Gereng, you have a pretty simplistic understanding of what it takes to start a business, especially your take on borrowing money. Ya, just drop off the business plan and pick up the money on your way back?! Few banks even lend money for start-ups, you need collateral, you need experience in the industry, you need projections that make sense and the ability to explain how you arrived at the projections, and you need to sell, sell, sell your business plan to the banker. I've been employed in commercial banking for over 30 years and have been able to obtain approval on maybe 8 - 10 startups. Even with a SBA loan guarantee, banks are reluctant. Why? Because of the high failure rate. There are resources for those wishing to start their own business - SCORE, Small Business Resource Center at PCC, OAME - but a person has a steep learning curve to convince a bank to lend funds for a startup. Some of other the other issues you mention, such as tax and government licensing can also be difficult, and if you make a mistake in regards to them (especially taxes) you can find yourself in a very bad situation very quickly. Starting a business is not for the faint of heart.
posted 2 years, 11 months ago
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