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An entrepreneur is a person who studies the environment or certain situations and identifies business opportunities...
An entrepreneur is a person who studies the environment or certain situations and identifies business opportunities. These, he exploits, solving any problems that arise while still making money and profit.
In the journey to owning and operating a business, the most difficult hurdle is to raise capital for the start-up. It is therefore very important to identify ways through which one can raise money to start business and have it stable in the very competitive business world.
Several sources of start-up capital exist, each with some similar or distinct benefits. These sources furthermore operate with some distinctions depending on the different countries in which they are run or the economic situation in which they operate.
This is a source where the greatest control is in the hands of the entrepreneur. It is safe and guarantees much business and financial security. Hamid Saif, an operator of CHOICEPUNCH, said in an interview that he had to sell his dream car in order to raise money to start and support his business.
You can also raise money for your business from family and friends who would be willing to support you. In one way or another, it is implied that directly or indirectly they will be beneficiaries of the business. To succeed, your business plan or ideas must have an aspect of community “touch” and benefit.
These are programs established by small business administrations to make available small loans to the borrowers who are in the first stages of establishing small businesses. These loans serve as a steppingstone that enables the entrepreneur to enter the competitive business world.
In the United States of America, these microloans are easily available to individuals through non-profit, community-based organizations, which link individuals with the lenders. One only needs a business plan, a pledge and proof of ability to make monthly payments.
Most banks and community-based organizations organize competition events to identify businesses with special potential. They give awards and offers in support of the winning parties. A “win” in a business plan competition guarantees funding for the implementation of the business idea.
This is a loan based on home equity, which is the difference between the market value of your house, minus any outstanding mortgages. This source of capital makes available enough money for business start-up, but has some disadvantages whereby if the loan is not repaid, the borrower loses the home’s ownership to the loaning institution.
Loans from bank are the most traditional sources of business starting capital and financing. They only involve the borrower fulfilling the requirement by providing collateral, which the bank uses as security for the loan