“Money vs Passion” by Peace Hyde

This is an exclusive Pulse blog by British-Ghanaian television presenter and actress, Peace Hyde. "...They were torn between going in for the 9-5 working life or embarking on the very challenging entrepreneurial path..."

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Hello and welcome to a Piece of Peace, your weekly dose of motivation and inspiration. This week we celebrate global entrepreneur week and to join in the celebrations, Aim Higher Africa conducted its second Ignite event, which seeks to empower youngpreneurs with the toolkit for a successful future. The Aim Higher Africa Ignite team visited the Jayee University to engage with the young minds in the Business school. It was very insightful and the theme that came out of this session is coincidentally the topic for this week, “Money vs. Passion.” We have all heard the age-old debate of pursuing your passion and this is so true. But in a world of infinite financial responsibilities, how do you successfully pursue a passion without money. Some of our students had some very interesting passions but were not sure whether it would be a financially rewarding venture. They were torn between going in for the 9-5 working life or embarking on the very challenging entrepreneurial path.

It is important to establish that there is absolutely nothing wrong with going into the employment world and earning a salary. In fact many entrepreneurs began their working lives working for other people in order to gain the valuable experience to engage in their own ventures later on. A significant amount of businesses were created after identifying flaws in the normal working environment. For certain types of specialist jobs like accountancy, surgery, law etc., you will need a certain number of years in the 9-5 environment before establishing your own practice. It is also important to understand that the path of an entrepreneur is not for everybody.

Some people are naturally pre-disposed to have the traits and qualities of an entrepreneur and as they go through their normal working lives, they eventually realise that stepping out on their own without the safety or security of a monthly pay check is more exciting. Whichever bracket you may fall under, it is important to understand that money is key. Without money, it can be very difficult to survive whether you are in a 9 to 5 or starting your own business.

Planning is key. Establish to the very minute detail, how much money you will need to start your venture before embarking on it. Take into account things like how you are going to survive for at least the first 6 months as a business when you are still establishing your brand and communicating your value proposition to the market. Identify if you need any employees and how are you going to pay their wages. Cross off from the list any expenses that you can do without and only write down the necessary must haves in order to give your business the best possible chance to grow. Once you have established your minimum costs as a business, it is important to now look at the various sources of finance available to you.

Most small businesses raise their initial start up capital with the help of friends and family and also from personal savings. Identify if these sources are viable options for you. Consequently, there are several government start-up funds available to young entrepreneurs.  Have a Look at your local and national assemble to identify which funds are available and how to access them. Thirdly, you can apply for grants. There are several grant making associations who give start up capital to budding entrepreneurs like your self. You will have to show an in depth understanding of your business and have a detailed business plan. If you are at this point in your entrepreneurial journey, remember you are embarking on a path that millions of successful individuals have embarked on and they were exactly where you are today. Never give up and continue pursuing that passion and it will pay off eventually. And no matter what you do, always be yourself, because everyone else is taken.

Much Love,

Peace Hyde.

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