs, especially those who have dreams to go big and have innovative products that require large financial assistance. They tend to give up that dream because they believe their current salaries or savings would take a lifetime to reach their goals. Well truth be told, it is hard but as an entrepreneur, you have the passion and the capability to think of other innovative ways to achieve your dream. Start small, make a prototype during the process you will discover items that are low cost and that can be replaced with affordable prices to actually produce a great product. This is how companies save costs too for production ( Economic of scale )!!. Find ways to give yourself knowledge, read a lot, use the internet and be able to give yourself the advice you need to move forward. 

Here is an article, that provides information on 10 organisation that provides support for entrepreneurs.  https://www.entrepreneur.com/article/253283

Note: Let me know what you think and if possible do share your thoughts about the struggle of financial assistance and advice here in The Entrepreneurship Passion. 

Questioning our choices and afraid to take risks

Questioning our choices 

Every entrepreneur has reached a stage where they tend to question themselves about their choices and whether what they want to do is right and if they are willing to take the risks. 

Surprise! this is totally normal, especially for individuals who do not earn as much income and are afraid to be BROKE!. There is a saying that you should be able to take risks in order to be successful, which is sometimes true but the success does not always come straight to profit! (the entrepreneur's dream!). It sometimes comes from struggle and failure (the entrepreneur's worst nightmare). Nevertheless, an entrepreneur will gain more experience, when taking risks and they will be able to learn from these experiences ( win-win situation ). 

The main point here is that it is normal to question your choices because of risks. However, it would be wise for entrepreneurs to actually calculate the risks and be able to mitigate these risks by always having a PLAN B! (we all know money isn't easy to get but easy to spend). A lot of entrepreneurs who wish to have there owned business startups, they always focus a lot on that one way on how they can start and operate their business. But at the end of the day, they claim to have not enough capital. This is because they have envisioned their business to have certain types of requirements to start. This can work for legal documents but not with other resources that can be tackled with creativity. The entrepreneurs should have PLAN B to make things work through and not necessarily waste a lot of time to figure out something that can eventually be done just by THINKING SMART! AND NOT ONLY WORKING HARD!. So instead, combine both into one and be able to start a business with the right confidence knowing your available options to mitigate the risks. And you have to stop the negative thoughts of questioning your choices because it can lead you to doubts and discouragement.   

I have shared with you a link that explains in-depth about having a PLAN if you wish to know more.

READ MORE: Importance of PLAN B in business by Rachel Hanebutt ( 12th May 2017) 

https://www.virgin.com/entrepreneur/importance-plan-b-business

Note: It would be great for passionate entrepreneurs to share their thoughts and advice on how they worked through the questioning and risks that they faced during their startups and maybe provide some tips for planning in The Entrepreneurship Passion!