Have you ever been in dire need of money to start up an idea? Or, for you, was it that of an opportunity window opening up, completely unexpected, and you just couldn’t put together the funds needed to seal the deal? In a bid to remedy the situation, you reached out to friends, families, and financial institutions with really high hopes. You had full assurance you’d get the much-needed assistance from one of these sources, at least. However, in contrast to what you’d hoped for, you got a rude awakening – nobody agreed to borrow you money. The best you got from them was encouragement to keep trying.
If this has ever been you, I bet you were pained at how none of those you met agreed to borrow you money. Not even when you agreed for the transaction to be exclusively on their terms. And, not even after you gave them your word that you’d pay back when the business blooms (you are so sure of this). Unarguably, situations such as this tend to leave people highly susceptible to an emotional response, even the unlikely ones. But, while such a response can easily be justified, it is really unnecessary. If the tables were turned, you’d probably do the same. And, here is why.
Truth is, people are disposed to become critical where it concerns money. Nobody wants to lose their money! Trust me, not even a little child wants to lose money. True, all those you met boast the capacity to borrow you the funds you requested for (just #500,000, you said). But, you can’t blame them for their refusal to be of help. It’s only right they exercise caution because they don’t know your CREDITWORTHINESS. What is creditworthiness, you might ask? Creditworthiness is your capacity and ability to do what you say you’ll do when it comes to money. You sounded convincing, yes! But that could be because of your oratory prowess. And that could also be because you were in desperate need of assistance.
Your response as regards your failure to compel these people to assist you shouldn’t be an emotional one. Rather, what you need to do in response is to work on your creditworthiness. And, that begins with keeping a record of the most important things you do with money. This habit is very important, most especially when someone else’s money is involved. When you borrow money from anybody, put in writing all the details involved. Write down how much you borrowed, the terms of the agreement, and the outcome. Imbibe this healthy habit of treating people’s money with respect. Remember, they worked for it. Be careful not to allow familiarity lure you into complacency with other people’s money. Don’t say he’s just my friend or relative, I’d return it when I have it. You may be killing one of the must-have characteristics of every successful businessman… Creditworthiness.
Take your creditworthiness serious, it will benefit you greatly.
ABOUT THE AUTHOR
Adebayo Abiodun is a teacher and a writer. You can connect with him on Instagram @Oluwalere. You can also send him a mail at firstname.lastname@example.org