Starting a business is a lot like having a baby. In the initial years it will require constant attention. As the years go by, you will have to nurture and sustain it. You have to aim at making it self-reliant within the span of a few years. Yet, as I have already mentioned, the initial years are tough work. You cannot afford to shirk your duties as an entrepreneur in the first few years. You will have to work very hard, sometimes round the clock, to meet targets and objectives. Deals will not come easily and you will have to cut down on costs. This will require you to spend much time and effort in finding great bargains for your business.
The initial years will also require you to invest a great deal. At times the money that you require may have to come out of your pocket. You will feel the pinch irrespective of whether your business is a sole trading concern or a partnership.
Sometimes, when cash is required urgently, the fastest way to meet that need is to get a loan from the owner himself. Thus, the business person will advance the required amount from his own savings. This will be treated as a business loan which the organization will have to repay when the...
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