Entrepreneurs must ensure their financial security before they start off. (Shutterstock.)
August 21 was World Entrepreneurs’ Day. On this occasion, many people in salaried jobs must have mulled over their plans for starting their own ventures. Before taking the plunge, however, potential entrepreneurs must plan their finances carefully.
The key challenge a potential entrepreneur faces is building a large-enough reserve that will sustain both his business and his family until his venture starts generating adequate cash flows.
Take the instance of 37-year-old Shahab Alam (name changed on request), who works in Mumbai. Recently, he acquired the CFP (Certified Financial Planner) certification and now wants to start his own financial planning firm.
First Published: Aug 19 2022 | 7:54 PM IST