I've been debating, speculating and wondering if there is true support for entrepreneurs.
Banks, government, investors... All promote they are supportive of entrepreneurs, they encourage being an entrepreneur, but I am yet to see the money! I've been privileged to see an abundance of individuals and current entrepreneurs, supporting and guiding new entrepreneurs. This support is spectacular! Support groups and networking meetings are very encouraging, but the one thing that can make or break an entrepreneur, the one thing most entrepreneurs need, is financing!
The obstacles I've come across:
It seems so ridiculous to have to commit/pay money if you are applying for finance... the reason for applying for finance is due to not having start-up capital;
You are starting up a new business, but you cannot receive a loan or finance, because your business does not have a history to prove that it will grow and be profitable;
Smaller business financing are for the EE part of our community and non-EE cannot apply for smaller financing amounts;
A service orientated business struggles immensely for financing, because it does not have a product to show.
What are start-up entrepreneurs truly suppose to do for financial support from Banks, Government (DTI, Red Door, etc) and Investors (Business Partners)?
The Business Plan: Everything revolves around the business plan... 100's of hours have been spent on Business plans to no avail, it seems that the only solution to receive financing is to pay the institute to redo you business plan in their format which cost a few thousand Rands.Thus, once again a dead end... applying for finance is due to not having the financial means to start-up your business.
If there is any entrepreneur that had success in receiving financial support within 3-6 months, your comments would be truly appreciated.
By Debbie
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