How to raise capital as a Nigerian entrepreneur

Many people try to depend on government-managed loan funds, government subsidies, government-funded business development centers and entrepreneurial curriculum in schools to raise the capital they need. But the truth is infusions of venture capital funding at both federal and state levels do not necessarily foster the wiliness to bear the risk of a new venture that has significant chance for money-making. Entrepreneurship is the creation of new and better ways of doing business, which will destroy the established ways of doing business. So, do not expect funds from those you are trying to keep out of business through your new combination of resources.

Capital is more mobile than labour, and funding naturally flows to those areas where creative and potentially profitable ideas are being generated. It is important for you to estimate how much you need and then raise that amount to transform your dream into a reality. But what you need to start-up your business and take up the market is your ideas and not funding. Funding does not create new ideas; funding follows ideas.

It does not necessarily take a lot of cash to create a successful business. What you need is a good idea first and the good idea alongside proper planning will raise the capital for you. While I was at the University studying Computer Science and Electrical/Electronic Engineering, I knew I was not studying to graduate and work for someone else but to be in business for myself. Apart from IT training sessions I organized while in the University towards raising capital for my future business, I also ran my wears and perfume business, which I started with my feeding and pocket-money as a student.

At the time I graduated from the University of Calabar with my first degree in Computer Science, I was already in business for myself. This is proper planning and you can do it. During my National Youth Service, I also increased my financial state through my Community Development Service project, which I exclusively sponsored and achieved significant financial rewards when the power-personalities identified with my CDS project. This and other projects enabled me to raise the capital I needed to be an entrepreneur without going to anyone or government for funding.

In entrepreneurship, what you need to sail on and cruise beyond the waves of the sea of favorable occasions is moneymaking ideas. If you feel what is holding you back is capital, have a second sight and see beyond where you are right now. If you are ready to be an entrepreneur, estimate how much cash you need to cover expenses until the business begins to make a profit. I will give you just five ideas that will give you capital just enough to establish the business, invest in some inventory and create some advertising materials.

IDEA #1: Most pastors in the US and UK have personal and church websites. In this city alone, there are thousands of churches and they do not have website. You can write proposals to these ministries to at least set up a website for them to preach the gospel with ease, impact lives online and even sell their materials. This has already made a multi-millionaire. Even if you do not have a website development skill, you can employ the services of a website development company and make your money through discounts and commissions. TO BE CONTINUED NEXT WEEK
Chiyson is a poet, motivational/Inspirational/Financial Speaker and Business Consultant