Prerequisites. First- Be a person of good character by most and foremost is to pay debts, loans, borrowed materials, etc. promptly. This is very vital so you can establish a credit line so persons, credit facilities and banking institutions will let you borrow and reborrow money for capital. Second- don't be a spendthrift. Try to save money on all things: food, clothing, shelter, etc. Just be contented with the basic necessities, TV, ref and other amenities of luxurious living will come later on. Third- you're not a lending institution, not a charitable agency. It is not your obligation to feed hungry strangers, neighbors, relatives, etc. so when they come try all techniques in the book to avoid them. They are leeches; they'll sap the blood and energy of your fledging business. So try to harden your heart meantime. 3rd- Select and focus on a business which is within your ability to finance, understand, operate and manage. It is a fact that the care and well-being of human babies as well as animals are not trusted to others, so do with business. Never trust business transactions to other people, just like taking care of your baby because you don't have trust in others to care for him. Everybody in the family should be honest and trustworthy. A centavo should never be spent nor wasted. The 4th and the last- Never spend a centavo of the capital. Budget your gain wisely. Make it a habit of adding a part of your gain to your capital everyday- no matter how small the amount is. Whenever you thirst or go hungry or longing for expensive food, think of the loan to pay. Drink enough water and tighten your belt. In no time practicing these business principles will- without your knowing- catapult your business to greater heights.
by Cholee Clay4 years ago
My husband thinks it would be a great idea if I started looking into creating my own bakery. I do love to bake, and I create some crazy delicious cookies however I'm not sure I would be cut out for the baking industry....
by marinealways248 years ago
10/20/2009-Make a prediction for the United States economy in 1-2 years. Will the economy be better or worse? Why?
by Wendy Iturrizaga7 years ago
HubMob Weekly topic: Small Business
by Originplus8 years ago
I'm doing research on how to start up a small business. I need info on setting up a business plan does anybody have an idea , any good website or an example of a business plan. Anything in regards to starting a small...
by Wendy Iturrizaga8 years ago
Hello everyone, I see that it has been a fun week writing about winter sports, 41 hubs on the topic !This week's special mention goes to Rose West and her Winter Olympics 2010 Team USA: Women's Snowboarding ...
by Low Boon Jin7 years ago
having out of job for more than a year now.What kind of small business can i get into with not much capital?Basically, I am looking for almost anything as I tired sitting at home....lol
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