One of the things every business person should understand is that when it comes to doing business and the need to expand to another level it will be inevitable to go for loans,provided the balance sheet and revenue can take care of such loans.
Tight Budget
- Thread starter bharath
- Start date
If you want to start a business it is better to have the adequate capital because if you don't, your effort may be wasted. It is better for you to until you have reasonable amount of money to get started or start little.
Gaining capital is not the only thing that you may need. Many people have a very low amount of capital ,but they still succeed because they are really good at starting with small.
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Definitely, capital is not the only thing you need to succeed in a business venture because you need proper knowledge of how the business works. You also need a very good location and good employees.
Apart from having knowledge, you must also have a mentor who could provide you with the right kind of advice and solutions to the problems faced by you.
Probably, having a mentor is very good in any business venture because people who do mentorship are very knowledgeable about so many businesses.
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Frankly speaking I think that in any financial transaction one conducted in a business You will need to try your possible best and ensure that you get a mentor who will guide you in what you are doing the budget and financial status of your business need proper mentorship.
Yes, getting a financial mentor is very important and necessary if you are venturing into any business. A mentor will also help you to plan your business properly and in that case you will know the amount of money to budget. The importance of a mentor is numerous.
First time you are handling home budget so its look harded, in fact every middle class family face this problem, month end before their budget ends,don't worry 1or 2 months after you knows which item necessary are not, cut them in next month in this way saves some money this money helpful for other needs.
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I think that a mentor may guide you about specific business only. So, it is much better to hire the right kind of mentor who specialises in that particular business.
Specialization is one thing you need to consider before you hire a mentor. Of course, he or she need to have a track record of success in a particular business venture before hiring. If there is no track record of success then it is a no no.
Actually sometimes it feels so stressful but I assure you if you are running both online and offline business, to a greater extent things sound so easier and simple because the money earned online can be used to support offline too.
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This is why there are many firms that have a mentor who guide people. When it comes to generating revenue, the experts and other kind of professionals like mentors play a key role when it comes to helping the company to generate profits.
Yeah, smart businesses always have mentors employed in their business environment. This is because they will help them to make robust decisions when it comes to the issues of running businesses.
Actually budgeting is really good but one thing I know about it is that not everyone can undergo budgeting because to some extent it's can really limit you in engaging into some kind of transaction.
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I do both online and offline businesses, and I've found that they're actually pretty complementary. For example, in my online business I sell shoes. I have a website where you can buy them, but I also have a brick-and-mortar store that I use as a showroom. If you come in the store to try on shoes and then buy them online later that day, you'll get free shipping.
This has been really helpful for me because it's allowed me to reach customers who might not have known about my business otherwise. And if someone comes into the store but doesn't find what they're looking for there (which happens sometimes), they can still order from me online without spending any extra money on shipping fees.
Managing budgets in a business is actually something that is hectic but then I will advise you that you should still continue with your plan and start small instead of trying to collect a loan.
One of the things that cn really help you as a business entity is that you should not get involved in a loan package especially when the operations of the business has not been well structured,you just manage with what you have.
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Mentorship is truly really crucial and it plays a very important role when it comes to making a business successful. Having said that, I have seen many people who work without mentors.
Of course it is hundred percent possible for you to succeed even if you do not have a mentor. Since I started working on the internet I have not had a direct mentor but I am actually making money.
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