Factors to consider before starting a business!!

[Hanadawa]

I agree with your view, it's better to avoid bank loans when starting a business. It's much better to start with a small amount of capital. Even if you've thoroughly analyzed and mapped the market competition, the reality is often very different. Banks won't tolerate it, they'll demand your loan when it's due. Meanwhile, if your business stalls for one reason or another, you're still obligated to pay off the debt. Simply put, it's better to borrow from family or close friends and work out some sort of profit-sharing agreement.

When starting a business, don't get a bank loan. The bank will give you a loan, and you'll have to pay monthly installments and interest. But starting a business often comes with many challenges. Your business might not perform well in the beginning, but the bank will still ask you for installments. A bank loan will be useful when your business is stable and you need money to expand. I've seen many of my friends take out bank loans when their small businesses are stable and need quick cash to expand.

[WatChe]

In modern economic theory, the factors you mentioned are indeed the primary determinants of business success. However, I believe that an internal factor originating from humans is also very important, namely honesty. Honesty is crucial. Clients will greatly appreciate the honesty and commitment offered in every product sold. Consumers will be highly attracted to the products being marketed because they already trust the commitment given based on honesty. I believe that honesty is the most important asset in today's modern business era. Despite rapid technological advancements, honesty remains a key factor in business.

Business whether small or big can't get success if it's not run with honesty. People these days are busy and they have limited time to do research that which business is delivering the right product. Like if you are running a business of fish selling and you do your work with honesty that you only supply fresh fish to your customer while refuse to sell them, if fish is not fresh. In such case, clients will always come to you because they have developed confidence in you. Once you win confidence of your clients and continue to run your business with honesty then you are deemed to get success.

[SquallLeonhart]

When starting a business, don't get a bank loan. The bank will give you a loan, and you'll have to pay monthly installments and interest. But starting a business often comes with many challenges. Your business might not perform well in the beginning, but the bank will still ask you for installments. A bank loan will be useful when your business is stable and you need money to expand. I've seen many of my friends take out bank loans when their small businesses are stable and need quick cash to expand.

That is not entirely a true way to approach. You could always get a loan when you start a business, but how you will do depends on something else and not the loan.

Just because you have payments to bank every month doesn't mean you will do badly, you could always do decently too, and even on early days you could always make some money, and if you are getting a loan from the bank, you can get credit card too, and make expenses from that credit card, and pay the loan with your revenue and that way you will switch your debts back and forth and sustain until the business does well. The reason for not starting a business with a loan should be if you do not trust it enough, if you do think it's going to be great, then loan is not an issue.