How would you advise a new entrepreneur on how to fund a new business idea.

[Modupe]

As a new entrepreneur, I wouldn't advise you to obtain a loan to start a business because I think you don't have that enough experience to run a business with loan and I feel the pressure of repaying loans will affect the business

 

[Goodday]

Yes i support you, I always say to friends don't start a business with loan, it not advisable you do so y it is too risky, gather little money first from your savings or little investment and then start with that, meet with good friends that can give it loan you without intrest .

Yeah, I agree to that. Loans are very difficult to pay back whether you succeed or fail in your business because the interest rates are very high. I wouldn't advice someone who is still starting up his or her business to go for loans, especially bank loans but he or she should wait until there's enough money to start.

 

[Zevin]

Here are my two cents:
Start your business with your own money. If you do not have money, save until you can build capital. If that is not possible, look for the funding sources where you do not have to pay interest. Never use a loan to start your business because you will have to begin repayment before your business starts making money.

 

[Hasan Raza]

Well dear there are a number of ways for new entrepreneurs to generate funds to start a business, if he is sure of how the business will thrive,then he can obtain loans from banks, or seek for help from family members and relatives. In sense if he has skills then he share business with those who can invest in his business.

 

[Emma Aneni]

For me the best way you can raise funds for starting your business is just through your personal savings and investment. You can also get help from family members if you can try and convince them about your business idea, it is never advisable to borrow to start up a business.

 

[Frank]

The only way to generate money if you want to start busines is to get loan from bank, you can borrow money from relativeative one (family or friends), you can also sell your property to generate money, or you should save a money up to the needed capital to start a business.

Saving money to start up your business is the far better option than the rest because of the advantages that is involved.

When you save up to start your business idea, you will only move at your pace and not panic when the going is not going fine unless what happens when you borrow from the bank.

 

[Robrown83]

To have a business of your own is a good idea that I always support because of billionaire nowadays make their money through businessbut the major challenge is how to raise capital (fund). I will say that it is better to start a new business with your own save no matter how little it is, you can be borrowing loan from banks, friends etc when the business boom so as to expand more even at time many banks will want to transact business with you because they have already know you have source of repay their money.

 

[Im Nayeon]

you can loan on a bank or borrow from your family members

 

[Kiwi]

There’re different ways to source loan for a new business. Funding your new business is mostly done with your personal savings juxtaposed with contribution from friends and family, and finally loans from banks.
These are the best sources of capital for your new business as an entrepreneur.

 

[Ifective]

At the start of a business, if you do not already have where to get capital to start your business, then it might be quite difficult.
In order to fund a business, loans can be gotten from the bank or other corporate firm. Although, you have to make sure your business plan is well drawn as it will generate sales which will in turn bring profit before you go ahead to get a loan.
Also, close relatives and friends can also help you with funds to actualise your business plan.

 

[Blessingedidiong]

Funding a new business takes a lot of efforts. Some things to note is do not fund a new business with a borrowed money. You can apply for government grants or apply for SME assistance. You can ask for support from family and friends. Your savings can be used to fund a business. But do not borrow money to fund a new business.

 

[Neeta313]

As a young entrepreneur I would advise the person to start saving money for the business, if at the time the person wants to start the business the money is not complete, the person can always seek for a loan from family members to complete the money. I won't really advise a young entrepreneur that is just starting to get a loan from the bank even if the business is showing potential, take the loan from your family members so you can have peace of mind.

 

[Gidoskî]

One needs to find a source of income either by working till he saves up and can start his business.He can also seek assistance from friends or apply for a loan.The person must have researched before taking the loan so as not to find himself struggling in business.

 

[Maks25]

It is most pathetic to discover that most entrepreneurs of today are driven and blind folded with the “money mask”. They usually expect to go into business on a Monday evening and by Tuesday morning the next day become millionaires. It is so unfortunate that our youths of today don’t realize that you need to build trust FIRST from clients and prospects alike before they can even get to patronize you. I tell people I consult to that after 10minutes of interaction with a prospect on you providing them goods and services, they can immediately make up their minds if they will ever get to patronize you or keep on posting you till you get tired and stop marketing your goods and services to them.

 

[kayode10]

Fledging businesses by young or new entrepreneurs usually face the challenge of raising funds to start or grow their businesses, especially in developing countries.
Please what's your take on how to raise funds putting into consideration thr fact that the business is a new business.

Rhere are several ways in which you can use to raise a capital for your business. One of the ways is to Angel investors, the people who are going to invest in your business I want to see that it is very viable. all you need to do is to convince them it's a business plan and how you can bring return to their investments. Another way is to raise a capital from your friends and family. Find a way to convince them to invest in your business, you can ask them to buy into your company's share or you repay them with interest.

 

[Milz]

In some countries government gives grants to young entrepreneurs with bright business ideas. You could also source for capital by raising a gofundme account asking family and friends to donate to your cause.

 

[abubakar3141]

Sources of finance for business are equity, debt, debentures, retained income, term loans, working capital loans, letter of credit, euro issue, venture funding, etc. These sources of funds are used in a variety of situations. They are categorized by time, ownership and control, and from generation to generation.

 

[Irfanali]

Read for the first time the Founder's Guide on where to find funding for this, and what might be right for you.

Get started with bootstrapping. ... consider friends and family. ... explore alternative funding sources. ... Next: If you are running a small business. ... Consider borrowing. ... Next: If you are starting a tech startup.

 

[Sariana23]

The best way to start a business is with your savings. Save as much money as you can and start small, then reinvest in the business as you earn money. If capital is needed, you can ask for help from friends and family. If you want a medium or large company the other option is the banks.

 

[kayode10]

My advice for him is that it should locate a business venture capitalist nearest to him in his City. A venture capitalist will help him to locate the Angel investors that are available in the city. angel investors are those who are willing to invest that cash in a promising business venture. All the person needs to do is to create a well researched and thoroughly written business plan.