i think the main finance issues on a business venture ideas is that even if you think you have a great idea, you have to be able to convince other people that you idea is worth it. if your target consumers aren't willing to pay what you need, this will ultimately affect your personal finances. when budgeting what you need to make, you obviously are taking in to account how much you not only need to run your business, but what you need to make as a salary in order to live your life. if you do not make enough money to pay your home electric bills, buy groceries, etc. then this definitely is impacting your personal finances.
another way personal finances may impact your business venture idea is if you plan on starting your business via a loan, but your are in debt or have bad credit, this may affect the type of loan or amount of money you are able to get to start your venture.
In addition to what Susan said, I would say that one's personal finance habits might be model for how they're going to run their business. In other words, someone who cannot keep up with their personal finance at all may not be the best choice to run finances for a business venture. This of course isn't always the case, but I think it could be quite indicative.
ReplyDeleteI know people have lost some of their personal finances to entrepreneurial ventures, but that's the risk we must take. I think if you can budget yourself, at least you'll have a backup plan for any losses you are going to endure.
Personal finance is always going to be part of the overall picture though, I believe. We should all take responsibility for our personal finances, and I bet we will all benefit as aspiring entrepreneurs.