RE: SEC-S20W2 | My Business Ideas |Capital Management.

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RE: SEC-S20W2 | My Business Ideas |Capital Management.

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dove11 (77)in #dtt-sc20w2 • 4 days ago

Thanks for sharing your post in "Dev's Teaching Team"

Here are the feedback and evaluation results:

Point 1. A business with your mother-in-law is perfect since she was looking for extra income and a reliable business partner. Your initial investment seems okay. Do you need an import license for buying utensils in bulk from China or do you buy them in small quantities? Have you local business websites in your country where you can list your items and deliver them to your customers? A website of your own is not a bad idea. 1.9/2

Point2. That's right, a person in business knows whether they are earning profit or going in loss especially if it's a self-run business and at your level. Your management training must have helped you too. 1.9 /2

Point3. I agree, when the loans attract high interest rates and you have your resources you need no loans but if the policies were favorable like in most parts of the world, would you consider expanding your business by obtaining business loans? 1.9 /2

Point4. I am interested to know about the ownership of the house your sister lost and where she took the loan against her house because taking a loan against a house is a long procedure involving valuers, bank officers, and other professionals. If you have a close family member who can support you nothing better than that as you mentioned your sister. 1.9/2

Quality 1.8/2

I wish you a nice trading experience.
Score 9.4/10

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Checked by <@dove11>

4 days ago in #dtt-sc20w2 by dove11 (77)

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chant (78) 4 days ago

I appreciate your time reading through my post and giving timely feedback.

Do you need an import license to buy utensils in bulk from China or do you buy them in small quantities? Have you local business websites in your country where you can list your items and deliver them to your customers?

Of course, you need an import license but I use my friend's license and shipping address to import. Though I pay him for that it is less expensive as compared to my going in for a new import license. There are no trusted sites in Cameroon where I can list the items and deliver them to my customers. I prefer to create my own website and manage it myself.

if the policies were favorable like in most parts of the world, would you consider expanding your business by obtaining business loans?

As I said, we live in a conflict zone and running a business on loan is highly risky and you can lose everything within a short time. I try to minimize the risk and I will still not go in for a loan even if the loan policies were flexible. I would rather prefer to loan money from my elder sister than a loan from a bank.

As for the loan my sister-in-law took, her husband was in a different region of the country hustling and the house was bought by my sister-in-law. The house documents indicated that was her property and the husband was not aware of that. Also, there was no marriage certificate to prove that she was married. They had not yet legalised the marriage. She took advantage and bought the house without her husband's knowledge. The husband was supporting her with house rent knowing that she was a tenant not knowing she was the house owner. The husband knew about everything only when she collected a loan and was scammed and the bank had to liquidate her property to recover the loan. He was angry and abandoned her and got married to a different woman.

$5.11