₦airaland Forum

Had a serious argument with a friend yesterday who claimed that most business men start off using loans and yet they are doing well. What do you think?

Honestly for me, it's a no no.

If you're into the business already, you would have known the amount of money you need to boost that business, plus your level of certainty getting returns from it is higher then when you're just stating.

You will agree with me that most start-up businesses in Nigeria has lots of challenges. Is it low patronage? is it having issues with those you have to trust Workin for you? Is it the frustration from nominal social amenities we're supoz to have and unavailable? Particularly, electricity and so on and so on...

If you're into perishable goods kind of business, and you went and take loan to start it up, you would land in deep trouble. But if your into it already, you know how to Chanel that loan to.

Las Las, any business you want to get loan for, make sure you have good ideas on the business, to avoid loan app or or any financial situation dragging you upanda.

There's no one size fits all. Each circumstance warrants special consideration.

Well said bro.

Hezzyluv:
Honestly for me, it's a no no.

If you're into the business already, you would have known the amount of money you need to boost that business, plus your level of certainty getting returns from it is higher then when you're just stating.

You will agree with me that most start-up businesses in Nigeria has lots of challenges. Is it low patronage? is it having issues with those you have to trust Workin for you? Is it the frustration from nominal social amenities we're supoz to have and unavailable? Particularly, electricity and so on and so on...

If you're into perishable goods kind of business, and you went and take loan to start it up, you would land in deep trouble. But if your into it already, you know how to Chanel that loan to.

Las Las, any business you want to get loan for, make sure you have good ideas on the business, to avoid loan app or or any financial situation dragging you upanda.