Nico68
New member
People can have a different view for this question and this is mine
It's very bad to start your business with a lone. Do not take a Bank loan when you start your business.
People can think that when you take a bank loan you will have the money to launch your business and when it launches off the ground and becomes successful they can pay the loan back. Yes, but it's a great risk because that plan for success may end in failure, everyone thinks of success and wealth when they start a business but no one thinks about failure and poverty. It's very important to take that into consideration.
If your business fails, that Loan you took will put you in poverty, you can’t pay it back because most to if not all your money was invested in your business. Everyone prepares for success and no one prepares for failure.
Don’t take loans at the start and Don’t take funding from family and friends at the start because if you do and things go wrong, you will become a serious problem and create confusion around family or friends.
That loan will force you to get a job, work for years to repay the bank and then by the time you have some money you may feel its better to give up and just enjoy the benefits your job provides.
Remember then to plan for failure, not every business is a sure success at 100% and also remember to conduct a good market survey to know if there is a Demand for the product or service you want to launch.
Hope this helps you. If yes, drop your comment. In case you have other ideas that escaped my mind, kindly share it with me and others here.
Cheers!
It's very bad to start your business with a lone. Do not take a Bank loan when you start your business.
People can think that when you take a bank loan you will have the money to launch your business and when it launches off the ground and becomes successful they can pay the loan back. Yes, but it's a great risk because that plan for success may end in failure, everyone thinks of success and wealth when they start a business but no one thinks about failure and poverty. It's very important to take that into consideration.
If your business fails, that Loan you took will put you in poverty, you can’t pay it back because most to if not all your money was invested in your business. Everyone prepares for success and no one prepares for failure.
Don’t take loans at the start and Don’t take funding from family and friends at the start because if you do and things go wrong, you will become a serious problem and create confusion around family or friends.
That loan will force you to get a job, work for years to repay the bank and then by the time you have some money you may feel its better to give up and just enjoy the benefits your job provides.
Remember then to plan for failure, not every business is a sure success at 100% and also remember to conduct a good market survey to know if there is a Demand for the product or service you want to launch.
Hope this helps you. If yes, drop your comment. In case you have other ideas that escaped my mind, kindly share it with me and others here.
Cheers!