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Learn before you leap
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May 11, 2000: 10:37 a.m. ET
When starting an e-business -- or any other business -- experience counts
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NEW YORK (CNNfn) - Dear Jane: My sister and I want to start an e-business that would lend small amounts of money to business owners. Do you think we need experience before we do this?
You will be so much more successful if you have experience and know exactly what to do and not do. You don't say where you live, but there are thousands of micro loan programs active around the world. (These programs lend small amounts of money, usually under $25,000, to entrepreneurs who have a tough time obtaining credit elsewhere). I would suggest finding the one closest to you and making an appointment to meet with the managers.
Some micro credit programs are operated by banks, others by trade associations, economic development organizations and international groups like the U.S. Agency for International Development.
You may be able to work jointly with the program to put the application process online. Or track the progress of the loans and payments made for the group managing the money.
Always learn as much as you can on someone else's time and dime -- before starting any new business venture.
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ApplegateWay
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