Ray Cecil Iii wrote:GREAT ADVICE MIKE. But its always better to NOT borrow and make a profit with your cash. You stand to loose your cash still, but at least you don't owe anyone anything.
Michael Cox wrote: Shortage of capital for stock was holding her back. She borrowed £10,000 from family (having first proved the potential of the business with her own cash and time) <...>
Key here is that she had proved the concept, had a clearly defined purpose for the cash (web development and stock purchase) and borrowed what she needed and no more. <...> I would say she had the risks well in hand, and still had the income from her day job if everything failed.
Michael Cox wrote: Now that may be outside your personal risk tolerances <...>
Mike Cantrell wrote:
Your friend has a plan that's ALREADY working.
Young Permie barely has a plan at all, let alone a detailed plan, or better yet, a proven plan.
Your friend has another income source.
Young Permie is quitting his job to risk everything on this new venture.