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Justification in Asking Family and Friends to Fund Your Business
1. Family and friends are rare source of funding for startups.
2. When family and friends fund your business, keep them in the know of your progress.
3. Family members who do not wish to help may try to demoralize you.
4. Make plans to payback whatever you have borrowed.
5. Family and friends may not ask for interest.
6. Never ask for funds from family and friends under any rigid condition.
7. Borrowing from family and friends may put a strain in the relationship.
8. 63% of the entrepreneurs self-financed their businesses.
9. To be hopeful for funds from family and friends is more likely to end in disappointment.
10. Have a good business plan before approaching family and friends for fund.
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