Andyke | entrepreneurship and technology blog

Lenders are smart people and so are investors and other financial institutions. They would not like to lend or invest in a business that they are not sure what its fate will be in years to come. An entreprenuer frustrated due to several loan application denials It is important to note that these people consider so many things before ever thinking of borrowing money to you as a startup. It is important to note that even if you apply for a loan from your relatives, they would also consider these same factors maybe with a little variation. We would be looking at some of these factors that are considered by lenders and other financial institutions before they lend, borrow or invest in your startup. These people are very cautious and a little weak area found, could render your application futile. These factors are also known as the five C’s of credit. Reasons why your loan applications are not granted   1. Character: every lender wants to lend money to ...

Nigeria and indeed many countries of the world have plunged into deep recession. High inflation rates and other hike in services are clear indications of this. Fluctuation of the price of Nigerian naira to the dollars and some other currencies is now the order of the day. A visit to the market to buy ordinary food stuffs and other commodities will tell you the depth of this recession; traders tell you every day that the prices of goods increased because of the fall of the Naira to dollars. This leaves the ordinary Nigerian in a sorrowful state. Probably he or she spends a lot with little or no increase in salary or no major source of income. Some have borrowed a lot that they can’t even take the path that lead to where their creditors may find them and so many live in fear. It is also important to note that even in this recession; so many people make money also. According to an Igbo adage “Ani adighi mma bu uru ndi nze” which when translated to English means “that the...

For many, there is no need to register your company with the government since it is a very small one. To them, once you pay the dues of the government agency responsible for their line of business (that is if they have a physical location), they are covered. Some of us even evade such payments thinking we have “guyed” the government. We forget that it is from such payments that all basic infrastructures are built and maintained. In this article, we will be looking at businesses that are meant to be registered, the reasons why you must register your business (whether online or offline), and how to register your business name for different countries. Before we start, what businesses do we really need to register? In a bid to answer this question, let us look at what a business is. What businesses should be registered? In its simplest definition, a business is any activity that involves making, buying, or selling of goods, or providing services in exchange for money. ...

What is a business plan and why do I need one for my business? According to Holt. (2006), a business plan is a comprehensive set of guidelines for a new venture. In other words, it is a written document prepared by entrepreneurs which describes all the relevant external and internal elements involved in starting a new venture. It contains in details the existence of opportunities for a new business to exploit, high and low sides of the business, etc. A business plan should contain information about how a business will be operated, who to do what, when and how everything will be done, etc. To some people, they don’t need a business plan because they think it is for big entrepreneurs and people who have huge capitals. The simple truth is that you need a business plan for any startup you wish to establish. In this article, we will be looking at some reasons why you need a business plan for your business, some attributes of a good business plan, the structure of a busin...