If you have plans to start a dream business that requires a capital of $20,000 and you were able to make a savings of $15,000 which obviously isn't enough to start up the business, what would be your decision or advice?
1. Invest the $15,000 into a smaller business hoping that the returns will yield the remaining $15,000 in a short period. Note that this has the potential of failing and wasting the already-saved $15,000.
2. Keep the $15,000 while doing other work that will yield the remaining money over a long period.
Would love to see your input or a better suggestion apart from the ones I pointed out above.
N/B
This is the typical situation a friend finds himself and we are just brainstorming in what best to do.
15 000$ starter in small business? Are you serious? Do you know that amount is not a small amount for us here in our country for the small business you are talking about? With that amount, I might have a convenience store or grocery store.
If it's that kind of amount here in our country, that's not a practical start-up for business because it's too big. You can have a business here even with a $50-$100 start-up, and there are a lot of microentrepreneurs here who have already become successful after several years of managing the businesses they built.