Should I Start a Business Despite Heavy Personal Debt?
I want to start a new venture but have little money and a good amount of debt. Should I go for it? I'm young, don't have children, have a mediocre paying job, don't own a thing, and it would take me years to pay off my debts given my current job. I really don't want to be stuck in my current profession and am eager to start this venture before someone with a similar idea tests the waters. If this becomes a viable venture, it may be my ticket out of debt and a free-flowing and creative new venture and lifestyle.
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But if you have done a significant amount of market research, have a team in place, prospective customers, interested investors and experience, then the timing may be right even though you are carrying debt.
You should be as informed and prepared as possible to start this venture. Even if it doesn’t work, you want to be able to say that you left nothing on the table and gave it your best shot by making the smartest decision at the time.
I hope you find this guidance helpful and good luck with your decision.