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At the highest rung of this resilient class of people are the hustlers, individuals who have managed to identify the best sources of capital to start a business and keep it afloat. Here are some of their findings:
Friends and Family
Borrowing money from loved ones is one of the best sources of capital one can find to start a business. In Nigeria, the sense of family is held as paramount. When a member is in need, it is more than likely that the rest of the family will jump in to provide the help they can afford. These can be in form of cash donations or loans without interests, which is highly reliable and more convenient. However, this type of capital is only for people with integrity, who are not capable of taking the love of family for granted.Personal Savings
Asides from family and friend contributions, saving your own money to start a business is also one of the most reliable and safe ways to raise capital. Starting a business involves a lot of risks, using one’s own money helps to reduce the potential problems of repaying loans when one runs at a loss at the end of the day. This way, it is easier to start again without worrying about loans and interests’ payments.Empowerment Programmes
Many empowerment programmes which include N-power, YouWin, to mention a few, have been established to empower the youths with the right resources for starting a business. Their responsibilities extend from providing capital and loans to delivering consultative services in diverse areas of businesses.Sign up to the Connect Nigeria daily newsletter
Non-Profit Investors
There are investors who are very successful that they do not require any form of repayment from their contributions to a venture. These benevolent investors are most times referred to as Angel Investors. Their sole aim is to see that an individual is connected to the right resources to pursue entrepreneurial dreams.Co-operative Societies
Co-operative societies in Nigeria is a norm for people seeking to borrow to generate business funds. Money is shared in turns by huge percentages until the line ends.Partnerships
Another great way to raise capital is to enter into partnerships with dependable individuals and companies. That way, one can pull together a large and varied resource required to nourish and nurture the business. This reduces the burden of establishing a business.Financial Institutions
Financial institutions such as commercial banks, investment and development banks play a huge role in providing sources of capital in form of loans and principal. Most times, this favours the agriculture sector of the Nigerian commercial industry, as the government is invested in the welfare and development of farmers. Nigeria is not a drought land for business opportunities as well as sources of capital. All you need do is to dream, locate your favoured sources and realise it. There is no limit to greatness! Featured Image Source: The Guardian NGGot a suggestion? Contact us: editor@connectnigeria.com