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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Money Wisdom Series: How to start a business with no capital or funding

May 11, 2020
in FEATURES
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One daunting task for every individual in the world is starting a business even for people who went to business school or have gained some experience working with a company. The confidence and boldness to start is a big deal coupled with the deeply rooted mindset of failure.

However, the most successful and rich people in the world do not work for salary, but are mostly business owners/entrepreneurs or people who have turned their talent/hobby or passion into a business. The beginning of starting a business is to be ready to serve and provide a service that enhances people’s lives.

Access to funding/money is extremely difficult, and the bank are very reluctant to lend money to individuals with no track record.

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What even makes it worse is the tough economic conditions that make borrowing from friends and family even more difficult because they are scared you may not be able to pay back.

Starting With No Money

  • Have a mindset of a problem solver ie. Work on your mindset skill and be bold
  • Search in your area/circle for a problem you can solve by providing a service. Very much easy is using the resources you have available ie start a delivery if you have access to a car. Start cooking for workers if you know how to cook and offer to wash cars for workers etc.
  • Build a business with the skill/knowledge you have already possess; think about what service you can provide with the skill you possess that people would be ready to pay for? Can you make cloths, paint, drive or program a computer or even speak a language, these are skills and hobbies you can immediately monetize and take advantage of to start your business.
  • Partner someone who has the money but doesn’t have the business idea/skill or knowledge to start a joint business together.ie. Create a product needed by people in your area/school or service needed by people in your church.

What you need to be successful with your business

  • Closing a deal skill
  • Public speaking skill
  • Managing your time/priorities
  • Mindset skill

What are your Assets to start the business?

  • Intellectual property
  • Talent/Hobby/Passion
  • Acquired knowledge/skill /craftsmanship
  • Landed property if it can generate cash flow
  • Your network of friends/family
  • It is important to note that starting a business takes time, you would get rejection, you will fail and success would not happen overnight but determination, consistence and persistence would lead you to success.

 

©Jerry.J.Afolabi, unlike others is passionate about financial education, independence and financial freedom. He is approachable, provides one on one client engagement and genuinely interested in helping people to take control of their own finances.

–

Please kindly use the links below to follow my page on FACEBOOK and YOUTUBE channel for more MoneyTalk and Videos. WhatsApp # +233541238987

https://www.facebook.com/Jerry-JAfolabi-107737420863286/
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Source: Jerry.J.Afolabi
Tags: Jerry J. Afolabimoney
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