Does Taking Loan For Business Worth It? The Right Mindset To Start Your Business Venture

Everyone will a different view for this question and this is mine based on personal experience and from the advice of other successful entrepreneurs. 

NOPE! Do not take a Bank loan when you start your business

Everyone thinks that when you take a bank loan you will have the money to launch your business and when it launches off the ground and becomes successful they can pay the loan back

That plan for success may end in failure, everyone thinks of success and wealth when they start a business but no one thinks about failure and poverty

If your business fails, that Loan you took will put you in poverty, you can’t pay it back because most to if not all your money was invested in your business.

Everyone prepares for success and no one prepares for failure.

Don’t take loans at the start and Don’t take funding from family and friends at the start because if you do and things go wrong, you will be a in big big problem.

That loan will force you to get a job, work for years to repay the bank, and then by the time you have some money you may feel its better to give up and just enjoy the benefits your job provides.

If you can’t generate enough revenue to get seed money, how do you plan on generating enough revenue to keep your business afloat?

There are other ways to get going. Yes, you can arrange money from here and there but here's the truth, if you need a loan to start, you might not be ready to have a business.

Maybe you want to argue. Perhaps you wish to say, “But look at the big-shots who made billion-dollar empires with no start-up money!” Don’t do that. You’re not the exception to the rule. Don’t compare yourself to the few successful entrepreneurs who did it.

Why? Because there have been millions of others who tried to do it that way and failed miserably. They ended up with debt they couldn’t handle and failed businesses. How many businesses fail? 20% fail within their first year, 30% in their second year, and 50% in their third year. But not even those who make it to 10 years are safe. 70% of businesses fail in their tenth year. The reason? It’s usually because they didn’t adapt to keep their revenue generation up.

So don’t rush into something that could cripple you in the long-run. Don't go into debt without making a single penny. Learn important business acumen and revenue-generating skills before you start a business. 

What You Actually Need In Order To Start A Business

To start a business, you need to have the ability to market and sell. You need to be able to self-manage and lead. You need to be able to develop systems if you want to be successful as an entrepreneur.

You won’t know everything. Nobody does. So you don’t have to know all the details, but you need to have some fundamental skills.

Learn how to generate revenue first so you don’t need a loan.

So, This Is How You Can Start A Business Without Getting A Loan

So where do you get start-up money if you’re not using a loan? 

From a High-Income Skill. These skills are affordable to learn but have a high return on investment. They’re skills that can yield 5-figure monthly incomes.

High-Income Skills are web development, business writing, web design, digital marketing, creative skills, digital content creation, high ticket closing, and copywriting.

To run one of these businesses, you only need a laptop. They can be done from anywhere in the world, as long as you have access to the internet. 

But what is the key to using a High-Income Skill for the start-up costs of your business?

They have very low start-up costs. You just need to learn the skill and start bringing in clients. You won’t have a ton of overhead and administrative costs. So you can set aside part of your income to go towards starting your business.

But the bonus is that these skills also give you fundamental business skills and acumen. These skills can be the foundation for any business from here on out. And they are revenue-generating skills.


Overall, Get skill and find clients to work with, Generate income. Then learn how to keep generating these income on autopilot mode and then start a business at your own expense to take as many risks as you can to make your business a big success.

Above everything, you really need to have multiple streams of income to get settle financially and then start working on your dream project.

All the very best !!

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