Starting a business is an exciting but risky venture that requires hard work, dedication, and perseverance. Over the years, I have experienced both success and failure, with more failures than success. These experiences taught me valuable lessons that have helped me grow as an entrepreneur.
My first business was a maternity store, and it failed due to a lack of capital to sustain the business. I learned that having a sound financial plan is crucial for any business, and you need a realistic estimate of your expenses and revenue streams. My second business in the food industry survived for over seven years, but I made serious financial mistakes that prevented me from breaking even. The lessons from this business were enormous, including a lack of inductee experience, a lapse in the cash flow, staff misalignment, etc. I also started an e-commerce business, which is not yet successful. I need an aggressive marketing and sales plan and a clear value proposition that differentiates me from the competition.
My longest and most successful business has been my consulting business, which has morphed into iDev-Africa, and Konnect Africa, and we are growing. I am currently bootstrapping a new business in food manufacturing. The product has been tested and passed after three iterations. I now have a process letter, filed my FDA license, and working on local licenses; the product rollout and launch are in the works. However, I need deep pockets to move forward, and am researching all available options.
As I continue on my entrepreneurial journey, I am committed to sharing my experiences with others. I believe that sharing knowledge and resources can help all of us succeed in our ventures. I am determined to use all the lessons learned from my previous experiences to create a solid plan, validate the market, and build a strong team for my new business. I have funded my new business personally, without loans or credits, but I need more financial support to move forward. I am excited about the possibilities and researching all the available funding options.
For those of us who account for every penny, let’s get financially secure together. I am committed to sharing my experiences, both failures and successes and providing resources to help others succeed. Starting a business can be challenging, but with hard work and perseverance, it is possible to achieve success.
In conclusion, starting a business requires a lot of hard work, dedication, and perseverance, but it is possible to succeed with the right planning and resources. By sharing our experiences and knowledge, we can all achieve financial security and success in our entrepreneurial ventures.
As I get into the deep waters of researching options for business funding as a minority-owned small business, I will share it with you all in a weekly post called “May 1 – 6, 2023 (changes every week): Grants for small and minority-owned businesses!“
