>>220252This. OP's idea has zero chance of working for a poor whose parents can't even cosign a mobile phone let alone a business loan.
Ok, just for arguments sake, your poor but hard working parents somehow get you a 10,000 loan to be repaid in 5 years.
You open a restaurant or business of any kind. 100% of your capital is allocated to equipment, wages and advertising.
It doesn't kick off, or maybe a new road construction blocks people from accessing you, maybe the economy takes a sharp downturn and people simply wont buy anything non-essential you are peddling.
Then what? You are screwed. Your parents are screwed and you will be in even deeper poverty for half a decade repaying the loan with interest. And you will likely never get a second chance.
Do you now see why very often the correct play as a poor is to LDAR? And even if you by some dark magic ran into 10,000 to use as you please (inheritance, lottery etc) you should cling onto it like life depends on it. Because it does, and once that money is gone you will likely never get it back.
The ONLY way to escape this situation is to suddely come into a much larger sum with no strings attached, like $100,000 or 200,000. Through inheritance, parental help or whatever other way.
Then your future wont crash and burn upon a single failed experiment. Just by keeping that money in a high yield savings account in your bank will make you enough money in interest to start a new small business every single year without ever having to access the capital itself or asking anybody to loan you cash.
It's imperative to be born rich or into an at least wealthy family. Your odds of escaping poverty as an average IQ person who isn't going to get free grants to med school is close to zero in 2024.