If you’re like millions of Ugandans, you dream of starting your own business. But of course, there are dozens of obstacles that may keep you from actually doing that. You might not have enough motivation, for example, or time to actually see the work through; or you might not even have a solid idea to begin with — yet.
But where most people get stopped cold is their realization that it takes money to start a business — money they don’t have.
In almost all my engagements with youth, the most asked question is about CAPITAL. “I want to start business, but where do I get capital from”? “Capital is what is stoping me from starting business” etc etc.
Most successful business owners didn’t inherit the business, they started from scratch. So that should tell you that capital is not the most important thing in starting a business. To me Planning, Courage, thick skin are the most important.
You’ll need to come up with a business plan and financial model, of course, but you can do this on your own, for free. You will need to have the courage to start and not stop and you should definitely have a thick skin to the nay sayers, the loses you will make and some not so friendly customers, by the way they will be many. But through it all, you will learn a lot.
A friend of mine once told me she is doing real badly financially and there are no jobs and she is becoming desperate.
I asked her why doesn’t she start a business. Obviously the same issue of no capital came up.
I told her you don’t need capital to start business.
I told her for example, you can start a business in fashion, clothing, shoes etc.
She says but still I need capital to open a shop, to buy stock, etc etc and her budget had come to 20 million. I said where do you get such money from.
On her facebook page, she gets more than 1,000 likes on any picture she posts. Told her that’s where your customers are. Go down town, get prices of different items, put your overheads and profits, post them on facebook, when you get orders, you pick the money go down town pay for the goods and have them delivered. BTW most men don’t want to go for shopping, so the easiest customers you can get and most men don’t over bargain on price.
For example, down town you get a trouser at 30,000, you post it on your popular facebook page at 50,000. You get buyers, they send you the 50,000, you go downtown, you pay 30,000 and have your 20,000. May be you spend 5,000 on transport; your net profit is 15,000. After doing 5 of such in a day, you have your 75,000. Your home and dry.
This applies to so many other goods and services one can get engaged in.
Secondly, Social Capital and Idea capital are very important source of business capital. We shall look at these two on another day.
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