If their business fails, won't they lose their home and everything they own?
2006-12-09 05:49:26 · 5 answers · asked by Anonymous in Business & Finance ➔ Small Business
Oh yes, LOL, not a wise idea however there are no real training or education courses to educate potential entreprueners in what is wise or not. We just know we can do it.......so we hawk everything we have, if we fail a few times, well thats ok, at least we had the balls to try and not just sit back taking the easy way. I have been told by some very successful wealthy people that I will do fine and that if this endeavor doesn't work out, not to worry the most successful people in the world have failed before they made it. I really should go into doing seminars in the off season...perhaps I will, wanna do it with me?
2006-12-09 06:15:45 · answer #1 · answered by WitchTwo 6 · 0⤊ 1⤋
Yes they do, and that's why most start-ups fail miserably. Not knowing what kind of plan you might have, let's cover the financial basics, since that's your question.
-First order of business, establish your risk threshold. Decide how much money you are prepared to lose (and can recover from) and at what SPECIFIC FINANCIAL time you will quit if it's not working.
-Next step, write a business plan. Don't know how? Easy to fix. Get Business Plan Pro Premier. It's a couple hundred bucks and will walk you through the entire process. Do not be an optimist when you fill out the program or you'll be a seasoned cynic two years from now.
-Assess accurately if you have the financial ability to complete your business plan. This is the single most important decision you can make aside from determining if you really posess the Entrepreneurial spirit.
-Incorporate your business and place your personal and real property into trust prior to the onset of the business. This will protect you from creditors should the business fail. Do business ONLY as a CORPORATION and do not co-mingle funds with the trust. See an attorney and accountant that specialize in trusts.
I am a professional Entrepreneur. It's hard, really hard. Remember "Invention is 1% inspiration and 99% perspiration". Be sure you are driven towards Entrepreneurship, not away from un-fulfilling employment.
2006-12-09 17:04:59 · answer #2 · answered by Rick R 1 · 0⤊ 0⤋
The people who do that usually fail, unless they had a lot to mortgage. Business ventures require deeper pockets than most people realize.
2006-12-09 14:12:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Some people do. But it can be a mistake. The key is to not take risks recklessly but strategically.
2006-12-09 23:26:06 · answer #4 · answered by the wise one 2 · 0⤊ 0⤋
yes, but you can't succeed big unless you risk big....and pray really hard that it all works out.
2006-12-09 13:56:40 · answer #5 · answered by dragonberry_huckefly 3 · 0⤊ 0⤋