I have been pondering on the issue for some time and so many thoughts ran through my mind. A lot of people believe that without capital in the form of money, it's impossible to start a business. This ideology has held people bound from starting a business. Many people have nice business ideas and proposals but those ideas only remain in the head because there's no money to bring such ideas to fruition.
Elementary business studies have taught us that capital is money required to start a business and some of us grew up with this mindset that we need capital to start any business. This is the reason that many business proposals have an estimated money required to set up. While this is important in all business ventures, this should not pose a threat to many business-enthusiastic individuals.
I can say this anywhere you do not need money to start any business. This might sound ludicrous. Many who are successful business owners do not start with money. The paramount thing is to have an idea about the business you want to do. Knowledge is the foundation for every business outfit.
A lot of businesses folded after just a few months of starting up because the owner thought that money would sustain it. The most challenging part of every business is the small-medium enterprise (SME). This kind of business enterprise stands a high risk of folding up if care is not taken. Most times, the economic environment and government policies makes it difficult for this business to make a headway.
Businesses that were started with ideas rather than with money stand a higher propensity of survival against all odds, no matter how volatile the business environment might be. Nevertheless, every business enthusiast should not think about money first but ideas he can bring to start up any business.
For instance, when I wanted to start the sales of palm oil in Jerry cans, I did not have a dime to begin with. I had to go to the oil mill and establish a good relationship with the producers. I let them know about my residence, my family and many other things that will build trust. After some months, I told them that I can help market their product for them with a promise of higher returns compared to others who came to buy from them. I began with one rubber of 25 liters. I took the oil and resold it in the city. I made about 25% of profit. By the end of that year, I had made huge profits and started buying many quantities of palm oil.
This is just one of the many ideas an entrepreneur needs. Do not think about money if you do not have it. With or without money businesses can be set up.
Another important tip is to start with what you have. You don't need a loan. I remember when I signed up for #hive, it didn't cost me a dime to open a hive account. But today my hive account is worth more than what I invested.
Therefore, it is wrong to have a capital-intensive mentality toward starting a business or company.
Thanks for reading my blog post.