The NECO Business Tips

Keep Watching for More Valuable Information on Business Start-up and Expansion!

Do You Have What it Takes to be an Entrepreneur?

The word Entrepreneur comes from the French "entreprendre" meaning to pursue opportunities, to undertake, to fulfill needs and wants through innovation and starting ventures". Regardless of whether your business is a stereotypical "entrepreneurial" venture, you should give consideration to whether you have some of the attributes typically displayed in successful entrepreneurs. An ectrepreneur is (among other things) someone who takes initiative, assumes control of organizing resources, is willing to take a risk, seeks uncertain rewards, has a drive to expand, innovates and adds to what others have done.

In order to truly succeed, your personal goal cannot be solely the making of money. A personal drive for satisfaction will be much more beneficial. You must also remember that entrepreneurship is one of the most difficult and challenging career choices. Determination and hard work are necessary for you to overcome the trials that will inevitably result. A NECO staff person may be able to provide you with a self-assessment test to better determine your entrepreneurial tendencies.

Top 10 Things To Do Before Applying for a Business Loan

1. Ensure all of your historical financial information is up to date.
2. Calculate your personal net worth to see if you have any personal collateral to offer.
3. Gather all of your company's historical financial statements (is this is an existing business)
4. Gather all of your personal income tax returns.
5. Prepare a projected statement of cash flow for the next twelve months (at least) to show how the loaned funds will be used and repaid.
6. Make a list of all the current creditors of your company.
7. Make a detailed list of all of the company's assets.
8. Select lenders that you already deal with, and understand, companies in your industry.
9. Talk to a lender's representative to ensure you are preparing all of the information they require to make a loan decision.
10. Get advise from a qualified Accountant.

Your Financing Checklist

Please Answer Yes or No to the Questions Below

1. Have you determined your potential return on investment in this businesses?
2. Is it an acceptable figure?
3. Have you determined the amount of capital you need to start your business?
4. Have you determined how much capital you can raise on your own?
5. Do you have enough ready cash to pay your bills during the early months of the business?
6. Have you allowed for the following expenses in your financial planning?
Rent
Supplies
Utilities
Equipment
Furnishings
Licences
Telephone
Wages and Salaries
Employee Benefits
Inventories
Advertising and Promotion
Professional Fees
Transportation
Tax
Interest
7. Have you allowed a reasonable income for yourself?
8. Have you determined and obtained your borrowing requirements?
9. Have you established a credit rating?

Created on 02/08/2006 01:05 PM by steve Updated on 07/16/2010 10:54 AM by paspin_lecour

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