Techniques On How To Be Creative In Your Business | Clement Lephema | Skillshare

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Techniques On How To Be Creative In Your Business

teacher avatar Clement Lephema, Civil Engineer & Entrepreneur

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

17 Lessons (56m)
    • 1. Introduction

      0:34
    • 2. Managing Personal Expenses

      5:36
    • 3. Cultivating A Creative & Innovative Attitude

      6:04
    • 4. How To Source Ideas

      4:31
    • 5. More Ideas

      1:51
    • 6. One More Idea

      0:23
    • 7. Choosing The Right Business Idea

      3:51
    • 8. Choosing The Right Business Enterprise

      1:34
    • 9. Sole Proprietorship

      1:34
    • 10. Partnership

      2:07
    • 11. Closed Corporation

      1:46
    • 12. Private Company

      1:34
    • 13. Business Plan To Execute The Business

      5:51
    • 14. Marketing Plan

      5:55
    • 15. How to Finance Your Business idea

      9:07
    • 16. More On Investing In Your Business

      3:28
    • 17. Conclusion & Class Project

      0:26
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About This Class

Mpotjo is a Qualified Civil Engineer and Entrepreneur currently based in Lesotho, a landlocked country in South Africa. He Owns a Tutoring Business that He runs Himself along with His Staff.

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Clement Lephema

Civil Engineer & Entrepreneur

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Hello, I'm Clement.

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Transcripts

1. Introduction: Hello, My name is Clement. I'm a civil engineering technician and an entrepreneur. And my interest in intrapreneur will help you because I want to share with you techniques of how to be creative generally in life and in business too. And so my lessons are for every age and every group, whether you're a beginner or you will have advanced in a certain knowledge of business or creativity. Checkout my lessons. I believe that the practical and the simplicity of the steps I'm going to share with you. 2. Managing Personal Expenses: Hello, welcome to my first lesson. I'm going to share with you how to best manage your finances. And managing a personal finance is all about control. Do you have control over your finances? Do you realize that control that you have? And if a person is this organized in managing their own finances means they lost control. So how do you gain that control or rather, how do you strengthen that control over your finances? That's what we want to look at. So you might want to adopt a three views. How you give yourself perspective towards the income that you receive, whether it's salary or whether it's allowance or any income that comes. You might want to give yourself these three categories or these three perspective. First one is personal expenses, second one is investment, and the third one is charity. And I'm going to go in detail on each of these categories. Personal expenses. Well, we know that everyone has personal expenses whether they work or not, but let's say you have your own income and you want to control it. Regarding these three categories. Let me mention that these categories are very, very important. And I'm going to explain how, alright, personal finances or personal expenses, so to speak. Personal expenses or more of those expenses that you can live without. You can live without, and expenses that you can actually live without. Meaning and the personal expenses you, you've got to realize that there are there is that difference. There are those that you have less control over and those that you have full control. And so just mentioned of those that you can, you cannot control things like salary, things like bills and insurance. This you have less control over, but those that you have more control, or rather those that you can live without. More of a luxury, more of comfort. Those ones like vacation fund, you know, entertainment. And so you have to budget fester for those you can live without after you budget, including, by the way, including emergency money, a standby money because there are things that you can anticipate, make sure you include that. And then after budget for that budget, even for those that you call comfort ones, accessories, the ones that you want to add on comfort to your life. But this one's notice, you can actually control. You can control. So it depends on the season, the time, it depends on you, the mood, which ones to include it that season. And so if you do that, you will find that you have control over your finances. Alright, let's talk about investment. Well, this one, do it set aside a ratio of money? Like I said, three categories. Three categories. You choose the ratios, choose the ratio for personal expenses, choose the ratio for investment, choose a ratio for charity, choose a percentage, so so to speak. And so investment is you actually deliberately position yourself to become more richer. Because as long as you get the income BY is enough to invest some money, be wise enough to be a business person, even if you don't have an idea yet. But that setting aside some funds, the money that you hire to generate more income. And it's gonna challenge, It's going to compel you to start looking for investment. Even if you're not good in money, it's going to compel you now to take responsibility to over this money that you have decided to be an investment. So that means that start talking to people about business, started researching about investment. It can invest, it can be, it can be just an investor initially, just invest in businesses without taking part in them. Oh, you can start lending business that, cultivating, that creative attitude. Start leaning how you can come up with best ideas so that you use this account called investment and monitor. The next lesson is about that. It's about creating that attitude. How you identify business ideas which can be, which can suite you and which can be very profitable. Now, the third category, which is the last, is charity. This is just giving yourself a motive of life, giving yourself that motivation also and that sense of purpose take part into helping other people set money aside. It can be a family member, you can help them from this account. It can be someone you feel led to, help, maybe taking part in any charity to x that gives you a sense of peppers. It motivates you with the rest of your finances. And it gives you strength that what you do with your mind is very important. I will see you in the next lesson, how you cultivate creative attitude for the rest of your life and even for business. 3. Cultivating A Creative & Innovative Attitude: Now, how do you cultivate a creative and innovative attitude? You need this, not just in business though, I'm going to share in light of business you needed in every involvement. As a leader at work in a space of project, you need that creativity and I believe that this will help you, especially because it's practical. So I want to share with you about five attitudes that you want to adapt it to help you stimulate your mind to help you become more creative. You already are in a space of creativity. Or if you really, really despise your ability to be an entrepreneur, to be a creative somebody. This is your lesson. End. The attitude that you want to adapt is actively seek for ideas. That's a very important decision to do that wherever you go. Now, whatever material you read, you're going to read on the basis or judge it on the basis of whether it will give you that platform to see an ID in it or somehow generate the idea from it. So actively seek ideas wherever you are. Your routine just decided that from here on, I'm going to identify ideas for whatever project or business. In general. The second habit you want to adapt is, right? Ideas down as simple as it is and as self-explanatory as it is, it's very important to work with a pet or something. Be ready to write a business idea anytime or a project ID, anytime, wherever you are. Because it's very important to write it as soon as possible. As soon as you get it, write it down and keep that list of ideas and regularly find time to go through them over and over because you'd find out that one I did Can, cannot be beneficial on its own, but it can be beneficial to the other idea. And if you go through ideas regular, you, you eventually be able to combine them in a new concept that you wouldn't if you didn't do this. The third one is break your routine. You see when we live a life of routine, our minds as regards to creativity and innovation the rest. But if you adopted that habit of breaking your routine here and sometimes it stimulate your mind, it challenges creativity in you. You may not know how great if you are until you break that routine. And here are a few suggestions. Read the, read a book on a topic that you don t know about. Talk to a person that you wouldn't normally talk to. Exploit new hobby, explaining new sport. You'll be shocked how much that will challenge you and try to use different routes. Observe how you do things in a routine every day and start doing them differently just to experience something different. And it will give you an idea. It will somehow gives you that capacity to be creative and discover some ideas that no one else does. And the fourth one, give yourself a new perspective. Get in the shoes of a farmer, getting the shoes of a business person, getting the shoes of a retired person, getting the shoudl, solve a parent, getting issues of student and tried to come up with try to imagine, there are challenges. Tried to imagine how adult life is. You know, the things that they alone can experience. And somehow dad will widen your mind and give you creativity and give you ideas. And also you can, you can practically do something like asking people adapt perspective instead of imagining yourself in their shoes. The other, the other route you can take is asking them their perspective towards a certain statement. For instance, or what do you understand about keep the fire bending? You can hear perspective of a student. You can hear perspective of a farmer. You can hear a perspective of a politician. If you have access to any politician and just listen to those ideas, they can enhance something in new creativity in you, so to speak. The last one is u1 to explore gray areas. Explore gray areas. It's still this one. It will still challenge you. Exploring gray areas looks like you deliberately become pessimistic about things. You just identify the imperfect aspect of a product or a service or any project, you know, and you ask yourself questions like, why do if I press this button, this budget is not normally repressed. What if I press it in? All people go that way? What if I go that way? When you do that, you are exploring gray areas. You are challenging yourself from areas that no one wants to touch or no one wants to test, you know. So yeah, You ask you you ask questions like, what if this would be done differently? What if instead of doing this, I do that, or instead of doing that, I do this. Why do if it's not one word, if it's too just trying to be safely and deliberately pessimistic about, about products and projects. They tell you in and partnership that there is no service, there is no project, is no product. That is perfect. And so if you do that, you will discover a lot about your strength to become a creative somebody in your field, even in business. 4. How To Source Ideas: Alright, now that you can manage your finances and have that confidence to manage your personal finances. And now that you have creative attitude in any project or in business, how do you practically sauce ideas? How do you generate good business ideas? There's a myth that we want to break. This. Business. Men are good. Entrepreneurs, are born not made. That's a myth. They actually made. You can be when in mind now, you can know that by the lasts lessons we had. So now we're going to go through these methods. Are these important aspects of sourcing. Good business ideas. Business ideas don't come out of the blue. You might want to consider this. The first one is you can identify business ideas from skills that you have, personal skills. You can solve these ideas from everyday activity. You can solve these ideas from existing problems. You can also solve these ideas from common or shared needs. And I'm going to explain in detail. Let's start with personal skills. Don't even know what you have. Sometimes we look ideas outside and we overlook the skills that we have. The expertise that we have are the aptitudes that we have. And I mentioned skills, expertise, and aptitudes is because they differ, especially in business language skills or the work that you gather and do manually like carpentry, like a blending? Yes. Those are skills and expertise that goes with knowledge is the one that you are drained and taught and you gotta through learning and experiential training like bookkeeping, accounting, business management, my kid to management and aptitudes, you're born with them. Aptitudes and talents they go together. These are the ones that this trends that you are born with a flail fingers, like being artistic naturally. Yeah. So look it yourself, know yourself, and look at what you have and then try to identify opportunities from that perspective. Now let's talk about the next one, which is common needs. Let me talk about common needs before the other ones. Well, when you want to study business or you want to identify good business ideas, do not look for a need of one person because no one can build a business on in need of one person, might want to identify a common need. A need that we know that this is for a group of people or a group of organizations. Just identify a few organizations and try to identify Dan needs. What do they need, which is a common needs, so to speak, or try to investigate what people in the area or in a target market day, what do they need commonly, what do they need that can be common or be the same, meaning they need that they share. Dad can give you the platform to identify good business ideas. You can also identify them from existing problems. What are your irritations? What are people's irritations? Way, everywhere you go, there's a possibility that you hear people talk and you hear their complaints out of those complaints are out of January, irritations, it can come up with solution. Remember, in a non-technical language, I'm a problem, needs a solution. It will go in business. That problems, we call it a need. And then the service and a product you provide, it's a solution. So try to identify those common challenges in your target area or target market, or wherever you are, even in your personal life. What are the things that you're uncomfortable with? This existing problems can be converted into very good business plan. 5. More Ideas : Let's talk about the fourth one. Everyday activities. Everyday activities involve shopping, involves media advertisement, involves people. You talk to, talk to people on a daily basis. You go to work in these places, try to identify business ideas. Tried to identify, for instance, at work, what do these businesses in waking in the institution or whatever space you're working in, what do they need? What are they being supplied? The width tried to come up with those ideas to participate or to a supply, or to discover an idea that they're awake or the management of the place you're waking. They are struggling with and try to see if you can provide or tried to see the flaws in your workspace or work environment and try to come up with a business idea to provide for those. And also let's talk about immediate environment. What are the changes that are taking place in the neighborhood in the please do leave those changes. Is there a function, is there is there any introduction of sports events or whatever, whatever change that comes, identify it and try to identify opportunities for business. What can you do that? Sometimes, sometimes this, this function can be sports. There is a new spot introduced and they are going to need Jessie's and supplies. Ask yourself, how can I participate in this? How can I come up with business ideas to participate in that? 6. One More Idea: The last one is identify a business idea or generate business ideas from other sources, like media, advertisements, trade shows, and even attending investors associations. If you go there and make any useful inquiry, you will scoop very good business ideas. 7. Choosing The Right Business Idea : Let's say now you have gathered a very good creative ideas and you make a list of them. And now you're wondering which one should I do? Which one suits me? I'm going to help you with that. Now remember, it's not good enough to rely on the strength of your intuition. There are actually methods adopted usually to evaluate which idea will work best, which idea to start? You can start a business idea based on the idea because you like it, or because someone suggested you have to test it. And then other menu ways to test it. I'm going to share a few. Now, how do you evaluate which business idea to start with? Well, it's going to compel you to evaluate all the ideas because you're comparing. But first of all, start by categorizing your ideas because some ideas can add onto other ideas, or some ideas can be part of other ideas. So try to do that. Try to group ideas by how they identify with each other. Afterwards. Make single ideas out of that. And this single ideas are the ones that now you evaluate which one you start with. Of course, you have to find out whether this idea is convertible into a business enterprise. And they call this feasibility study. That's when you test the idea to see or evaluate this idea, trying to see if it can be converted into a small business. And this study is more of your ability because in someone else's hint, it may be converted successfully into a business idea. The question is, can you convert it into a business enterprise? And you do that study to see if this ID can be converted. Afterwards, you do what is called viability study variability study is where now you do in-depth investigation to see if this idea, even if it can be, it can be converted into a small business enterprise. Enterprise. If it does, is it going to be profitable? Because an ID can be converted into a small business enterprise. But after converting it into small business enterprise, is it profitable? So you want to check that, you want to evaluate that. The question is, how? Well, by answering these four simple question, the first question, do you want to do while the idea suggests? Let me make an example. Let's say there's an idea to design capital punishment equipment. Personally. Is that what you want to do? So every idea go with your mood and your principles of life. So do you want to do what that idea suggests? You have to answer that question. The next question is, is there a market for that idea? The other question is, are you going to be able to provide services or products? Third, this idea. And also, are you able to advertise that idea? If you answer yes to these four questions, then your idea is likely to be feasible and profitable, that is viable. 8. Choosing The Right Business Enterprise : After evaluating which business idea to do, you've tested its profitability, potential profitability, and now it's good. You're confident that this idea work. Now you're left with which business enterprise suite you. And for small businesses, there are four types. There's a sole proprietorship or partnership. There is close cooperation, and there's private company. And you have to go through this ones to see which one will teach you the best. They can be reasons why you choose sole trader. That can be reasons why you choose company. You just have to lend them and then that will help you to make a solid decision for yourself. That makes them an example with me when I started tutoring business, which I'm in. Also because I love entrepreneurship in every aspect. I struggled with patent ownership between partnership and sole proprietorship for different reasons. And I realized at that point that that is a very important which form of enterprise you choose. Your idea may apply to all other forms of enterprises. But the decision is a very crucial. Alright? So what will help you is to just know the advantages of this enterprise and disadvantages. Compare. It will help you. 9. Sole Proprietorship: Let's go through sole proprietorship, as the name says. So it means you alone own this business. You start this business or low, maybe your own capital and resources. And there is not much of the difference between the assets of this business and your personal assets. And these are the advantages of a sole proprietorship. You make decisions alone. You enjoy income, the profit you enjoy alone. And the other advantage is it's easy to run. Also, it's easy to adapt to change because you just do decisions. The other advantage, it's easy to start. The disadvantages are the degraded wideness is limited to your personal assets, meaning if IMF credit to a new sole trader, our help to assess your personal assets and they can be a limit of how much I will borrow you. So if your assets sweat is very low, it means that the graded that you're worthy of can be very low as well. The other disadvantage is you may lose your personal your personal assets if your business goes under, because now the creditor will have to attach those losses to your personal, your personal assets. Now, when you listen to this, it helps you to compare with partnership, which brings me to the next form of entrepreneurship. 10. Partnership: Now, the other form of small enterprise is partnership. The name is self explanatory. And partnership is formed by a group of people who come together through a contracted agreement to make a profit through the idea or the business idea they agree upon, and the minimum number of partners is to maximum 20. The advantages of this type of enterprise partnership or that there are opportunities for capital gathering because now individual partners, they contribute each one print fixed asset, the money. Diversity, depending on the agreement. So that is an opportunity to capitalize in this business. The other advantage is the management skills and other necessary skills are an opportunity because everyone comes with different perspective, different skill, aptitude, expertise as a contribution to wide this business. The other advantage is it's easy to start like sole trader also, it's easy to manage. So the disadvantage of partnership is not easy to find good patents. The other disadvantage is that a loss of one partner is a loss of our patterns. So it means that every learner has to do very, very critical decision that will benefit all. And so you may be a good partner, but you can suffer the loss of other, other patterns. The other disadvantage is that for any good reason, it's difficult for partners to withdraw from the agreement. 11. Closed Corporation : The other type of enterprises, close cooperation. Close cooperation is formed by at most ten members. They are called members. And here we don't talk about profit, we talk about dividends and we talk about contributions called interests. And this interests, according to their ratios of contributions of this members. The members, the run, the cooperation and the members or the management of this cooperation. So the advantages of cooperation is that the laws that govern it is very easy. And also the members participate in the running of the cooperation. The other advantage for close cooperation is that it's not mandatory to appoint an auditor. Cooperation can just have an Accounting Officer and other advantages that members are not a text for the, for the dividends that they receive. And so disadvantage of this enterprise is that men by cannot sell their own interests without your consent of either Nimbus. The other disadvantage is that even when this enterprise wants to expand, it will now compare them now to convert it into another form of enterprise. Because now the limit of membership is ten. 12. Private Company: Now a private company. This is an enterprise that is formed by maximum 50 share holders. And it exists as a legal person in all the advantages of a private companies does a company and shareholders the text separately. And unlike sole proprietorship, the company does not affect the personal assets of the shareholders. And the other advantage for private companies that you just follow. You just follow the code of practice and they are very clear. And the other advantage of this, this enterprise is that their shares and ownership can be transferred. The other advantage is that the owners or the shareholders are not liable for any debt incurred by the enterprise. Now, disadvantages of private company are there extra causes of establishment? Founding cost including registration and licensing, annual subscriptions, and also cost of issuing shares. The other disadvantage is that there are extensive prescriptions of how to manage it and how to run a company. 13. Business Plan To Execute The Business: Now that you have decided which form of enterprise to do, you need a plane. Every intention needs a plane, specially executing business. And remember that blend determines the efficiency of execution. Because now we are going to a very practical steps. This practical steps guidelines are stipulated by a business plan. So I'm going to share with the very important Glenn headings that you should consider because this one's describe the whole business plan infects. This ones are the pillars of a business plan. Everything else is attached to this few headings. So in a business plan, you want to explain a niche, and then services and products, and then goals and objectives, and then marketing plan, and then operational plan, then financial plan. These are very important for your business. Let's go through a niche. A niche. First of all, in niche describes Micah. Micah, the target market population and the location you are targeting or business to or you're establishing your business to provide services and products to. And so you describe that location and describe your market. And now you make a listing describing the problems in that market. Now remember that this problems or needs in business we call them needs. You describe those problems or those needs. And you describe how you are to solve them. Meaning, what are the services and what are the products you are to provide to solve these needs. And this is a composition of your niche, meaning it should be very competitive, it should be very simple. And I believe it's best if you write it in print form. If an investor is in a hurry, you just want a clips of your business. They can just read your niche. And your niche should convince me as an investor why I should give you my money. Why should they invest in your business? In fact, your niche should be a manager business plan. So we go to services and products. This heading is where now you explain and describe what IS services and how you are to distribute them. Services can be provided and products can be manufactured, but they need a very, very competitive system of distribution. So you describe that and the services and products. Let's cruise over to goals and objectives. We don't just provide services. We want to make profit, and we want to make profit in a reasonable amount of time, meaning you give yourself a time span. This means that your goals and your objectives, they should be time bound. It's not mandatory, but it's wise. You want to categorize your goals. And then after you do that, Give them time. Maybe in years, in two years, your company, everything about your company you want to achieve this level of production and this level of productivity, this level of impact, and this amount of profit in two years, in three years, in five years, even in ten years. And so your objectives are now the practical steps you're going to take to achieve those goals and objectives to this should be time bound in weeks and months depending on the go, the tiger to fulfill. Some entrepreneurs are businessmen. They don't use this heading as goals and objectives. Rather, they make it to be long-term goals, short-term goals, others they say long-term goals made it goes and then short-term goals, it depends on you. What do you want? So if you make long-term goals and short-term goals, they still follow the same description I did with goals and objectives. Meaning you will have those objectives that you want to achieve. Maybe after 15 years or I mean in 15 years, in ten years, in five years, in two years. And then there are those short-term objectives. These are the ones that you start doing them no sooner you execute your business. Now sunnier place your business in the market and no sooner you start selling no sinister distributed. These are the objectives you set and you should follow. Goals and objectives. They govern the business that rate the governed the business rate. They determine what level of speed are you choosing for productivity and distribution of your services. And so time is very important. 14. Marketing Plan: Let's talk about my cutting plane as self-explanatory as it is. What do we look for under marketing plan? And the marketing plan, you choose the best advertising system for your company, your business, your enterprise. And that means that you have to have that study of a market, study of your target market, the lifestyles of people. What platform do they use to get information and what are trending technologies in the area you are targeting to provide service to and productive to and do not determine the advertising method. Let your market indeterminate for you. Looking at what people use, do they use phone? Did you use social media, internet? The location is very important in people's lives. Very important. So you want to catch them on their own terms. Remember, you have the solution. Now the question is, how do you make known this solution to them? How you do that? You have to find the places. You can find these people. They, they, they give attention to television, radio, magazines and newspapers. You make that study and then selected those you can prove to be very effective how they receive information and use them as advertisement roots and other suggestions or posters as well? Yes, posters, leaflets, and even hiring salespersons. It depends on what you are producing in the area you want to provide service and product two, and this marketing plan, it also include branding too. Because everything that you print should be attractive. It should be eye-catching to the potential customers and clients. Let's talk about operational plan. The key heading or subheading two, operational plan is methods of distributing your services and how you are to relate with customers, meaning you create a very strong, solid customer, my k. So if I were to just give a call to this heading, I would say focus on customer care, how to best to treat your customers, the method, their policies, and remember, business blend. It should also be based on the code of practice depending on the state, on the see, on the country you are in. Familiarize yourself with customer care requirements from the governmental laws and also the creative how your company is going to handle all your business enterprise is going to handle the issues between you as an enterprise, end customers, and provide the best of it. You might want to ask yourself this question, what should I provide that different from my competitors that can compel people to come and get these services for me. And that is what you work for or work toward under this heading, operational plan. And also, if it is how you categorize your services is very important and the operational plan, how you are going to drain. Just briefly explain how you are to drain, particularly your employees to best offer those customer services. Now, let's talk about financial plan. Financial plan is very important. This one includes literally liquid icing, everything about your business that needs to be described in money terms of initial attempts. It's this heading describes your business financially. It also determines the plan of investment, the plan of making more profit. And under this heading, you might want to research on financial projections and budget team, which also include capital, resources and fixed assets, so to speak, under the capital of course, and everything. Every sub heading that's important to you regarding finances you might want to include. And under this heading and this headings, they will define the strength of your business plan. Make a research about the other useful headings. But remember that whatever heading you choose, you will discover that they are attached to these few headings that I shared with you. I can make few suggestions for other headings, except this one. You, in your business plan, you want to include mission statement. You'll want to also include business profile, which also include logos and the name of the company, and so on and so forth. Those details that describe a company profile and also a general description of a company is very important. Quality assurance and company philosophy. So you can make it 30 research on these ideas, even the ones that I shared with you, make a federal research on that and they will strengthen your business plan. 15. How to Finance Your Business idea: Now, how do you finance your business idea? How do you finance this wonderful, creative, promising business idea? I once asked myself that question because I was like, I don't have money. Where do I begin? Is only an angel can just come and put it in. Just know, that will be simple for me. Well, as a prospective entrepreneur, you want to change your mind because that's not where you're supposed to be looking if you want to finance your business. Well, money is just money. Look to the controllers of mine. People who are going to finance your business is not money. It's pupil, pupil control money. Remember, money doesn't decide on its own. Money does not behave on its own. Money is always controlled. Mine is just something in your bang, something in your hands. So what do you want to work on is, who do I convince? Whose pocket do I convince? You know? And this is the first mindset you have to give yourself as a prospective business person. And you work on these routes to convince people and I'm going to make very useful suggestions for you. While the first person to approach is yourself, you are the first investor to this business. Remember it's your business and remember, you want to make profit, and remember you want to build your wealth our own did this idea. So sacrifice is very important. There are some things that you can do away with cell that projects, small projects that you can do to finance this business. If you have an income, you can start setting aside money. For that particular project. You are the investor, the first sponsor. And there's some things that are important but not that important, that you cannot do our width for some time and maybe get them later. Start selling them and make you, make use of those funds. In this project, gather that capital for your business idea. The next Pi t to our approach for financing your business or sponsoring your business or your family. Your families, either potential investors for your business. Now, this is very important. Don't go to them considering that the family and the health to help you not believe that mindset, consider them as business people, consider them even though they are not in business, but do consider them as investors and sponsors. So the fact that they are your family, That's the only reason why you are approaching them. But other than that, consider them as investors or potential investors, consider them as potential sponsors for your business and present it to them and make them understand what they need to understand. Because everyone who's gonna give you their money, they are going to give you them on their own terms. And so you might go and I listened to what they say, why they criticize and what they propose and check if you can approve that or maybe look for another source of income. And before we go to other suggestions, these are the questions that Jews opposed to ask yourself when you want to finance your business, especially if you are looking for investors. What you should do is get a perspective of an investor. Get in their shoes and ask yourself the following questions. Why should I give you my money? What are you going to do with this money? How are you going to make profit? And what, what, what, what might benefit? Well, how am I going to benefit from that? And so if you come up with answers to these questions, then you have a presentation towards this potential investors. Another suggestion is your friends. Your friends, or potential investors, again, do not go to them on that platform of friendship saying, Oh, you are my friend, so you got to help me, especially your rich friends. Don't approach them with that mindset that oh your reach or please help me. Don't go through petrifying yourself, but do this, consider them as potential investors and present the idea to them as you would to a nice stranger. As a potential investor. So do other convinced them, hear them, others suggests the other useful suggestion may come from them. They may not give you the help that you need, but their suggestions and they respond to you may help you with next presentation. Other potential investors or your former squamates, your former colleagues, or your acquaintances, anyone you know, it can approach them and please don't say, why do they think about me? Well, as an entrepreneur, your mindset should be different. That's why you are an entrepreneur. What describes an entrepreneur is decision-making and creativity. So you can do things on the basis of anticipation. What would they think about? You want to go and find out what they think about you. One of the thoughts would be good, some will be negative, but you know what you want. So go speak to them. Present this idea like you do to any person and do not go on the platform that they are your acquaintances, you will know them. The other way of financing your business enterprise is choosing a form of enterprise that will give you that benefit. For instance, if you are short in terms of funds are capitalizing your business enterprise is not a good idea to do a sole trader because it's so trade is based on your own acids. But rather you want to do Partnership. You choose what kind of partners you are looking for. Maybe you're looking for partners that are not that active in the business, but there are partners on the basis of sponsoring of financing your business. So a form of enterprise that you choose will also determine how you are going to raise funds. Private company, for instance, shareholders. You want people to be part of shareholders of your company. Dad, in itself, it's a way of financing your company and even close cooperation to the fact that there are members who come together for that business. I did that a method of financing your business to other method they are what they call investors. Now, angel investors will require your time and effort because angel investors are these people who don't want to be known, but they want to invest in promising business ideas. And some they do it for free. They don't even want anything. Sunday one justice more share. Someday want partnership, of course, but you want to search for those people. Just make a research talk to business people and do whatever route that is fitting to find out about this. Angel investors go to the internet. And also there are grants to, grants for businesses. You might want to research on that and also how you finance your business. You can enter business idea competition in the state you are in a country of research about the, those competitions that the government holds or the organizations holds where people compete, which is the best business idea. Normally they are safe. No one will it take your business idea, just go and find the terms and conditions and then try to see if it's something that you can actually do to compete. Because you have to trust your business idea and try it. If it felt like it's fitting for you. And if your business with then you get that that whole package of capital to start your business. 16. More On Investing In Your Business: So the other way of financing your business enterprise or your business idea is to approach either business men, business people who are already doing business. It doesn't matter whether you know them or you don't just make an appointment and meet them, not just for finances, but also for their suggestions because they have been in business. And so they may have useful suggestions. How you can, how you can find ways of financing your business. But you might be, you might have to be prepared to two, share a little bit of your ideas so that they listen and they make useful suggestions. The other way of attracting sponsors or giving yourself that. Creativity to discover how you can best to finance your enterprise is creating testimonials. And how you do that is valine cherry. Start doing something for free or start offering your service for free for, for quite some time. Don't do it as a business AND do it as something you can do to help somebody and get their perspective towards how you gave that service. If it's a service that you can provide for free, do it for a number of people and hear that feedback and create something out of their feedback. And that in itself is already a successful market research. For instance, let me say you are into tutoring, but this tutorial, you want to do it differently from a normal jittery. And you want to test if this will work. But also you want to finance this. And how you do. You can start offering lessons for free and start doing it in that Dewey, that creative, whether you have selected and see people's responses dad in it. So that in itself, instead of you trying to get capita, you already get our customers before capital. And the money that, the money that I tried to add our customers, it will somehow gives you that strength to start capitalizing your company. And it needs a very specific way of doing it, but it works. It's something that I myself have tried here and there, especially in tutoring where I provide free lessons to sum. And this sum, they advertise you by talking to other people about your product just because you did it for free to them. And it can only work on those services that people have to pay first before they get it, right. And that's one of the ways. And if you hear this, you can even be more creative with other volunteering routes you can take to make your product known and get money. Now, even though you don't have much of that capacity to capitalize your business. 17. Conclusion & Class Project : Thank you for making it this far. Congratulations for your class project. I want you to identify business ideas using the techniques and the methods. I shed review it when evaluating which I did best to Situ and then make it very brief business plan based on those headings I shared with you and send me your project.