Food for thought;

Dr Banabasi Marambire

After my previous post, I received feedback and questions. Unfortunately, because of time, I will not be able to answer individual questions. I have decided to take 13 days teaching about money. Let’s try to learn something here. Don’t miss out.

Money Mistake #1

Never borrow money that accrues interest to start a business. That is to say, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest. Ask yourself this question: “What if the business fails, how would you pay back the money?”

Money people are stacked in debt after they borrow money to start a business, hoping that the business will be successful. Unfortunately, it didn’t work out.

So if one is not encouraged to borrow money to start a business, then how can one raise capital. This is my opinion, it might not be a fact but I experienced it and it worked. Every person always has something special. Unfortunately, people don’t like to part with what they think it’s valuable to them. You have a pair of shoes, a suit, chickens, goat, a cow, or even your smartphone that you are using to read this message. Sell what you have to raise capital for business. If the business fails, at least it’s your loss, not other people’s money. You will recover one day.

People are not willing to risk with their own money. They would rather risk with other people’s money, which is a wrong approach.

So please listen, don’t borrow money that comes with interest to start a business. It’s too risky.

Tomorrow, we will talk about “spending”

The C.E.O, Dr