Don’t Start Your Business With a Loan & 3 other insights for new entrepreneurs by Big G, CEO of Websoft

In a previous article inspired by Biggodwin Martey, new entrepreneurs were given insights into starting and growing businesses.

Big G, as he is popularly called, explored the themes “ego is your enemy,” “delayed gratification,” “don’t go chasing branding,” and the “desire to grow too quickly or scale too quickly.”

In the sequel to that article, we get more insights from the seasoned entrepreneur.

Mindset

Entrepreneurship in this town, guys, is not a joke; it is all about mindset and mentality. You have to have a strong mindset because all sorts of things will be frightening to you. Don’t let these things discourage you. You can even fail. Let’s assume you took a loan, you couldn’t pay, and you’re being chased everywhere. Don’t worry about it. I have been in debt before. During the banking sector cleanup, do you know the problems I went through? I caught cases everywhere, but I defeated all of them. It is not what people say about you that matters. It is what you are saying about yourself that matters. You will grow, you will change, you will progress, and you will come out with newer opportunities—all these things are about mindset. You have to have a strong and unyielding mindset and say continually that you are failing and yet you will continue. The first problem you would face as an entrepreneur is a battle of mindsets. If you are not mentally strong, you would think you should stop what you are doing and go look for a job.

Social Media is Tricky

Social media can mislead you if you are not wise. The first thing about social media is to make you think that you are not doing well and that other people are doing better than you, and then you start getting worried. Another problem with social media is that it makes you think people are perfect and that the other people you see have no problems and everything about their lives is good. Nobody advertises their flaws on social media. Nobody advertises their shame or weaknesses on social media. It is not wise. Social media is a place where people project their strengths, not their weaknesses. That is the wiser thing to do. Social media is a place where people work on their weaknesses [behind the scenes] and market their strengths. If you don’t magnify your weakness, you will grow weaker. You magnify your strength. That’s wisdom. Don’t let social media put you under pressure. You should learn to walk your own path.

Don’t Start Your Business with a Loan

I remember in the first video I said something: don’t take a loan to start your business. Don’t try that. You would suffer. When it comes to businesses, everything works on paper. Everything works on PowerPoint until you hit the ground. Then, you would start seeing problems you never thought were there. Start small. Don’t try to impress people. Live this life on your own terms. You don’t owe anyone an explanation. If what you can afford is to rent a small shop, rent it. If what makes business sense is for you to run the business from your house, stay there. Don’t make the mistakes people have made. Don’t seek to impress people. People’s likes and comments would not pay your bills. People’s comments on social media would not pay your loan. When your loan is due, you cannot go on social media and collect likes and comments to pay the loan.

Dishonest Workers

I had this water factory, and you see the drivers—many of them are bad people. A driver can take your water, finish selling it, and go take another brand of water and sell it using your fuel and car. I mean, you can track it and see it on your laptop, but you can’t see the content. When I started the water factory, I didn’t see that. It was not in my calculation. A driver uses our truck as a tow vehicle. He has become one with mechanics, so when a car breaks down somewhere, after my driver finishes selling water, they will come together and use my truck to tow someone’s private car somewhere, and then they will share the money. You will see the car moving, but they are not selling water. One time, he drove late, around 10 p.m., to go and tow somebody’s car, and when he got to a police barrier, they said, ah, we know your boss; this is Big G’s truck. Is he aware you are using this truck to tow a private car? He said yes, I am aware. The police were somehow not convinced, so they called me. I told the police to arrest him and put him in jail. These are some of the things I am facing in my business. At the time you are creating a PowerPoint presentation for your investors about the water business, did you know that one Tuga [a driver] would be using your car to tow another person’s car? You wouldn’t know. These things come up in businesses.

About Biggodwin Martey

Biggodwin Martey is an entrepreneur and software developer at the helm of WebSoft Solutions, an established IT company with over a decade of experience. The company specialises in crafting uncomplicated software solutions tailored to address common business challenges faced by African enterprises. WebSoft Solutions excels in developing customised software for web, mobile, desktop, and cloud platforms. Additionally, the company is renowned for its creation of sophisticated, premium websites, catering to esteemed organisations such as banks, which seek distinctive and elegant designs beyond the standard templates commonly found on the internet.

In recognition of his outstanding achievements, Biggodwin Martey was honoured with the title of Best Software Developer and received the Overall Best Achiever award at the prestigious 40 Under 40 Achievers Awards in 2021. Organised by Xodus Communications Limited, the 40 Under Forty initiative aims to identify, acknowledge, and celebrate exceptional young business leaders under the age of forty across various industries within the nation.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.