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.