How do I get capital to start my own business?
More often than not, many young people ask me this question and I am left wondering how I will help each and every one of them. It is not easy to get capital especially if you have just cleared your education and the banks do not make it any easier due to lack of collateral.
However, I advise my friends to try and borrow from their family and friends or even look for a temporary job, so that they can save some money to start their business. Starting out is not easy but you must have the willingness to endure the process. As I try to talk to my friends in the bank to come up with a venture fund for young entrepreneurs, what are you doing to try and gather that capital?
You need to create a culture of saving right from the time you begin University or even before, if at all you can. It will teach you to be responsible and independent and those are qualities of good businessmen and women. You see my friends, when investors like me see that you have made the effort to save a good amount of money and have established your business, then we will definitely consider giving you a helping hand. But we cannot help the person that has refused to try or go the extra mile to help themselves.
Angel investors are there and are willing to invest in something worth their time and money. So if that is what you are looking for, then you better work on your business idea/proposal and play your part as well. No one wants to invest in a business which you yourself have not invested in.
Take your time and look for an avenue that will suit your needs and help your business grow.