One major challenge common to most entrepreneurs when it comes to lunching business ideas is lack of capital.
When you’re in a community of young, brilliant minds with beautiful business concepts, one of the language common in their speech when asked the major barrier they face in executing their idea is the need for capital.
More than 60% of them will tell you the reason they haven’t started is funding.
It’s always because of money most of the time!
While we can not downplay the role and importance of capital when it comes to birthing, fleshing out our conceived ideas and taking them through the various stages of growth, we also cannot say advertently that funding is the reason why most people never break through the idea stage in business. For statistics, see this blog.
Frankly, there are some other major but underneath thought process most entrepreneur fail to weave into their thinking as they try to venture into the unpredictable world of entrepreneurship.
I bet you haven’t thought of it yourself. Or probably you consider it as irrelevant and never bothered to weave it into your consciousness as you seek ways to bring your business idea(s) to life.
One of such component is integrity – the need for good and trustworthy character.
Someone would want to ask, “How does integrity helps in starting and building a business?”
Let’s say your business idea is to begin an automobile company in your district where people who are in need of cars but don’t have access to any can purchase the car of their dreams.
You have done your feasibility studies and carried out market research to know the type of cars the people want but don’t have the capital to purchase a single car let alone buying enough to meet the people’s need.
What do you do?
If you’re known as a person of character; you can present your integrity to the company you intend to make your purchases from and help them understand how much of a person of integrity you are, If possible with witnesses, recommendation, commendations and evidence of previous acts of integrity, no matter how little. Propose how the company will benefit from helping you and firmly state a course of action on how you plan to make payment.
Probably they wouldn’t risk giving you more than a car at a time. That’s okay! You make your first sale and return the capital as promised. This simple act alone can build trust between you and the company. Before you know it, they can trust you with two cars. That’s great!
As a result of this, you can make enough sales and save your profit to the point where you now have enough capital to buy your first car.
You see, all these happened not because you had the starting capital but due to your integrity.
Integrity is as good as cash!
Most people have a lot of goods in their warehouse to sell but no one can trust them to fulfill their promises because they are perceived as people who lack integrity. So, they end up selling just a single item or no item at all in a month.
Conversely, you don’t necessarily need to fill your shop or warehouse with goods before you can sell to people. If you’re perceived as a person of integrity, you could end up selling more than 50 items in a month. I guarantee you!
An Hebrew proverb written by King Solomon says “a good name (reputation) is far better than a fat bank account”. paraphrased.
Please write that down and meditate on it.
Why do you have to heed to this advice as an entrepreneur?
King Solomon was an entrepreneur during his day. As a matter of fact, he was the wealthiest king before and after him. Personally, I love to take advice from successful people.
He understood the power of integrity and a good reputation.
When you keep doing things that are not in sync with your values, it leads to what is called “credibility gap” and erode the trust people may have in you.
I encourage you today, be the kind of person that means what he says and say what he means.
When you take good care for your character, your character will take good care of you – and your business.
Integrity might just be the legs you need to put into your business idea so it can gradually start walking.
Your integrity can open doors that capital alone may never be able to access.
Written by Nelson Asemota