At the Africa Com Entrepreneur Incubator hub, freelancer, John Causey spoke about why it’s so difficult to get access to funding.
John asked and answered meaningful questions about domestic and international investors. However the main question was not answered. “What can we do to get funding?”
But here is my take on the matter.
As a young person we are faced with many challenges when dealing with entrepreneurship. From being inexperienced to gaining access to funds. These factors affects us greatly.
– Getting a loan at an financial institution can become a problem.
You need to have a good proven track record and experience, which most if us don’t have. Even if we have the greatest ideas and solid business plans they will still deny you funds, because we are inexperienced and freshly out of university.
Here is an idea for you:
Apply for loans at institutions or funding organizations. There are many. With good research, you will be one step closer to reaching your entrepreneurial goals.
Have a look at the following:
National Youth Development Agency
The second challenge faced by young aspired entrepreneurs are the lack of business plans and the way it is drawn up.
An business plan is a guideline. In the entrepreneurial industry it is your best friend.
A business plan will supply your investor with the following details:
-What are your goals?
-Your investors will be able to see if you will be able to make an profit.
The problem occurs with drawing up an business plan is that many young people do not know how to draw one up, which all comes back to education. In Africa there is an lack of business training which causes funding problems. To find a solution to our problem, young people can approach incubators that focuses on drawing up business plans to attract investors. The main factor is that your business plan needs to look professional and comprehensive .
Here are a few ways to easily gain knowledge and experience as an aspired entrepreneur.
-Improve your knowledge and apply for a loan to further your education.
-Find yourself a mentor
I am a young journalist and I know by experience, that we as young people struggle to attain mentors that will guide us in the right direction. There is an lack of support and exposure to the environments that will bring us knowledge. Remember that a mentor is a person that went through challenges, overcame it and mad success out of the life.
Good luck with your future!!!
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