Dele was just relieved of his duty in his place of work. He works in a printing press, he is one of the important workers there, but because of the impact of COVID -19 on businesses, the printing sector was also affected and his company was not left out.
This made his company to make the difficult decision to let go of some of their staff while the rest take a pay cut. Unfortunately, Dele was among those who were let go.
Dele has always aspired to have his own printing press company, and he thinks this is the best time to start since he knows the job so well, he believes he can be successful in the business.
His major challenge is how to raise capital to start the business. He has two options; one is to look for a co-partner that will provide the capital needed to start the business.
And the second option is to take a loan from his bank and pay later with interest. Both options have their advantages and disadvantage.
If he goes for “co-partner that means he won’t have total control of the company and if he takes a loan from his bank the interest rate charges might be a burden to him and the company.
If you are Dele, which option will you go for? And tell us your reasons? Say something.