The plan of setting up a small enterprise gives most of us numerous reasons to worry and think why it would not be possible. Out of the bunch, the most important reason picked by most people is that how will the project be financed. Decades ago the situation was really bad when there were limited options for getting a business financed. But with the advent of technology and better global connectivity both physically and virtually, the situation is totally reversed. Today banks and financial institutions are flooded with schemes and plan to loan different business-related projects.
The major reason for lack of motivation in many competent people with the entrepreneurial mindset even today is the lack of awareness or proper knowledge on the different public and private schemes available. However, having knowledge alone is also not enough; for ensuring investment a lot of work needs to be done from the aspiring entrepreneur’s end, in terms of getting an effective business plan and strategy in place, estimating the cost of business, time to achieve break-even and more. Lack of understanding of one’s own business reflects lack of confidence which is why most investors and institutions hesitate to invest even if the business idea is exceptional.
Here, I am bound to raise concern over the dichotomy that exists between the personal and business income of an entrepreneur many a time. At this point, it is integral for SMBs and entrepreneurs to maintain their books of accounts and balance sheets in order to take care of profitability. Personal and business wealth always need to go in tandem when one is looking for a long-term and steady growth.
You may look for “The Legendary Series of 7 Hats”
Hat 1 – SMB/MSME Specific, Sprint-1 – Banking and Finance Options with https://www.youtube.com/watch?v=1RqjJWfyolg&t