Skip to comments.How to succeed in business: Borrow from your parents (Mitt Romney's advice to OH students)
Posted on 04/30/2012 8:21:03 AM PDT by EternalVigilance
Mitt Romney has some simple advice for students who want to start their own business: Just borrow money from your parents.
The presumptive Republican presidential nominee made the suggestion Friday during a pit stop at Otterbein University in Ohio.
(Excerpt) Read more at times247.com ...
Well thats going to get him nowhere .....
I appreciate that he likely meant it is better to NOT go deep into debt when starting out - but telling someone from a working family that is just barely making it from month to month to “borrow from your parents” is extremely naive and just gives MORE ammunition to the liberals that Mittens is nothing but a spoiled rich kid ....
Clueless Joe Biden is starting to look smarter...
I say this an a retired investment banker who has done a fair share of VC deals, particularly at the mez level...most new businesses at the start up level have to hit up friends and family.
Worst Republican candidate, ever.
I’ll bet you $10,000 that he will regret saying that.
The former Massachusetts governor acknowledged the nation's economy was recovering
That’s probably how he intends to run our country, only it will be tax our parents AND borrow from our children.
>> Mitt Romney has some simple advice for students who want to start their own business: Just borrow money from your parents.
Hey, it worked for Mitt! Or maybe Mitt’s daddy just GAVE him his grubstake. Shoot, that’s even better! Ask mom and dad to get you all set! It’s the American way!
(particularly since mom & pop are prolly already in hock up to their eye teeth...)
Getting financing from either your own personal equity (savings, home equity, selling assets) or borrowing from family members is actually one of the first places new ventures are advised to look for financing.
Start-up businesses are risky and bringing in your family as a partner instead of big banks is often a better solution. You have a partner who will work with you, not against you. You also can avoid a bank taking everything and ruining future prospects if it doesn’t succeed.
(note, this is not a plug for Romney, it is just sound advice).
I don’t disagree; however, I echoe Dave Ramsey, who says, “just consider any loan to a family member to be a gift: if you ever get it back, it’s found money. Expecting repayment just leads to family strife, resentment and hurts the relationship.”
Can't argue with that...oh, and it cuts out the "eeeviilll bankers" ;) But, the MSM will have a field day with this, nonetheless.
particularly at the mez level..
Not saying the message is bad, but Mitt's background combined with it, makes him appear to be extremely politically tone deaf.
Borrowing from parents is *so* 1950’s.Getting free $$$ from the government (with a small campaign kickback to the Party in power) is so much more....fair.The second option,of course,is what “the 99%” claim the right to do.
what ever happenned to “get a job and work your way through colege”?
However there are some parents who know how to drive a hard bargain (because they know it's good for the kids) and demand loan agreements and/or ownership rights.
After all, bidness is bidness!;-)
[ Worst Republican candidate, ever. ]
I mean there is some truth to what he says, but damn it is like Mitt is missing the “Tact Gene”. Regan was a full blown sufferer of a massive outbreak of “Tact Genes”.
Mitt isn’t even a carrier....
Well, considering that Romney’s support of bailouts amounts to borrowing from our children, maybe the kids are just getting it back?
Steve Jobs started Apple in his parent’s garage.
Michael Dell started Dell Computer in his dorm room at the University of Texas, with financial help from his parents.
This is a historically common practice, it has it’s risks (if you fail); but a family member who has the money, may be a better alternative than a bank in many cases. Lower interest rates - and freedom to run your company with minimal oversight.
That said, the MSM is going to parse and selectively edit every word Romney says.
We've started falling into the trap of trusting what the media gives us as a headline versus digging into the article. The phrase "Just borrow from your parents" isn't a parenthetical quote in the article (ie, Mitt didn't use that phrase, that is a reporter's translation of what he said). The actual quote is: "We've always encouraged young people: Take a shot, go for it. Take a risk, get the education, borrow money if you have to from your parents, start a business.
This isn't plugging Romney, just trying to get us back on the track of critical thinking about what the media spoon feeds us. I've noticed we've started reacting just to headlines and trusting the story the MSM delivers versus looking for the reality behind it. WWBD (What Would Breitbart Do?)
Good f****** grief!
RINOmney is beyond “vapid dorkiness”.
We have to get a real male, with real cojones and a functional brain as our nominee if we want any chance of defeating the Cretin-in-Chief.
The only person that I hate, dispise, loathe, and f*rt in the general direction of more than the Obamaloon is RINOmeny.
Really, America, are these two dorks the best we can do?
Hell, go to any of out military academies and you’ll get much higher quality. (Carter excepted...even academies make big mistakes occasionally.(
So will many others while barry obama is still touring those 57 states
And banks don’t lend to start-ups (no collateral/high risk).
I think that it would be very helpful to know that the original poster of this article is running for President.
The problem is, Romney is yet another dynastic politician. And it's easy for people to tell Romney, "Easy for you to say, bucko, my dad wasn't a former governor and auto executive. What about those who weren't born with a silver spoon in our mouth?"
In politics, it's just as much measuring what you say as what you do say. And Romney keeps screwing that part up.
Whether he's technically right or wrong doesn't really matter. What matters is how it sounds to the public...and Romney has a tinniest of tin ears.
In politics, it's just as much measuring what you say - before you say it - as what you do say (Rick Perry learned that the hard way). And Romney keeps screwing that part up.
or maybe Venture Capital ? Isn’t that what’s being discussed here?
This statement... just like mitt himself... is a disaster.
“Just borrow money from your parents”
I tried that. They said “Aaah No!” So I worked in the corporate structure for 23 years and then started the business out of my savings. Worked out OK.
Yeah, well, better that than to take from the taxpayer.
That’s what I told my children — better to borrow within the family if you can. Of course, you have to be a strong family to pull it off, but people who have grown up in strong families don’t really think much about how it is for people who don’t.
Well, Romney does that too. He's still a "cover-the-road" politician.
What a Dork!