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How to stay away from debt in business
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[QUOTE="Jasz, post: 210821, member: 61772"] The world of business is full of debt traps for startups to fall into. One of the most common traps is taking out a loan to cover expenses, especially when times are tough. Taking out a loan can seem like a good idea at the time, but it can quickly turn into a nasty mess if you don’t make your payments on time. Many businesses fail because they go into debt to finance their operation. Financial debt is very risky. It’s risky for the business and it’s risky for the entrepreneur who takes on this debt. Debt can make a business more likely to fail, but that doesn’t mean that you should avoid debt all together. Debt can be a tool, but it’s a tool that you need to use carefully. Personal savings might be enough but it's more secure. You just have to plan yourself well for a long time before venturing into business depending solely on loan, even if you are to take loan it should not be a 65% of your startup. You can also solicit help from your trusted friends and relatives. It's not easy to do this but the main thing is to achieve your goal, you can be of help to any of them tomorrow. [/QUOTE]
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