ICally, in fact, the money has been seen with some of the camouflaged eyes to start a business from family and friends. In fact, in fact, that tradition has given our memories to help our memories in its bad side whenever the matter comes out of our memories.
“Friends, Family and Fat” are the words I say. It indicates that only a father that is blinded or blinded by inexperience can do something so risky to finance an undefined entrepreneur’s dream.
Small business financing has been a revolution over the past few decades. It is easier and more convenient than ever to look for. However, even the most adventurous NDD, even the brand-new business owner wants to see some positive track records before taking a mountain in cash.
In some cases, in other words, the generosity of friends, family and fools is a young, ambitious, capital-starving entrepreneur. I can say it from both good and bad experiences.
How to collect money you don’t have to pay back
Taking orrow from “Three FS” is what usually looks like
Let’s get started with bad. I first reached a family member about the financing of my concept, I fooled him in the process. I was a child, it’s true, but in the previous time my scheme was ridiculous at the point of Clicho – why did anyone fall for it?
I myself also became tough for a multi-level marketing (MLM) scheme that would undoubtedly make me a millionaire to pay $ 2000. I went to my father for money, which he immediately provided.
I lost it immediately, but he believed in me, which refers to both the owners and weaknesses of financial transactions among young businessmen and their family members. The whole thing is the end of the end Inspired By love My father, from an angle, was blinded by his love for me that the $ 2000 he lost could be able to afford; From another angle, he thanked an investment for that love that would spend big time for both of us in the future.
Speaking of which, let’s get better. A few years after the disappointment described above, I have repaired commercial symptoms and established an honest-to-day business. I enjoyed some success outside the gate, but my credit history has confirmed that the formal NDists do not give me the day of day.
Once again I came to my old man. I asked him for a higher than $ 2000 than $ 2000 with whom I need to buy an expensive tool to take my business to the next level. He came to rescue again. My business exploded soon, and I am sure that life has not been the same for both of us since then.
Briefly, taking the orrow from friends and family is awful Risky Because there is much more in line than mere money. Their love opens their eyes to your possibilities, but it also blinds them to your weaknesses and exaggerates your forces. In order to be equitable to them and to themselves, never consider entering this national agreement without taking the following steps:
1 Be fully honest about the risk involving
When I went to my father about MLM, I didn’t even bother to bring him to be able to repay him. I am so sure I am successful that it seemed to be a waste of words.
Being honest about the possibility of losing hard-earned money is never wasted. No relationship is so strong that the wrong complexity about financial can not harm it.
I am very lucky that my father immediately forgive me for losing his flour, but nothing like this is written in stone and happy results often depend on the factors that change from moment to moment and relationship with relationships.
On the other hand, if I am straight from going up about the risk of MLM, I have taken a big step towards guaranteeing a happy result regardless of what happened.
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2 Put everything in writing
If I wrote it with my father in advance, I would have made that move even more powerful. Memories, above all, a playful thing – when did you and your best friend remember the last time a complex event was the same?
No matter how honest as you are about the risks involved, if you lose money, the possibilities are good, they remember that the main thing is that when you wanted it to be very enthusiastic about your possibilities.
Writing a general agreement will help you keep both of them honest in this situation. It is very difficult to blame someone you liked when you found clear evidence when you had not wrapped your hand.
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3 Stay prompt (and exposed) on loan pay payments
When you borrow money from family and friends, make sure to set up an AY -payment plan and then never keep them in a vicious position to get to you about them. Be active in making it properly so that your life depends on it.
I am very honest in the few occasions that I have lent to family and friends, I hope this courtesy will be shown to me. Especially about a friend – a small business owner whom I helped on bail for financial problems – I was finally blurred.
I originally said – and I said it because it was essential to maintain the relationship. He realized that I wasn’t saying that I would break his hand in the case of delay – I was just saying “Be honest with me. Be ahead. If you feel overwhelmed.”
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Familily Online Skill Training: Reading Financial Reports Starting from Creating Person
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