Some Lessons From The Early Days: Raising Money From The Bank (Part 1)

AS SEEN ON Dr Strive’s FB Page||

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Being a young professional bachelor, my little sports car was my pride and joy. I had tweaked up its engines, and it had its own unique colours, and when I drove it everyone in my hometown knew it was me!

One morning, I parked the car outside a small branch of a bank, and went in to see the bank manager. As I sat down, the bank manager remarked, “I like your car. Where did you get it? ”
We chatted for a while then we got down to business. I needed an overdraft for my small but growing business. I showed the manager the records of my deposits at the bank. I now had a big project, and I urgently needed an overdraft. “Do you have security?”, she asked. I had nothing.

After a while I exclaimed “What about my car?” “We cannot take a car for security, because you can smash it up tomorrow.” Then she said to me, “if you are really serious about going into business, sell your car. But you are not going to get a loan, from any bank.”

That was a Friday morning in 1986 and I am told not much has changed since. I left the bank, drove around in my car for the weekend and by Monday I had sold it! I sold the car and just about anything I could sell, and bought myself, a second hand “mini van”. I was not to buy a brand new car, for myself, for another 20 years.

… To be continued.

After Thought 1:

This is not a two part section…it is a theme I shall return to several times. I have a lot to say about money. When I am done, some of you, will be quite surprised by what you did not know, about how businesses are funded and developed. Never forget that this story about my car is not the beginning. I have said it many times before: the business that is Econet today, was actually started with $75. I have discussed this, in many interviews.

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