01/05/2024
DO NOT BORROW TO START A BUSINESS!
Do you know why most businesses funded by any microfinance don't progress?
It is not juju! It is not because the microfinance is doing any tricks to draw the business backward!
It is mismanagement!
NEVER EVER BORROW TO START A NEW BUSINESS! THAT BUSINESS WONT STAND!
THE ONLY BUSINESS THAT PROGRESS WITH LOAN IS EXISTING AND ALREADY STRUCTURED BUSINESS!
Let's take Mangu cash LOAN for example!
People go to these companies to borrow money with no idea how to pay back! They think once they start that business, profit will start coming to enable them clear their loans but this is not true!..You don't use loan to pay first rent!
Never use loan to furnish your shop/offices!
Never use loan to feed!
If a business is new and you take loan, you are going to see the business going down.
If the business is already structured and existing, you can easily pay back!
It is not Mangu cash that is doing you!
It is indiscipline, too much expenses and unprepared plan!
When you have idea of a business, start from whatever you have, nurture it to grow gradually!
If it takes you sell on the street to save money for a shop, do it!
Loan only works for an established business!
