“Money never starts an idea; it is the idea that starts the money.” – William J. Cameron

Let me begin with a wonderful quote from William Cameron which every start up entrepreneur should always remember. At every stage, business needs adequate finance. Even if you have just started your business, you need business capital. When the business is established, you need money for altogether different purpose but when you are starting the business, you need money to establish & buy basic things that is absolutely required to start your business until sales start generating enough income. You may have to pay security deposits & monthly rents for your premises, buy basic furniture, computers, telephones and so on.

There are various sources of finance that entrepreneurs will look at, while venturing into the business.  The very first resource an entrepreneur should look at, is from their own Personal Resources.

When I say, the initial seed funding should come from your own “Personal Resources”, the very first source, any startup entrepreneur would think is from his own “Personal savings”

 

From Your Own Personal Savings

This  is  the  mother  seed  of  all  your  ambitions,  aspirations  & business dreams. The very first resource when you are starting your own business should come from your own money. Your own money means your personal savings.    When I say, personal savings, it is from your savings bank account or it could be from the cash whatever you have in your hand.

If you are not investing your own money into your business, then who  else  will  &  why  should  somebody  else  invest  in  your business?  Hence, it is needless to say that you should invest your own money first before asking anyone else to invest or trying to find out other resources where you can get business funds.

Personal Savings is the most commonly used fund to start any business venture anywhere in the world. Since, it is your own money, it does not require or involve anybody else’s permission or require any negotiations or written agreements. Moreover you will  have  the  ultimate  satisfaction  that  you  are  starting  your business with your own money and all the risk is borne by you.