I have been getting questions from people that we do not have money so can we get loan? How to get loan? I have been saved from doing a big mistake because of which I could have become bankrupt and this would give you the answer to these questions.
Listen to the entire incident here (from 1:44 min).
So here are a few learnings you must take from the incident that happened with me:
- Do not take loan (from 7:52 min) – Take very small steps and start with small investment. You may keep a partner, take out your shares or ITO but avoid taking loans. Even if there is a need of loan, take only a small amount.
- Never place all your eggs in one basket (from 9:08 min) – Whatever savings you have, whatever loans you take you put them entirely on a single thing which should be strictly avoided.
- Never show your excitement (from 9:50 min) – If you hide your excitement, you can negotiate better. The minute you show your excitement, the other person will be able to judge and would charge you higher.
- Strike a balance between positive and negative attitude (from 10:45 min) – We often let go of many deals because of ego.Neither have too much ego, nor too less. A good businessman knows how to keep a balance.
- If you are into production or you are a manufacturer, then always take small steps (from 11:40 min) – Do experiments, research and development. This may be expensive in the beginning but in the long term, it will give you more profit.
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Learn from your mistakes, learn from others’ mistakes and avoid doing them in future.
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