In our last post, we talked about building your reputation capital and someone was like, how about financial capital? So many people complain that there are no funds to push their ideas but the question is; who exactly is interested in that idea? A great man once said that if you were the only one passionate about the problem you are trying to solve, then it is not a problem. Do you know that having an idea that solely captures your interest is like spending hours to cook a food that you are the only one interested in eating? If you ask me; what gets me most excited about cooking is the fact that a lot of people are lined up to have a taste. But don’t get worked up about the cooking illustration; the whole essence of this article is definitely not about food or cooking. It is about helping you to see the bigger picture. So without further ado, join me as we carry out the ultimate finance experiment to find out if your idea is even worth funding.
Experiment One: Test of Personal Commitment
This first experiment is a test of the level of your commitment to your idea. So right now, I need you to apply the principle of separate entity and consider your idea as a person of its own. Then ask yourself: Having examined this business idea, how much do I believe in it? Now, the answer to this question determines how much of your personal funds you are willing to invest in it. If it is a long existing idea, my question to you is, how much have you invested thus far? Look, you cannot get others to invest in a business that you have not shown great commitment to. Hence, show me how much of your time, energy and money that you have committed to that idea and I will show you how many people will be willing to look into it.
Experiment Two: Analysis of Net-worth
Although the literal meaning of net worth is the value of your assets in relation to liabilities; it is commonly said that the value of your net worth depends on your network and I totally agree. So the question here is; how much can you pull from your network of family and friends? So your network comprises of individuals closest to you who can greatly attest to your REPUTATION CAPITAL. Mind you, they probably have an idea of how much you have invested too. Now, in the light of this, how much are they willing to invest? If you are yet to do this, take time out this week to talk to a few of them that have the capacity to help. And if you do not have any of such people in your life, then you desperately need to work on your NET WORTH (Watch out for our new post on that). Regardless, it is important to put your idea to test by talking to the closest people in your life about it. Even if they cannot help directly, find out how much they believe it would fly. It is as simple as listening to what they have to say. After all, feedback is the breakfast of champions.
Experiment three: Extent of Vision in Vision
Here’s a known fact: Many people’s visions are embedded in yours and at the same time your vision is only a part of another vision? Let us break it down a little further. Every country has a vision which it tries to attain through its policies. In most cases, many of our visions are only a part of the nation’s vision. As such, it becomes imperative to always find a national policy to connect with when sourcing for funds. Put it this way: if you are working in the educational space, you should find out what the vision of the nation is, what the policies in this sector are and how you can align yourself with them. Note however, that the idea is not to follow the budget but to follow the policy. And the good news is that when you solve problems in line with policies, you are more likely to get funds from various other sources (Click here to read complete blog post on the various sources of funds).
Final Experiment: The Digital Technology Test
Again, we emphasize the benefits of digital technology in driving 21st century business. The question here is; how much digital technology are you leveraging to reach your target audience. Look! Funders care about sustainability of your business idea. They like to know how you plan to reach your target audience and get customers for your product or service. So, in this final experiment I want you to ask yourself if your idea is driven by digital technology. Thankfully, it is never too late. You can learn about all these digital technology issues and get certified HERE for free.
Meanwhile, as much as we are advised not to base our ideas on the opinion of people, it is important to remember that only ideas worth funding will get funded. Try out this finance experiment today as you recall that despite the financial limitations in the country, millions of ideas get funded every day. Yes! Against all odds, youths are thriving and you too can be one of them.
Again, feedback is the breakfast of champions; hence it is highly appreciated. So don’t forget to leave a comment below if you have a question or have simply enjoyed this article. Thank you.