I can tell from experience that money/financial capital is the least you need in building a successful business. There are other important capitals we overlook that buys this commodity called money.
Now let’s look at the different types of capital you will need to start, grow and sustain your business:
Human Capital – How are you identifying the type of people needed for that business? How do you attract the right partners, your team members, stakeholders and potential customers? You can’t scale a business as one Man. You need people. People equals Money, the more valuable people you have in your life, the more money you attract.
Social Capital – How are you building relationships and trust within and across your environment? You can’t raise money from people you don’t have a relationship with, nor people that can’t trust you and your ideas. If you have weak social capital, you will struggle with financial capital.
Intellectual Capital – Are you intentionally building your mental muscles? How are you moving from ideation to getting access to deeper information, analysing the information and making relevant decisions to execute them? Please get informed!
Digital Capital – For me, this is one of the most important capitals used by great entrepreneurs. When people hear about you, they do two things – search for you on social media or ask Google. If your online presence is not credible, they won’t deal with you. Your Potential investors and partners will look at what you do with your digital capital.
Spiritual Capital – This one I don’t play with it. Building a great relationship with Oluwa (God), where He is involved in all you do is paramount. He directs your path and reveals deeper secrets on things to do that will surely make you stand out as different and unique.
Financial Capital – I know this one is appealing to us but the truth is that, when we master these other forms of capital, it will naturally attract all the money we need to succeed in business. Remember, you don’t need money to start a business, rather you need money to scale/grow your business.
Funny enough, all these other capital God has given us free access to them, but we limit ourselves to the one that will be bought by freely given capital. These other capital can buy you all the money you need. If you want to run a successful business, it requires just more than ideas and money. There is much more to it.