Mandy96
Valued Contributor
Debt is usually something that any business finds hard to stay away from, well I am not saying that it does not have its good days where it actually helps one to go back on their normal track but in usual cases they usually turn out to be something that destroys business which happens to be a bad news.
One can choose to stay away from debts but at the same time, some situations do showcase in which you have to give it a try because there will be no other choices than to consider it.
As an entrepreneur there are some risks you should not take because they might lead you to cases where you will have no other alternatives than to go for loans and once you start involving that to your business, it could end you to a bad situation. Not all loans are easy to pay back and once you can’t pay them back, it turns to debt. Imagine a business firm owning up to five billion naira, which must be paid back in little time, this will bring in nothing but more problems because you have to go for another loan to solve the present one. It is just like a case of going from frying pan to fire.
One can choose to stay away from debts but at the same time, some situations do showcase in which you have to give it a try because there will be no other choices than to consider it.
As an entrepreneur there are some risks you should not take because they might lead you to cases where you will have no other alternatives than to go for loans and once you start involving that to your business, it could end you to a bad situation. Not all loans are easy to pay back and once you can’t pay them back, it turns to debt. Imagine a business firm owning up to five billion naira, which must be paid back in little time, this will bring in nothing but more problems because you have to go for another loan to solve the present one. It is just like a case of going from frying pan to fire.