I was opportuned to talk about this act after a friend of mine is thinking of engaging in such field. Since the world has grown to a stage where we all know how vital a business is, a lot have been trying to make use of this field legally or illegally. Every body in one way or the other have been trying to test how the field is - they want to test, explore and have their own story to tell. Since almost everybody wants to test such field, we are now seing that there is a big increase in the CEOship level. Most of the people that we are calling CEO today lack the necessary guide on such business angle. They are either there because they have the money to run a business and they are looking for ways to make more cash. The motive for cash making have let us to see different approach towards the business angle. This is one business topic I will be addressing on my next post.
Original photo was taken
from the source above.
Day in day out, we have seen increase/surge with people going into businesses. Everybody wants to test what the Ceoship field looks like. They might be hearing about how Mr Andrew is now a big boy just from being a business owner or Miss Kate who owns a poultry farm is making $60 daily from the business. Different stories like this got us triggered, without we making appropriate research to know what Mr Andrew and Miss Kate are really battling with in their various businesses. All we are eager to know is that they are making millions in their business. Since they can make such amount, we want to make such too. We are just driven by the money they are making and not what they are even passing through.
I am not angry towards people venturing into business, permit me to say this, I am so joyous seeing various individual venturing into different field in life. It shows people are now trying to take responsibilities for their lives. The only one thing I am more concerned about is that people are venturing into business just for profit making and not the love for the business. If such people started making loss, they will end up bad mouthing entrepreneurship and they will make it look like it is a field not worth investing on. Deviating from that, let us now progress into the main topic fully.
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Business is something you should never thing of rushing into. Take your time and get your strategies right. In fact, the first thing I will say is that, before venturing into business, you should have love and understanding for your business. If this two are being put in place your business should be soaring high.
Borrowed fund are fund that are not yours. Running your business on borrowed fund, will cause a lot of havoc for your business than good. I have seen people lost their business just because of debt that they are into. It is advisable to have your capital in place before you even think of starting your own business. This will surely help you along the line.
Below are some of the things that happened to you and your business when you start it on borrowed fund. Some of them are as follows;
i. No rest of mind; While running business on borrowed fund, be prepared to go through sleepless night. All your mind will be focus on settling your debt and also running the business. Immediately you receive a call from the person that borrowed you the money, even if it is not to ask for the loan, you will be troubled.
ii. Stress: You should know that you will surely passes through a lot of stress since it is not your capital. Any day you aren't making sales or progress from the business, you will be troubled. This will in turn lead to stress in your own life.
iii. Improper record/poor documentation: Because you are passing through stress and other things,concentration might fall along the line. You might end up loosing that focus and the zeal to keep up with proper documentation. Such zeal will die because you are seeing that the money you are making from the business is not being used for you nor the business.
iv. Repaying more than you borrow: For a start, your repaying record might be going well, but as time progresses, things won't be that easy. Know this trick, if you borrow $500 for a business start up, you will end up repaying more than $1000. This is where debt is bad. You will have to repay the debt, balance your business and also settle life expenses. How then will you cope with all this? This is where bank can come in and get your business ceased.
Judging from the above and also from experience, it is advisable you start your business with your personal capital than a borrowed loan. Your personal start up capital will give you rest of mind as time progresses but loan will add more woes.
Your personal start up capital will give you rest of mind as time progresses but loan will add more woes.
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The truth is that I think it is not a good option to borrow money to start a business, as you say has great disadvantages and nothing more important than our mental health!
It will go along way affecting your mental health badly. Borrowing for business is so bad.
On borrowing to start a business,, I learnt my lessons but the hard way. Borrowing should never be an alternative for a startup.
Yes, It should never