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John Scala has one supportive wife.
The entrepreneur plowed through his savings as
well as cash from his mother, father, sister, uncle and mother-in-law
to open a barber shop. When he needed even more cash to complete
construction of his downtown New York City venture, he and his wife
sold her 5-year-old engagement ring.
The 2-carat princess-cut ring fetched $9,000, which helped launch The New York Shaving Co. in 2008.
"Thank God it was a nice ring," Scala says.
Such a scramble for start-up capital is not uncommon.
Budding entrepreneurs often face tough financial
decisions, such as getting a loan that charges interest, trading a
company stake for cash or selling valued assets such as an engagement
ring or stock to fund their ventures.
Read the rest: http://www.usatoday.com/money/smallbusiness/startup/week3-funding-your-business.htm
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