There are many ways of acquiring a business. The most common ways include inheritance, starting a business from scratch, franchising and buying an existing business. Each of these has their own merits and demerits, for example, when starting a business from scratch, the chances of failure are considerably high. The individual may lack even basic management skills to run the business successfully. Some people become impatient and abandon their businesses for other economic activities which they believe are more profitable. Starting a business from scratch requires careful considerations on the potential risks to determine the ones that pose a good opportunity. Inheriting businesses mostly applies to the individuals raised in wealthy backgrounds.
Vinod Gupta is a living inspiration to many people who come from come from poor family backgrounds and look forward to financial freedom. Vinod Gupta is the Chairman of Everest Group LLC in Omaha, Nebraska. He was the founder, chairman and chief executive officer of InfoGroup, a technology company and started the Vinod Gupta Charitable Foundation.
One of the main causes of business failure today is lack of adequate and affordable financing. Many young entrepreneurs shy away from starting businesses due to the fear that they may be unable to repay loans. However, Vinod Gupta encourages them to take risks as this could end up being their big break. In some countries, the interest rates discourage borrowing by small-scale entrepreneurs. According to a research, a majority of young entrepreneurs also lack collateral needed to borrow funds. See This Page for related information.
Vinod Gupta obtained his higher education from a recognized institution where he specialized in business administration. The skills have been instrumental in Vinod Gupta’s businesses, his patience in his work has seen him rise to be a prominent businessman. Young entrepreneurs should learn from this, most of them expect their plans to work within the shortest time, failure to which they give up. He acknowledges that he learned a lot from the places he worked, the skills have enabled to understand the various business dynamics. (Read more about Vinod Gupta on Vinod Gupta: Indian-born American Businessman, Investor, and Philanthropist).