Since my college days, I have honed my ability to take near verbatim transcripts of speaker statements! Even clients often compliment me on calling documentation. That’s why you can be sure that this article based on my handwritten notes taken from a seminar, organized by Sunny Obazu Ojeagbase (publisher, Success Digest magazine and comprehensive international soccer magazines), in the year 2000, offers you a unique opportunity to access practical wisdom. shared with those of us who were there.
In addition to the actual notes I took from the seminar, I have also included relevant REAL WORLD comments and annotations on the topic discussed, drawing on my 10 years of experience applying Sunny’s ideas to starting/running my own business in Nigeria.
Sunny’s seminar was titled “How To Start Your Business With Little To None Of Your Own Money.” This article deals with one of the ten principles that she explained: “How to Get Other People to Give You Money to Start a Business (A BIG MISTAKE TO AVOID)“.
It is instructive to note that this veteran entrepreneur told the personal story of when he started in the business, to explain to us the concepts he wanted us to understand in order to increase our chances of success.
“Without ideas or without a solid idea, if you have money, it will soon be gone. Don’t have money before ideas.” -Sunny Obazu-Ojeagbase
Sunny told us that between December 1983 and January 1984, she read two of Napoleon Hill’s books: “Think and Grow Rich” and “Positive Mental Attitude.” What she learned from them mentally prepared her for the journey she planned to take in the world of self-employment/business.
In February 1984, he had no one to give him money to start his own business even though they did. It took him a while, but eventually, looking back, he figured out the main reason why no one seemed to want to give him the money he needed.
It was because of a mistake I was making. Simply put, I was NOT broaching the issue of WIIFM translated to mean “What’s in it for me?“
So he talked to us for a while about “How to get the cooperation of others”.
Basically, Sunny explained that you have to think about the interest of the other person. Ask yourself: “What do I give in exchange for the money?” and/or “How will the person giving her money get it back from the business?”
In March 1984, Sunny decided to put her idea of starting her own business on the back burner.
However, the decision by his then employer, Guardian Newspapers (where he worked as an editor), to implement a 25% cut in staff salaries forced him to revise the idea, and he eventually submitted his resignation.
So, he turned his assets (mainly 6 professional cameras that he used as a career sports journalist) into cash. That gave him N4,000.00 (four thousand naira). Keep in mind that this was a significant amount of money in 1984!
Sunny then turned to Chief Olukanmi (who is today the Chairman of Complete Sports), who without asking any questions gave her a check for N2,500.
Resume
My experiences trying to get money in my early years confirm that Sunny is right. Without offering WIIFM answers, people will NOT help or STOP helping. So, when you start planning to start your business, take the time to THINK about the useful benefits you will offer those you are trying to approach, in exchange for the capital, money or funds you need to be given.
You could offer them a stake in the business: equity. Or promise to pay an interest rate attractive enough that they feel justified in taking the risk of investing in your idea. When making your offers and promises, be RESPONSIBLE – don’t overdo the odds and let them know the risks involved, as there is often a chance that your idea won’t go live instantly.🙂
Very rarely will people be willing to part with significant amounts of money if they have nothing to gain in doing so. Address that identified need in people, and you WILL get their cooperation ready most of the time!
