Debt End Ahead?
Don't let debt put your business in a tight spot--learn how to use leverage to your advantage.
The ancient Greek mathematician Archimedes once said that with enough leverage, he could move the entire world-if he only had a place to stand. Like Archimedes, some entrepreneurs seem to believe that with enough financial leverage-a euphemism for debt-the moon and stars will align, and their business success will be assured. But like Archimedes, those same entrepreneurs are often left without a place to stand.
To be sure, some succeed. Mike O'Brien pledged his own home, his brother's home and more when he needed to cover more than $1 million in organizational costs for his third business, FinancialAid.com. And Seth Frey racked up six figures of personally guaranteed debt as he built a million-dollar mail order business called Granny's Goodies.
Continue reading this article - and everything on Entrepreneur!
We make some of our best content available to Entrepreneur subscribers only. Become a subscriber for just $5 to get an ad-free experience, exclusive access to premium content like this, and unlock special discounts.
Entrepreneur Editors' Picks
-
Crypto Doesn't Have to Be Serious. Just Ask This Comedian Who Organized a Conference About Failure in the Industry.
-
Want to Succeed? Turn Your Fixed Mindset Into a Growth Mindset.
-
Google's CEO Is Asking Employees 3 Simple Questions to Boost Productivity
-
'Greatest Storyteller Wins.' Katy Perry on the Surprising Link Between Pop Stardom and Entrepreneurship.
-
How to Unleash Your Creativity and Transform Your Marketing Strategy
-
The 5 Personalities You Meet in a Coworking Space
-
'Man's Best Friend' — and Investment: The Thriving Industry of Pet-Related Franchising