Starting a small business means risking an amount of money to compensate for the cost of start up. You will be facing a lot of challenges ranging from marketing strategies to business plan to goal settings. You will be risking all these elements because these involve your time and effort. At the top of this, you surely would not want to loss your money as much as the time and effort you have exerted. After all, it’s about money that we venture on business. Money is one of the most essential elements in starting a business. You cannot start your business without money, but you can surely start it without somebody providing this for you.
We have a common notion that to start a business, you must get somebody to help you with the financing. But this is not always the case; you can make it to become an entrepreneur without borrowing from external sources. In these difficult times, it is always a good idea to utilize your own savings for your business funding. Basically, business starters gamble their own savings to fund their business, 30% of the business fund is from their own pocket, the rest come from an external source. The key phrase here is “Borrow from yourself”. Whatever is the source of that money, whether from your savings, or salary or retirement assets, it is still worth considering liquidating these assets and lending it to your business. It is just like flipping the coin, instead of looking for somebody to lend for your business, it is much better that you yourself would lend money to your own business. You will surely double your effort because it is your money that is at risk. Rely on yourself, that‘s what you need to succeed on this venture.
We have a common notion that to start a business, you must get somebody to help you with the financing. But this is not always the case; you can make it to become an entrepreneur without borrowing from external sources. In these difficult times, it is always a good idea to utilize your own savings for your business funding. Basically, business starters gamble their own savings to fund their business, 30% of the business fund is from their own pocket, the rest come from an external source. The key phrase here is “Borrow from yourself”. Whatever is the source of that money, whether from your savings, or salary or retirement assets, it is still worth considering liquidating these assets and lending it to your business. It is just like flipping the coin, instead of looking for somebody to lend for your business, it is much better that you yourself would lend money to your own business. You will surely double your effort because it is your money that is at risk. Rely on yourself, that‘s what you need to succeed on this venture.
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