Psychology says the easiest way to raise a million dollars is by asking a million people for 1dollars each

I haven't tried this myself

But you could

Ask 100people for 1k each and settle your loan

shogotermies:


If I am one of them will I come here and cast my self.

Should we rule out the possibility that your story is made up and cleverly contrived to get money from kind hearted nairalanders?

obiekunie2:
you didnt tell us how you into the hands of fraudstars.

i guess you went for a fast money doubling - tell us is that betnaija guy on nairaland or you are among the boom or is it doom investors?





TOO MANY IDIOTS IN THIS COUNTRY I SWEARAGAD!

I MUST COMMENT SYNDROME.

If you don't have anything reasonable to say, why don't you just shut up, instead of typing rubbish.

You are still very young, learn the lession and move on. If you can repay your friend repay, you can sell your property otherwise face the consequences and move on.

Is your organic skincare cream working?

If yes and you are 1000% sure, let’s do business.

I want 50% of your business and we pay the loan back.
I can handle your online marketing using social media.

What do you think?

Once again, a working product please

What should I advice again?
It is obvious businesses take more than two months to mature.

I will give you an advice I got from business school after millions paid in tuition: some (majority) of businesses take about ten years to break even, after that profit starts trickling in.
Next time aim for a full year at least before thinking of paying back.

Business is not for everyone
It is for the shrewed, the frugal, detail-oriented and non - compassionate individuals.
OK enough of Grammar, basic rules
Never borrow money, especially interest loans to start a business. If you have to borrow, make sure it is from friends or relatives who won't breath down your neck when u are trying to break even.
Lastly, never start a business you have not served someone for a couple of years!!!!!

shogotermies:


You guys judge too quickly,.
I need an advice not stones of insults.

We all do one mistake or the other, thinking of this business is a mistake.
I need some to give me a good advice, not people who judge,while they are no saints

Bro, nairaland is probably the worst place to get a good advise, I suggest you speak to someone trustworthy around you.

First, I commended you for wanting the best for yourself through your sweat by taking that bold step. But, you take a wrong step by borrowing with that huge interest rate for a new business. Paying back the loan within the first three months? How will you cope with such rate? NO. It's not done that way. You supposed to start small by testing the water, feel it for a while and then you can think of expansion. Talk to your friend and be sincere maybe he can give you a break. Business is not done that way my man. It requires passion, intelligent planning and focused efforts for it to flourish. God will see you through. Best wishes.

Use this opportunity to advertise your business and products. You may find potential customers and distributors here.
The mistake has been made and the hard lessons learnt.
Move on man!

hopexter:
You wanted a better life for yourself without the help of anyone and yet you took a loan from a Friend. Is a loan not a help from someone? Your mentality alone showed that you're too immature to start a business in the first place.

" A man on a mission without a vision will end in Division" Discover to recover.

He is mostly likely a proponent of the theory that states "I don't want to work for someone" or "salary is the bribe given to people to forget their dreams".

Sorry, you'll have to learn from this experience. But, more than the business, I can gather than you got the hammer after losing money to seeking fraudulent ways to quickly multiply your money.

Should you want to take another chance at venturing into production, be sure not to start off with loan financing. It is not easy to break even in a market where you don't have a monopoly, moreso where you come with an added disadvantage of not having a properly packaged product.

Per chance you feel convinced about the viability of your production business and would still want to access loan financing, then pay attention to the rate at which your are borrowing. From your write-up, I can deduce that you borrowed at a monthly rate of 13.5%. That's enough to make your venture D.O.A.

Furthermore, be careful to negotiate some grace period before commencing repayments. Such period afford your business the time to find some measure of stability.

Kudos to you for trying out at this very young age. Please inform your creditor about the death of your business and work to repay his money with the agreed interests.

kunleweb:




Thanks for being the first to mention the actual balance. 3500 Naira. Why should someone who handled 100k find it hard to Reay or renegotiate aymebt on 3500�

It sounds like a joke
Whenever you borrow money, pay promptly and in full, I even go as far as buying gifts for the kids to show my appreciation. It's a matter of reputation.
I would rather the business failed because I paid back a loan on than the business failed and I have a loan to pay.
It's far more respectable to ask for more time and increase in percentage than to try to renegotiate the percentage that was agreed.

Numbrr 1 rule of lae

never borrow money to start a business brcause of so many uncertainty

Go to your friend and have a heart to heart chat with him in person so you guys can come to a new agreement.
You've learnt your lesson now, never make it again. Grow from there and make use of the positive comments available here. Best wishes ahead

shogotermies:


You guys judge too quickly,.
I need an advice not stones of insults.

We all do one mistake or the other, thinking of this business is a mistake.
I need some to give me a good advice, not people who judge,while they are no saints

Bro Nairaland and tweeter aren't the best place to get the best advisers from. Sha some will give good advice. But what I will tell you is, every get business man or woman had issues. You have had a fall try and get back up. Don't tell yourself you don't need anyone from your family to help you.. Baba it is Dangote's uncle that borrowed him money oh.. So don't leave your family out.. I think its best you meet your family now and let them help you out. And please get a job, learn from the job, get all the experience you need from that place. Use it also for your business. Read books, like Rich dad poor dad. Learn from your mistakes too and by God's Grace we will meet at the top.

Meanwhile I sell data

shogotermies:

Hello bros. You cant really blame your friend because once you make a deal and put in writing he would believe you are very sure of the profit. Put yourself in his shoes he thinks ur making money and not giving him his loan so he is doing everything to make sure his money comes back to him.

Try to re negotiate your loan with him, once you do make sure that u do everything to pay him back at least regularly for six months. Invite him to come to th business so he can see you didnt chop the money but that the business is slow then maybe renegotiate again so that the terms will be better.
Did u guys agree there will be a time gap before u start paying back OR u agreed you will start paying installments immediately? Let us know how it goes sha

shogotermies:
Hello everyone.Am a guy in in early twenties,.
I wanted a better life for myself, without the help of anyone,.

So I collected a loan from a friend, he lent me a 100k to start the organic skincare business, two months ago.
Which we agreed on an interest of 13.5%, and had it on papers too.

So I was able to make production in two weeks,.
Fast forward.

So I was unable to pay the interest rate of 13.5%, so Iwas able to pay 10%, which is 10,000.

The guy got mad, he was really angry.
But due to d fact my skincare products is just still new, sales was just so poor.

Now I am to pay him, today for the interest unlucky for me I fell into the hands of some fraudsters, I lost my money. But the issue is, I can't pay the interest now, my business isn't showing any positivity. Am frustrated, I need advice on what next to do.

He is now sending me message and insults, thinking am doing this on purpose..


Please mind my grammar and punctuations

/
Congratulations!

You have just learned an important life lesson.

As difficult as it might be, pick yourself up and continue the journey. Every successful person has a story to tell.

As for the loan, remember that in life, everything is negotiable. Ensure that you are visible to your friend. If you are man enough, sit your friend down and show him the mistakes you made. He "may" reason your matter and work out better thing wey no go cause wahala again for your case.

/

My guy, it is always like that

The beginning is always a mess
Don't give up yet, greater things are bound

Ugosample:
Nigerians and their insensitivity

This is not what the OP needs ATM

he need advice

maybe the OP should have gone to Reddit or Quora, there are more sensible souls there
compared to the animals prevalent in NiggerArea

Just see them taking out their frustration on the poor guy - including those who've never worked a day in their ne'redowell lives.

This story sounds fake, like the OP wants money from peeps, I might be wrong though but 13.5% interest on a monthly basis, on N100K loan is ridiculous

Sorry bro. Businesses fail. That's just the fact of life. I've been in your shoes before. Involved myself in a business to oversee someone's investment. A close family friend. Complications arose. It failed woefully. Worst still, I signed a legal agreement to refund some large percentage of money. Some foolish decision I made earlier in life. They called me names too...
Offer to refund him according to your power over a long period of time. You can't get out of debt by acquiring more debt. If it is 5k per month for 2 years, it's something. Don't put yourself into more pressure. It will end in praise!

I don't know why someone you call you friend would loan money out with interest to you?

My man i know how you feel is not easy what you need now is financial help not advice
I wish i can help
You will over come las las

shogotermies:
Hello everyone.Am a guy in in early twenties,.
I wanted a better life for myself, without the help of anyone,.

So I collected a loan from a friend, he lent me a 100k to start the organic skincare business, two months ago.
Which we agreed on an interest of 13.5%, and had it on papers too.

So I was able to make production in two weeks,.
Fast forward.

So I was unable to pay the interest rate of 13.5%, so Iwas able to pay 10%, which is 10,000.

The guy got mad, he was really angry.
But due to d fact my skincare products is just still new, sales was just so poor.

Now I am to pay him, today for the interest unlucky for me I fell into the hands of some fraudsters, I lost my money. But the issue is, I can't pay the interest now, my business isn't showing any positivity. Am frustrated, I need advice on what next to do.

He is now sending me message and insults, thinking am doing this on purpose..


Please mind my grammar and punctuations

13% interest monthly is pure greed!!!! How would you agree to that term for a business that is still on the beginning phase.

Aystarz:



Just see them taking out their frustration on the poor guy - including those who've never worked a day in their ne'redowell lives.

I have failed in business before
I know how it is like
so I will NEVER criticise anyone who has failed before.
it is lessons you learn from your failures that makes you a man, and a better business man

shogotermies:
Hello everyone.Am a guy in in early twenties,.
I wanted a better life for myself, without the help of anyone,.

So I collected a loan from a friend, he lent me a 100k to start the organic skincare business, two months ago.
Which we agreed on an interest of 13.5%, and had it on papers too.

So I was able to make production in two weeks,.
Fast forward.

So I was unable to pay the interest rate of 13.5%, so Iwas able to pay 10%, which is 10,000.

The guy got mad, he was really angry.
But due to d fact my skincare products is just still new, sales was just so poor.

Now I am to pay him, today for the interest unlucky for me I fell into the hands of some fraudsters, I lost my money. But the issue is, I can't pay the interest now, my business isn't showing any positivity. Am frustrated, I need advice on what next to do.

He is now sending me message and insults, thinking am doing this on purpose..


Please mind my grammar and punctuations

How did fraudsters take away ur money?

shogotermies:
Hello everyone.Am a guy in in early twenties,.
I wanted a better life for myself, without the help of anyone,.

So I collected a loan from a friend, he lent me a 100k to start the organic skincare business, two months ago.
Which we agreed on an interest of 13.5%, and had it on papers too.

So I was able to make production in two weeks,.
Fast forward.

So I was unable to pay the interest rate of 13.5%, so Iwas able to pay 10%, which is 10,000.

The guy got mad, he was really angry.
But due to d fact my skincare products is just still new, sales was just so poor.

Now I am to pay him, today for the interest unlucky for me I fell into the hands of some fraudsters, I lost my money. But the issue is, I can't pay the interest now, my business isn't showing any positivity. Am frustrated, I need advice on what next to do.

He is now sending me message and insults, thinking am doing this on purpose..


Please mind my grammar and punctuations

You shouldn't start a business with debt. A startup needs equity, not debt.

Only established businesses should borrow money.

What you need is money that you can play with. Tell me, once you pay back the loan plus interest, which money will you use to continue the running of the business? Besides, no matter how much feasibility studies you do, the beginning of a business usually springs up some surprises.

Anyway, speak to your friend. Explain the situation to him. Give him a timeline for payment. If possible, ask him to write-off part of the loan, perhaps the accruing interest.

Then go and save money to start again. Don't borrow. If you need external funding, find investors who believe in your business idea. It often takes a while for startups to breakeven and then become profitable. If the business survives and is profitable, then both you and your investor(s) will begin to reap the benefits. If it fails, you learn and move on.

Again, don't borrow to start a business.

I wish you all the best.

Hycon:
Is your organic skincare cream working?

If yes and you are 1000% sure, let’s do business.

I want 50% of your business and we pay the loan back.
I can handle your online marketing using social media.

What do you think?

Once again, a working product please

If your organic skincare cream is working 2000%,

I'll share 50% with this guy ..

Now this is turning to Dragons Den.

maasoap:


Nothing bad in borrowing to do business because it's not easy raising your own capital when you are unemployed or underemployed. The most important thing is the nature, source, terms of borrowing and repayment, and the feasibility study of the business.
I started mine with loans. Firstly: interest-free loan from the cooperative and wife.
Secondly: Payment plan over a period of 12 months.
Thirdly: business with low returns but less risky with guarantee of small daily income

It's a terrible idea to borrow and start a business from scratch, it lands u in losses m bankruptcy very quickly.

U can't loan money for a business u don't even know what the outcome will become

shogotermies:
Hello everyone.Am a guy in in early twenties,.
I wanted a better life for myself, without the help of anyone,.

So I collected a loan from a friend, he lent me a 100k to start the organic skincare business, two months ago.
Which we agreed on an interest of 13.5%, and had it on papers too.

So I was able to make production in two weeks,.
Fast forward.

So I was unable to pay the interest rate of 13.5%, so Iwas able to pay 10%, which is 10,000.

The guy got mad, he was really angry.
But due to d fact my skincare products is just still new, sales was just so poor.

Now I am to pay him, today for the interest unlucky for me I fell into the hands of some fraudsters, I lost my money. But the issue is, I can't pay the interest now, my business isn't showing any positivity. Am frustrated, I need advice on what next to do.

He is now sending me message and insults, thinking am doing this on purpose..


Please mind my grammar and punctuations

Do you still have the product worth that amount? How are you marketing it? If you still have the products and you believe in it, you may have to try new marketing strategies. Even if you have to do it door to door. You should also try the social media platform. Above all pray if you are a Christian and let your Pastor know about it.