Many young Africans always have a lot of business ideas and plans but fail to achieve them. Some don’t even start it at all and watch all their plans go down the drain. For one reason or the other they don’t execute their brilliant business ideas because of some negative mindsets they have harbour. We take a skinny dip into five of such misconceptions preying on business ideas and entrepreneurial dreams.
THE FEAR OF LOSING
As a young person yearning to venture into a business, the fear of losing shouldn’t be at the center stage. Before you start any business, planning and strategizing is very important. You need to carefully analyze the business you want to set up. Weigh all the odds, ups and downs and the challenges you may encounter. After carefully analyzing all the costs and benefits , weigh them and make sure the cost don’t overweigh the benefits. You should meticulously go through this process and devise ways to solve most of the challenges, this should lower your anxiety and fear. This mindset could hinder your entrepreneurial dreams if not properly managed. Fear could be a powerful motivator, if wrestled behind you. It then seizes to be an impediment but a goad driving you on.
LACK OF THE ‘CAN DO SPIRIT’ MINDSET
Napoleon Hill the Author of the famous book ‘Think and Grow Rich’ concluded the book with the saying “Whatever the mind can conceive and believe, it can achieve” This is to say, that everything that can be thought of is achievable. Never look down on yourself but rather, thrive to build self confidence through conditioning of your thoughts. Absolutely focus your energies towards the fruition of that business idea. If you have a ‘Can do spirit’ you can achieve all your business goals
ALWAYS THINKING OF WHAT PEOPLE WILL SAY
This is one thought you should never conceive as a young African who wants to start a business. People normally don’t care about you. Most people are just waiting for you to fail in that business venture, so they can laugh at you. Don’t keep such people around you. Provided you believe in what you are venturing into, don’t let the thought of what people will do or say about you derail you from achieving your entrepreneurial goals. Always forget about what people will say, because people will always hail you, when you are succeeding and hoot at you when you fail.
MINDSET OF A PERFECT BUSINESS RUN
Nobody in this world is perfect. And nothing done by Man is 100% flawless. As a young person venturing into a business, you should know that you will encounter challenges. If you have the total mindset of a perfect, flawless business run, you are doomed to fail. Challenges are inevitable, every business minded person should factor such eventualities into their business plan. How you handle these eventualities will either elevate your business or run it to the ground.
BANK LOANS OR VENTURE CAPITALISTS ARE THE ONLY WAYS I COULD RAISE CAPITAL
The best source of funding for any business comes from family and friends. One prominent misconception many business enthusiasts have, when it comes to financial assistance or seed capital is the OVER RELIANCE on Banks or venture capitalists. These avenues are heavily soiled with downturns and costs. Experts advise against accessing bank loans or seeking out venture capitalists during the introductory face of any business. Banks loans come with huge interests rates, it is prudent to rather seek out financial support from family and friends who may be willing to part away some money just to assist you. VC’S on the other hand come with unfavourable terms and conditions. You make end up losing the fabric of your idea or worse, its ownership. Family and friends are definitely your best funding option.