Advantages and disadvantages of using personal savings to start a business.

Subject: Business

Topic: Advantages and disadvantages of using personal savings to start a business.

A potential business person may start a business from their own savings or with borrowed funds or some kind of loans from banks.

Advantages of using own savings:

1. If the business takes off, a business person may make sufficient profits from the business and recollect their initial investment in the business.

2. There won’t be any kind of insecurity to repay the amount to somebody even if the business does not do well.

Disadvantages of using own savings:

1. In case the business does not do well and incurs losses, a business person may have no profits and may lose all their savings.

2. A big loss may make it difficult for a person to lead a life in the face of rising prices.

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