Quote from: benalexis12 on Today at 08:24:01 AM

Quote from: Hewlet on October 01, 2023, 05:05:13 AM

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.

Well it depends on a state and country due to their cost of living. $15,000 is big enough for us who's living in Asia, you can buy a land or simple house and lot here in our country. With that, I suggest to used the half for business and the other half is for savings since we all know that building a business even if it's small or big, it will cost big risk and the potential of failing is always in there. Not being a negative thinker but It's better to think ahead of time so we can have a back up plan for the future.