Crazy Debt When Starting Out

[Steeltip]

Hey yall,

One of the things I worry about most about the entrepreneurial journy is having to take a risk that doesn't pan out in terms of taking on large amounts of debt to grow/scale/start your business. In your experience has this been a necessity to do in any of the businesses you have started and how did it work?

Thanks

Steeltip

 

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[Johnny boy]

Gotta risk it to get the biscuit

I wish I could finance my own kidney because I have 8000% confidence in my business.

 

[Steeltip]

Gotta risk it to get the biscuit

I wish I could finance my own kidney because I have 8000% confidence in my business.

Shit, it's going that well huh? How long have you been doing it?

 

[Johnny boy]

Shit, it's going that well huh? How long have you been doing it?

No I’m just arrogant as shit and my success is in my own hands so there’s little risk

 

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[Steeltip]

No I’m just arrogant as shit and my success is in my own hands so there’s little risk

Good shit man glad you have confidence like that

 

[Raoul Duke]

Gotta risk it to get the biscuit

I wish I could finance my own kidney because I have 8000% confidence in my business.

No I’m just arrogant as shit and my success is in my own hands so there’s little risk

 

[SEBASTlAN]

One of the things I worry about most about the entrepreneurial journy is having to take a risk that doesn't pan out

So does 99% of the population. That's why they settle for a mediocre life.

 

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[sparechange]

So does 99% of the population. That's why they settle for a mediocre life.

Post of the year nomination right here, @MJ DeMarco

 

[ZCP]

if you need reassurance, this isn't for you

we all worry about taking risk and not getting rewarded.

on the risk side, we try to mitigate it. lessen it. backstop it. in @Johnny boy 's case, he does it himself to lessen the risk.

on the reward side, failing F*cking miserably gives you more education than you could ever get in a book / classroom / listening to some guru. so, you DO get a reward. even if not piles of money at first.

time to change your ENTIRE mindset. start there

 

[Steeltip]

if you need reassurance, this isn't for you

we all worry about taking risk and not getting rewarded.

on the risk side, we try to mitigate it. lessen it. backstop it. in @Johnny boy 's case, he does it himself to lessen the risk.

on the reward side, failing f*cking miserably gives you more education than you could ever get in a book / classroom / listening to some guru. so, you DO get a reward. even if not piles of money at first.

time to change your ENTIRE mindset. start there

I appreciate that after thinking about it I think your dead on with that

 

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[Tiago]

Check out @Kak's podcast episode # 174.

NOTABLE! - HOT! - EXECUTION - Kyle Keegan Radio Show

Thanks for outlining the importance of the locus of control. This is the first time I have heard of this term. You are very welcome! It is a fascinating topic for sure.

www.thefastlaneforum.com

 

[Dwight Schrute]

In the majority of cases there's no need take on any amount of debt to get a biz going and growing. Keep your job and get the first few sales under your belt on the side. Start small and get feedback from your market. Words are mediocre feedback. Silver that crosses your palm is GREAT feedback.
Only then, when you have a winning formula, you spend money to scale up.
Build yourself a machine that spits out 2 or more dollars for every dollar you put in.
And after that you can decide if you should get financing to expand or if you should just let the machine feed itself.

 

[Steeltip]

Check out @Kak's podcast episode # 174.

NOTABLE! - HOT! - EXECUTION - Kyle Keegan Radio Show

Thanks for outlining the importance of the locus of control. This is the first time I have heard of this term. You are very welcome! It is a fascinating topic for sure.

www.thefastlaneforum.com

will do

 

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[Steeltip]

In the majority of cases there's no need take on any amount of debt to get a biz going and growing. Keep your job and get the first few sales under your belt on the side. Start small and get feedback from your market. Words are mediocre feedback. Silver that crosses your palm is GREAT feedback.
Only then, when you have a winning formula, you spend money to scale up.
Build yourself a machine that spits out 2 or more dollars for every dollar you put in.
And after that you can decide if you should get financing to expand or if you should just let the machine feed itself.

Thanks for your answer, this is exactly what I was hoping to find out.