Entrepreneurs should take less than 10 percent of what they need to build their businesses as bank credit, the Founder and Chief Executive of Coscharis Group Cosmas Maduka has said.
Maduka noted this in Lagos during the 3rd Fate Foundation Annual Alumni Conference held in Lagos.
He said “The mantra in today’s business is to innovate or die, innovation is driven by having the right talent on your hand.
“To stay ahead, small businesses must be adventurous and entrepreneurs in their thinking must be driven by entrepreneurial culture.
“The easiest way to commit suicide is to go and borrow money from a bank when you do not have an established business.
“You can only leverage on bank borrowing and not plan your business on it.
“Bank borrowing should be 10 percent of what is required to do your business. It is better to build your own capital or get suppliers credit.
“Honesty is prerequisite for trust in business. You cannot compromise integrity to succeed as an entrepreneur. I worked with the Japanese who taught me integrity.”