I want to learn what are the best strategies to manage funding from multiple sources. Example you have funds from TEF, a private investor and your own personal savings.
Design a good culture with regard to money management, read more books on money management
Hello @Foday_Kamara,welcome to TEF community.
In the world of entrepreneurship,it is advisable to update ourselves with knowledge.Thankfully social media has made access to reading materials seamless.
Please read up for better understanding
The best strategy to managing funds be it from a single source or multiple source are;
- Invest the fund in profitable ventures whose returns will exceed the cost of the fund,
- Be prudent in your expenses, etc
Managing funds is very broad. To me the most important thing is to develop a budget and allocate the money accordingly. Record all your income and expenditure because that would help you to monitor how your business is operating. Make sure that the money is kept in a bank account and keep a good paper trail for reconciliation purposes.
That’s right. At the end of the day keeping detailed records of every money spent and incoming revenue will help keep track of how you manage your income.
Private investor is not the best for a start up
@Oluwaseun_Nji-Kolawo i agree,family and friends are a better option.
@Oluwaseun_Nji-Kolawo…that’s right ma
When you have multiple capital the best thing to do is to draw your plans down and follow it accordingly if not you will end up wasting it…money has a strong spirit immediately it enters your hands… discipline yourself when it come to money and you will make it