Entrepreneurship Series- Part 1 B (With makemoney.ng)

Entrepreneurship
25. Oct 2020
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Entrepreneurship Series- Part 1 B (With makemoney.ng)

Hello guys , we are back again in the entrepreneurship series. Today we have Mr Mfon Abel Ekene of makemoney.ng in the house. MakeMoney.ng is a top leading finance and money blog and it is the number go-to for making money, business ideas, loan options and entrepreneurship in Nigeria. So remain calm as you are  learning a lot today! Let's get started already.

1. If you had one piece of advice to someone just starting out, what would it be?

Answer: Be committed. You will meet discouragement on the way, stay committed. Sometimes it will be rough, sometimes it will be tough stay committed. Keep putting in the energy level as you did from the first day.

2. Can business growth occur with no or very limited funds?

Answer: Yes,  it is very possible to achieve business growth with limited funds. The pace may not be comparable to similar businesses with excess funds, but growth is possible either way.

For example, marketing is one of the key factors responsible for business growth. While more established businesses may spend hugely on their marketing through ads, sponsoring events and so on, a startup with a limited budget can explore other options. Word-of-mouth is the oldest form of marketing is free. That is referrals. You can offer incentives to people around you or your existing customers for referrals they bring to your business. This will push people to spread words about your business.

Also getting your business online can open doors to many ways to promote your business without a big budget.

It is also very important to network. Networking with the right people be it suppliers, consumers, investors and so on, can help enhance the growth of a business without plenty of funds.

3. How can one know when to abandon a business idea/project?

Answer: Generally when business becomes insolvent, you have to find ways to either sell it off or dissolve it.
But this question is deeper than just that. I will say if your health (mental health inclusive) is suffering as a result of your business pursuit, you may want to re-think everything again.

4. When is the right time to get a team as a start-up? Are there factors to consider?

Answer:  This is relative to the business. A business that is dependent on many people to run will need a team assembled faster than a business that is not. An example is a manufacturing company and an accounting firm. A manufacturing company will most likely need more people to get started, while one skilled person can run an accounting firm until the workload requires a helping hand. Generally, for a startup, recruitment should be based on necessity not on emotions. And you have to consider the finances, outputs and how the recruitment can enhance growth.

5. Are there authentic sources of funding available to Nigerian entrepreneurs or startups

Answer: Funding is the biggest issue facing entrepreneurs in Nigeria. But there are always options. The options will always depend on the level of funds needed. For a small business, a little bank loan or loans from fintech companies is sufficient to get started. But for a business that requires plenty of funds, a loan is also an option, getting investors on board, reaching out to venture capitals and fundraising from the public or inner circle.
 
And that's all today on our entrepreneurship series. Thank you Mr Mfon Abel Ekene for that educative talk. We hope to see you again.
If you're interested in learning more about finance, be sure to check out makemoney.ng now. Also, please share this post to others if you found it useful.

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