Aspiring entrepreneurs often spend the first income for personal needs, which subsequently compels them to take loans on the closing cash gaps and leads to the ruin. About it RIA Novosti said the expert of the National center for financial literacy Elena Bobkova.

According to her, business is first and foremost a responsibility for others and then for himself. She advises budding entrepreneurs to assign themselves a fixed salary, and in any case not to take more.

in Addition, you should defer at least 25 percent of net profit for the business. You must also create a Fund for emergency situations, as in business it is impossible to predict absolutely all expenses. Bobkov believes that entrepreneurs should replenish the reserve Fund, at least in the amount of 15 percent of the regular cost.

Specialist recommends that budding entrepreneurs be required to study all the necessary aspects of civil, tax and labor law and fundamentals of accounting. She also recalls that all the key points of the business should be documented.

Earlier Bobkov advised the Russians to drop some unnecessary expenses from the “last” of life to successfully save during a pandemic coronavirus. According to the specialist, not necessarily to adhere to the “austerity” in the period of self-isolation, however, it is necessary to observe some rules. So, first we need to identify the unavoidable expenses, such as utilities, mortgage payments, food costs and household chemicals. When counting, you should take into account even the smallest expenses and remember that the consumption of electricity and water will inevitably increase.