Did you know that there are intervention funds set up by the government to help SME’s finance there businesses? Why am I discussing it in this post? Available data shows that 8 out of 10 new small businesses do not survive beyond the first 18 months after they started. That is a staggering 80% mortality rate. Many reasons have been adduced for this parlous state of affairs.
Have you ever tried to get a business loan from your bank? What was your experience like? Most small business owners I ask these questions give depressing answers: frustrating, nightmarish, not very palatable. Their frustration usually begins from the complex application process to the stringent conditions the banks would require them to meet. Their conclusion always come to this:
Anybody can get rich in real estate. Really? Yes. Like you, I had always thought that real estate business is an exclusive preserve of the ultra wealthy individuals until a casual experience changed my opinion. In 2013, I bought a small parcel of land measuring 30 x 120 sq. m., somewhere around Ibeju Lekki where I had hoped to put up a small bungalow to live with my family.
Many people have the aspiration but very few know how to start a business. Being your own boss gives you an exciting feeling but to so many people, the excitement disappears as soon as they start. The reason is simple: many aspiring entrepreneurs don’t take the right steps in developing their business ideas, hence many businesses fail for this reason. How then do you start a business that succeeds? This is the exact questions I provided answers to in the following paragraphs. #1 THINK THROUGH YOUR IDEA. A poorly conceived business will fail. At this stage, you may have a…