Why is it hard to raise business funds? – 5 │© Fola Daniel Adelesi

Some of the challenges that come with raising business funds also vary from country to country or region to region. There are some challenges you will face in Europe that you may not face in America. You may also get to Africa or Asia and realize that the challenges are different. We must admit the fact that we all, as human beings, are from different parts of the world and have built cultures and traditions over the years. Undoubtedly, the culture and the traditions we have built are beginning to affect some of the things we need to do today. In Africa for example, the present day party culture is a big issue that needs to be dealt with.

I do not think that so many people are seeing how the party culture is affecting the economy but we must begin to attempt consistent orientation for the people. In a country like Nigeria, there are so many people who are willing to spend money on party but they will not have money to lend to someone who wants to start a business. You go to someone and ask for a business loan but the response you get is, ‘there is no money.’ The same person who told you there is no money might call you months later that he needs to throw a party. It could be a birthday party or funeral or wedding ceremony but the most important thing is that the money which was not available when you wanted a business loan automatically surfaces for the party.

Parties will be thrown overnight or in just one day and millions will vanish. When you tell some of these people to invest in other people’s lives by supporting their ideas or dreams they will respond by saying there is no money. The same people who are saying there is no money are the ones who are saying that the government should provide jobs for the people. If you will care to spend less on parties and invest more in young bright minds, you will be providing those jobs that you blame the government for not providing.

I really find it amazing to see that there are people whose children, nephews, cousins, brothers and sisters are still looking for jobs yet they can spend so much on parties. They hardly ever imagine that they should wave public functions for a while and help someone get started in life. Some of the parties spend over 250,000 just getting the tents for the event. More than 200,000 could be spent on food for the guests. Drinks may take as much as 100,000 or more. Musicians, depending on how classy the person is, may take from 100,000 upwards. The less classy ones will take as low as 30 to 50,000. If it is an event that requires a master of ceremony, those ones too will be paid and the masters of ceremony usually bill clients based on their perceived capacity of the client to pay! The ones I have listed here are not even high profile parties. there halls in Lagos that are as expensive as 1 million and more for just a day and people rent such halls for parties but the same set of people find it hard to give a business loan to someone who probably does not need up to 500,000 in some cases!

Solving this issue is going to be a collective responsibility. We have to change our priorities. In some other countries, the government is spending money on meaningless war rather than spending more money on the young people with great ideas. If we do not change our priorities, more intelligent people will surface but they will only continue to sound intelligent without being able to implement anything!

The funds are out there but sometimes in the hands of the wrong people. Let’s change any culture that encourages spending on irrelevant things rather than encouraging more businesses to spring up.

Fola Daniel Adelesi
www.foladaniel.com
www.ediblepen.org
info@foladaniel.com
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