Is it practical to take a loan to start a business?
By dorisday1971
@dorisday1971 (5657)
Philippines
February 8, 2009 4:28pm CST
Starting a business always needs money as start-up capital. In starting, sometimes the little money we have saved are just used to pay the office or store rentals. it is always a risk to have a business but if we won't take that risk, then probably we will not succeed. However, if we don't have money to start a business, do you think it is favorable if just take a quick loan first from lending institutions even if we are required to pay a certain interest? or are we just going to wait until we saved money? What do think would you prefer?
2 people like this
2 responses
@jesse022190 (171)
• United States
8 Feb 09
i have learned in my business classes that it is okay to take a loan as long as you are not taking a loan for the whole cost. As long as you can afford to pay for some if not most of the costs then it is okay to get a loan.
1 person likes this
@dorisday1971 (5657)
• Philippines
9 Feb 09
you're right. However,that's the problem with taking a loan for a start up capital because we do not know if the business that we will take will be profitable or not. These days, even if we make feasibility study or do some research before we start a business, there is still no gurantee that the business will succeed. thanks for responding.
1 person likes this
@suzzy3 (8341)
•
9 Feb 09
I suppose if you are sure you will make money and have customers lined up good luck to you,but in these terrible times with everything going bust you are a brave person to take a chance like this.I certainly would not take a loan out at this moment in time.I am not a risk taker.good luck with it.
