Talking About Money: First Things First (Part 2)

AS SEEN ON Dr Strive’s FB Page||

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The Bank Manager had turned me down for my first loan application. What was I to do next?

In the Bible, a great king, told his son, “With all thy getting, get understanding.”

One day I had the opportunity to discuss my problem of raising money from banks with a well established business elder. He listened for a while and then said to me, “you are a very good engineer, but you need to get a better understanding of how banks work; you talk about money and banking like a man in the street. It might get you into politics, but it will not help you succeed in business.”

After such a stinging rebuke, I don’t think I slept much that night, but I knew he was right:

Always seek to get deeper understanding of an issue first. Never accept that anything is as simple as it looks, in fact when something looks really simple, then you should approach it with caution, particularly if you have never done it before.

I could have railed in anger at the criticism that day. I could have told him I have a degree in engineering , and I majored in economics; or I could have argued with him and told him what I thought of the system. However, if I go to someone for advice, I do not argue with them or use it as an opportunity to show them that I am smart; that’s dumb! I knew that none of that mattered, I was doing something I had never done before and I needed to get “understanding of it”.

…If you have never done it before, get understanding.
…If you want to improve, get understanding.
…With all thy getting, get understanding.

To be continued….to show what I did next

After Thought 1:

There are many parts to this segment, on financing your business. I am only sharing from my experience, and observations. My duties elsewhere, constrain me from going into a debate, even if I wanted to. I will be discussing both debt and equity funding. The two are very different, and you should gain understanding of the differences, if you are to make progress, in this area.

After Thought 2:

Reuters – Foreign direct investment flows to Africa increased nearly 7 percent to an estimated $56 billion last year, nearly a fifth of which went to top recipient South Africa, a United Nations report said. Africa, along with Latin America and the Caribbean, helped drive FDI inflows to developing economies to a new high of $759 billion in 2013. That was more than half of global FDI, the United Nations Conference on Trade and Development said in its latest Global Investment Trends Monitor. Sub-Saharan Africa’s robust economic growth, which the IMF expects to increase to 6.1 percent in 2014, from 5.1 percent last year, has made it an attractive destination for investors.

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