Are you an entrepreneur who has tried (and failed) a good number of times to raise capital to fund your business? Chances are that each rejection you got for your efforts felt like a major setback to say the least. From a mental perspective, entrepreneurs who have had these experiences understand how badly it can affect confidence and the passion to keep going. This in turn can lead to mental roadblocks which further reduces the chances, or totally prevents an entrepreneur from attracting capital.
Here are 5 mental roadblocks that prevents entrepreneurs from raising capital:
- Closed mindedness: You have a mind blowing idea for your business, which is good. The great thing though, is for that idea to move beyond being an idea to reality. In numerous situations, entrepreneurs feel partial to that original idea and fail to embrace benefits of pivoting their idea for it to be realistic. What eventually happens is that the idea ends up being just an idea, and never gets to be implemented.
- Unreasonable expectations: Sometimes entrepreneurs want to raise huge capital in a swift manner. The realistic approach is to raise capital increasingly in a series of progressive steps. The ability to raise more capital grows with time.
- Blame game: You resort to claim that nobody wants to give you capital. In the real sense, nobody owes you capital. It is your responsibility to learn how to communicate and convince investors to give you the capital that you require. People will invest if they are convinced your business raises an interesting investment opportunity for them.
- Fear of failure: As an entrepreneur, you have to get used to rejection when it comes to raising capital. a very high percentage of funding applications are rejected. Rejection is actually a normal occurrence when it comes to raising capital and does not mean failure. Application rejections are opportunities to find out reasons for rejection, and also to refine your proposition to be better prepared for subsequent applications.
- Capital is Scarce: On the contrary, capital is available and abundant if you know how to access it. Investors actively look out for business ventures to finance, with expectations that their investment will yield profitable returns. You just have to position your business adequately for investors to have the right amount of confidence to give you the capital that your business requires.
Carbon $100,000 Pan-African Fund for African Innovators
Carbon, a Nigerian fintech company has launched a new $100,000 Pan-African fund targeted at insurance, health and education tech startups on the continent.
The Carbon Disrupt fund aims to address funding and support inadequacies affecting tech entrepreneurs on the continent. The fund will be investing up to $10,000 in each of the selected startups in return for 5% equity.
Carbon, through the Disrupt Fund, hopes to make it easier for entrepreneurs across in other sectors to access the funds and support they need to establish their solutions and achieve their business objectives.
For this reason the fund will be focused on health technology, education technology and insurance technology startups.
For further information, visit Carbon Disrupt Fund website
2020 Anzisha Prize Applications
If you are a young African Entrepreneur trying to grow a small business or you’ve created something that makes your community better and provides you and your friends an income, then we want your application.
Your venture could be anything. Become a role model and inspire other young entrepreneurs to believe in the difference you can make in Africa, with the right support.
Africa’s future lies in your hands and we want to celebrate your potential to grow your country’s economy and create jobs. Each year, we select 20 leading youth entrepreneurs like you to become Anzisha Prize Fellows.
- You must be between 15 and 22 years old with an ID document or Passport to present as evidence. Anyone born before November 1, 1997 or after October 31, 2005, will not be considered.
- You must be a national of an African country with a business based in Africa for African customers/beneficiaries.
- The Anzisha Prize isn’t awarded for great ideas or business plans – you must have already started, and be able to prove it! Get started now and ensure you have tangible results to share before applications open.
- Your business, invention or social project can be in any field or industry (science and technology, civil society, arts and culture, sports, etc.). Any kind of venture is welcome to apply.
- Individuals who apply must be one of the founding members of a business (for example, 2 or 3 co-founders who started up the project together).
To be selected as one of our Anzisha ventures, your business or project will be judged on the following 5 criteria:
- Is your venture established with customers and beneficiaries and are you offering value to them?
- Are you, the founder, leading and managing your venture?
- Is your venture demonstrating some impact already?
- Whether your venture is a for-profit business or cause-based, does it already earn revenues or already reach beneficiaries? Is there potential to increase revenues or beneficiary reach with support from Anzisha?
- Has your venture created some jobs and is there potential to create more high quality jobs?
To be selected as one of our Anzisha Fellows, you must demonstrate two important qualities:
- You are the leader of your venture and you drive both venture strategy and operations.
- You spend at least 20 hours a week (or more) on your business and plan to continue to do so after selection.
- Monetary Reward of a shared amount of $100,000
- $2,000 access to a world- renowned Entrepreneurial Leadership curriculum and training with the potential for further investment based on engagement and performance
- $2,500 worth of rewards from consulting and mentorship services
- $2,000 worth of rewards from Global speaking events or Experts in Residence support
- $1,000 worth of rewards from Regional Indabas across the continent
Application Deadline: April 1, 2020
For further information, visit the Anzisha Prize website
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