Generating Business Financing
These are ways to generate funds (capital) to start our business.
- Personal Savings
- Family and Friends
- Other People’s Money (OPM)
- Bank Loans
- Selling some assets
- Government grants such as Bank of Industry (BOI)
- Donations and sponsorship
- Mentors and Angel Investors
Excerpts from the Question & Answer Session After the lecture.
Thanks for the lecture, please what do you mean by Angel Investor?
Angel investors are people you don’t really know (not your family members) but are willing to invest money in your vision. They just want to be part of your success. They just like you and want to support you and not for any personal gain but out of free will. Angel investor has nothing to do with the amount but with the sensitivity and importance of the support.
Thanks for the lecture. please sir, can you elaborate on Donation and sponsorship? And how to make it happen, thanks.
People who are wiling to sponsor your business idea for you.
For example, you want to go into the musical industry, you have the songs already, you have a good voice, the gift is revealing that you can do it but you lack funds to go into the studio to record your song and have it produced; the someone just appears and say, how much will everything cost? Similar thing can happen to any kind of business.
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