Most budding entrepreneurs especially the aspiring ones are really so concerned about getting a large pool of funds to invest in their businesses than acquiring the right entrepreneurial skills needed to develop and expand their businesses.
The two are intertwined, one should not be left alone at the expense of the other. It is okay to seek for funds but without the right knowledge, it is as good as receiving a mind-boggling amount on your hands and not being able to do something meaningful or productive with it.
There was a story of five aspiring entrepreneurs who after pitching and presenting plan after plan to secure investment, received over a million naira in investment funding each.
They thought that having secured a million naira the profits would automatically start rolling in once they bought good equipment, hired some staff, and procure other necessary items needed for the successful running of the business. But they were in for a shock!
A year later, not one of the five young entrepreneurs has expanded past how they were before they got the grant. Surprisingly, none of them could produce a clear report on how exactly they spent the million naira grant received.
Perhaps if they had undergone the right entrepreneurial and business skills training, they would have been more prudent and smart with the use of the funds they got and would have had a clear well thought out plan to utilize the investment grant they received.
Going through their books, they all had one thing in common, Plans to acquire high tech machines and the recruitment of semi-skilled staff to handle these equipment. This led to gross inefficiency and waste.
It is important to note that none of them realised the need to improve their businesses and entrepreneurial skills which is also a perquisite to running and maintaining a standard organisation that would stand the test of time.
If they had taken time out to improve their business skills and knowledge they would have known how to properly handle their proposed expansion, recruitment issues etc. Their use of the investment funds would have been better decided by acquired expertise and skills.
It is always sad to see many young entrepreneurs eventually gain access to a pool of investment funds and yet squander or mismanage them due to lack of business expertise which they could have acquired at little or no cost at all.
As much as SME’s are the drivers and backbone for economic growth, it has become clear that young and budding entrepreneurs who are the CEOs of these SMEs need to pay more attention to programs that would help develop their business skills. Especially those programs that would place them on the right platform towards succeeding in their respective businesses.
Try to imagine a car with fuel, fully loaded with passengers and driven by an untrained driver… that is a sure recipe for mishap.
Seek the right knowledge, continually improve your skills and expertise which will resultantly help in building a business empire with relative ease.
Seek and apply for programs that would improve your skills set and business. Being an entrepreneur is much more than grants and profit margins, it involves quite a lot and to fully succeed, you need to always be prepared and up to date.
Have you applied for the 2016 Budding Entrepreneurs Program? a program designed specifically to address the skill deficiency amongst young entrepreneurs?
You can click this link to apply now!: www.yblnigeria.com/BEP
We hope to see you at the 2016 Budding Entrepreneurs Program.