This week in class we talked about funding a business. I loved reading the article “Start Ups on a Shoestring.” It helped me realise that an entrepreneur does not have to use lots and lots of money for some businesses. I know there are some businesses that do require a large sum to start up, but the examples in this article showed starting a business for about $100.
I also liked talking about how entrepreneurs can stay out of debt. For me this is important. I am terrified of going into debt. I know it is some times necessary in order to purchase houses or for school, but those are all things which will be useful to you in the future. When starting a business one hopes it will have more worth in the future, but there is no guarantee, and so going into debt for it is a bit of the risk.
This week I had the opportunity to plan how I will fund my business for my $100 Challenge. This part was fun for me because I love planning. Now I know exactly how much I need to start my business (keeping it within the $20 capital of course), and exactly what I will use that money for. One of the reasons I love planning is because it gives me more confidence about the future. Not every plan works out exactly, but now I have a guide to help move me forward.