strategy vs. entempered habits?

[pogi]

30 minutes ago, Ahab said:

The only debt they approve of, I believe, is for buying a home (backed by the home as collateral)., possibly also for a college education (which these days isn't backed up by much of a guarantee but still is better than none). 

You would be very wrong!

Apparently you are not familiar with the Church's self reliance services.  Here are some links for you to research about starting a business and loans etc. :

https://www.ldsjobs.org/ers/ct/articles/funding-a-business?lang=eng

https://www.lds.org/media-library/video/chapter-9-how-do-i-know-if-i-should-use-a-loan-to-grow-my-business?lang=eng

https://www.lds.org/media-library/video/2014-06-1710-get-a-loan?lang=eng  

https://www.lds.org/topics/pef-self-reliance/lenders?lang=eng&old=true

Quote

Find lenders in your area that are most likely to offer business loans on reasonable terms.

https://www.ldsjobs.org/ers/ct/bc/ldsjobs/content/english/articles/the-self-employment-workshop-can-help/pdf/SEW_ParticipantGuide.pdf?lang=eng

 

Edited July 5, 2018 by pogi

[Ahab]

1 hour ago, Calm said:

So if a grocer invests a lot of money, it can be a sin if he goes into debt to do so but not if he gets others to invest (they are often called "angels") in your view?

I know several instances of new business startups where the owner went into personal debt to start a company whose end product would produce lifesaving tests and/or medication that were new to the industry and therefore required clinical testing and refinement and jumping through government hoops to get to the production part.  They could get out of debt only by producing enough of a prototype to attract investors who then took most of the risk (and a lot of the profit if it succeeded).  But because he went into debt to do so, you see that risktaking as spiritually destructive, right?

My husband teaches Entrepreneurship at universities, so I have met a lot of entrepreneurs.

I believe there can be such a thing called an implied guarantee of return, at least in some situations.  The guarantee in those cases isn't foolproof, as some contract negotiations can be, but there can be such an obvious need for a product coupled with an obvious demand/desire for that product that there are very good grounds to believe the product launch would be successful enough to cover the costs involved in bringing that product to market.  I would probably not refer to that as gambling, though.  Gambling involves a lot more than just taking a risk.  The main thing that makes gambling "gambling" to me is that there is NO or VERY LITTLE guarantee of a return on the investment.

Any business where it's more likely for a business owner to be hit by lightning twice in the same day than for the business to succeed is probably best avoided.  Heck, even being hit by lightning once would be too much of a gamble for me.

My dream business is to someday start up either a cabinet shop or a remodeling business, like my Dad did when he was young.  A business I have some experience in, as I helped him often in his business.  And if it doesn't work out for me at least I will still have a nice wood shop with all of the tools I need to build cabinets and other things involved in building a home.

Edited July 5, 2018 by Ahab

[Ahab]

15 minutes ago, pogi said:

You would be very wrong!

Apparently you are not familiar with the Church's self reliance services.  Here are some links for you to research about starting a business and loans etc. :

https://www.ldsjobs.org/ers/ct/articles/funding-a-business?lang=eng

https://www.lds.org/media-library/video/chapter-9-how-do-i-know-if-i-should-use-a-loan-to-grow-my-business?lang=eng

https://www.lds.org/media-library/video/2014-06-1710-get-a-loan?lang=eng  

https://www.lds.org/topics/pef-self-reliance/lenders?lang=eng&old=true

https://www.ldsjobs.org/ers/ct/bc/ldsjobs/content/english/articles/the-self-employment-workshop-can-help/pdf/SEW_ParticipantGuide.pdf?lang=eng

 

Thank you for the links.  I think I agree with their message. I don't have much I can afford to lose and I would prefer to get as much of what I need for my business first before try to attract customers/clients. I still have a lot of wood shop tools I need to get.

The less I borrow the more of a chance I will have to succeed.  People still teach that concept in business schools, I think.