Oh Crap Situation 3
You’re 19, you have the perfect idea for a business, but you have no investors. You need a front of over $50,000 to get your business started (which is pretty cheap), but the only people from whom you can ask money is your family. Like any business, you aren’t 100% sure if it will take off, but you can surely throw a great pitch. As much as your parents love you, they ask for a return of the exact value that you have been granted (once the business starts, that is). You then figure out you are in way over your head and need another loan from your parents.
After asking for another $50,000, you’re given $25,000. Do you take the money and work from there or do you take out a loan and worry about interest? What kind of risks are you willing to take with money that comes from family?
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POSTED IN: "Oh Crap" Moments, Young Entrepreneurs
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