Hello, Ladies and Gentlemen, I'm here to seek advice from you Guys.
I want to go in to business but don't have any Capital to start it up, and a friend of mine advised me to go and take loan from a bank.
But the Conditions attached to the money ain't favorable so i rejected it.
Now, as God may have it, I've got the money but my problem is, If I will be able to pay the money back my December and still have my business Growing?

That's the first mistake which do lead to business failure i.e. using loan to kickstart a business that have not been tested. Though, in some cases, it do work out fine, especially when one is well connected, but in most, it doesn't.

If at all one is to borrow to start a business, let it be from family & friends which wouldn't have come with pressure to payback. Or probably even seek support no matter how little, then start it up with it, then u can consider borrowing or seeking loan to grow it after u must have test the potential.

I don't know the condition attached to paying back ur loan, but first and foremost, do away with it cos pressure is not a good factor for business. This is just my general view considering I have no idea what the business entails.

oazeez1991:
That's the first mistake which do lead to business failure i.e. using loan to kickstart a business that have not been tested. Though, in some cases, it do work out fine, especially when one is well connected, but in most, it doesn't.

If at all one is to borrow to start a business, let it be from family & friends which wouldn't have come with pressure to payback. Or probably even seek support no matter how little, then start it up with it, then u can consider borrowing or seeking loan to grow it after u must have test the potential.

I don't know the condition attached to paying back ur loan, but first and foremost, do away with it cos pressure is not a good factor for business. This is just my general view considering I have no idea what the business entails.

Thanks alOt brO.
I find this useful but without taking risks, man finds it difficult to survive.
I Don tire to dey wait. & I'm an Orphan.
I've been longing to start up this business since 2013
It's Electrical materials business.