Where There’s A Will, There’s A Way… For Entrepreneurs

posted in: Business | 0

borrowing money

Money

What topic conjures up more emotion, positive and negative? Which subjects stimulate more provocation than those regarding the “almighty dollar?”

As an entrepreneur, or an aspiring one, you face a history of convincing statistics that clearly show you are more likely to fail than to succeed. Why? Typically even the greatest ideas fall to the wayside because their executors simply run out of cash.

The Small Business Administration will verify this for you if you ask them.

All that aside, as an entrepreneur, you don’t care about those statistics. You have a burden in your mind and heart that just won’t go away. You’re not going to let a silly hurdle like money prevent you from pursuing your dream.

So what are your options?

For the typical startup entrepreneur, here are 5 of the most common sources of funding that are taught and leveraged by those in this exciting community:

1. Your own money (bootstrapping)

PROS

You have no creditors, investors or partners to pay back at a multiple of what you borrowed. There is no one telling you what to do and how to do it. Bootstrapping usually is an ideal funding method for the beginning stages of company growth.

CONS

If you tie up, or lose, your own cash, you may not be able to take care of your basic personal needs. It could also be detrimental to your credit rating. Or, you just may not have enough money to fuel the growth of your business.

2. Friends and family (labeled as many venture capitalists as “suckers”)

PROS

In many cases, those close to you will not scrutinize every little piece of your business plan, vision and ideas, as a bank, investor or partner would. They may not even charge you interest.

CONS

These should be obvious. It’s hard to ask people you know for favors, especially money. If your business flops and/or if you are irresponsible with their money, it could hurt or even destroy your closest relationships.

3. SBA or other traditional bank loan(s)

PROS

Pretty favorable and flexible terms and rates.

CONS

Requires an exhausting amount of documentation and red tape. Usually takes a few months, of not longer, to actually get funds.

4. Angel Investors and Venture Capitalists

PROS

Access to large amounts of money (well into 9-figures). Oftentimes, angels and VCs provide highly valuable networking connections and a plethora of business advice. The founder typically retains creative control, as the investors’ ownership interest is usually less than 50%.

CONS

You will be required to give up a portion of your equity and/or profits indefinitely. Your chances of receiving funding from a professional investor are low, and the process of preparing, pitching and getting rejected by them is exhausting and time consuming.

There is another viable, but little know, funding source available to certain entrepreneurs, which you don’t generally hear about in this startup community, probably because providers of these programs are relatively new to the market, and there are way less of them than SBA lenders, Angels and VCs.

5. Unsecured business lines of credit.

PROS

No collateral. No financial documentation is verified (based on projections). Fast turnaround times. 0% interest rate to start. No set payback period (revolving credit). Funds can be used for any business purposes without reporting or restrictions. Lines do not report to personal credit profile. No out of pocket costs. Great option for early-stage funding, or alternative if investor funding is not available.

CONS

Requires excellent personal credit (720+). Consists of 3-5 accounts with different lenders, so multiple monthly payments need to be made. Limited to about $150,000. Extra step if you want to consolidate and liquidate lines into one bank account.

Entrepreneurs like Nimeskern are the epitome of the saying, “where there’s a will, there’s a way.” One way, or another, if you have a vision and a burning desire to build a company or product that changes the world, or even just provides solutions to unmet needs of consumers in your community, (lack of) money will not stand in your way.

Health insurance

posted in: Insurance | 0

Why Online Research for Health Insurance is Needed

The instability of the economy as of the moment makes it hard for you to secure some of the financial responsibilities that you need to settle. In connection with this, there are some areas in yourself that needs to be secured for future benefits. One of these areas is the health aspect. As of the moment, there are already a lot of individuals who are paying close attention to the security of their health. This can be achieved by means of availing of the health insurances offered by some insurance companies.


There are instances that wrong decision when it comes to the health insurance that you want to avail of will just waste your investments. Because of the increase in the needs of the people in securing the health aspect of their lives, there is also an increase in the number of sites in the internet that will take this opportunity to make money with offering faulty service. Oftentimes, you will be offered with cheap prices for your health insurance.

Because of the cheap investments that you will encounter, there are a lot of people who are trapped. The tendency is that they avail of these health insurances. At the end of the paying schedule, one will just find out that there is just a limited coverage of the services that will be shouldered by the wrong health insurance services.

What happens when there is a wrong insurance service that you encounter is that by the time you suffered from a health problem, the financial resources that you might use are limited. Most of the time, the health insurances offered with less coverage will only cover a certain amount, like a part of your hospitalization and medication expenses. When in fact, there are available insurances out there that will help you shoulder all your needs when you suffered health problems.

One of the best ways in order to avoid affiliating to the lousy health insurances available as of now is to make an online research with the most appropriate health insurances present. This is one of the key functions of internet since you can view the credibility of the insurance agency offering the health insurance you prefer.

Basically, you can measure the reliability of the insurance service with the aid of testimonials. These testimonials are always posted in the internet. These particularly tell you the exact experience that the previous customers of the health insurance agency experienced.

Apart from this, you must also check the terms and the conditions being imposed by the source of the health insurance. These are usually available online when you have typed the keywords essential and right after you have viewed the corporate site of the health insurance provider.

Specifically, you must also be familiar with the payments involved in health insurance. Aside from that, you must also read more about the coverage of the health insurance of your choice. See to it that the scope of the health insurance that you target will cover as many areas as possible when it comes to the problems in health that it shoulders. It is much preferable when you have settled on a cheap health insurance with great benefits.