Business Mentor Podcast

In this episode Jay explains whether starting up a business with debt or by taking out a loan is a good idea. There are a lot of stories where successful entrepreneurs have said they’ve been in tonnes of debt and got themselves out of it because of their business and the debt’s helped them get to where they are. Jay explains why you shouldn’t listen to them and expresses his views on this subject… KEY TAKEAWAYS There are lots and lots of stories where you hear people have been in tonnes of debt and now have a successful business and a lot of the time they lead you down a path where you may think you need to be in debt to start. Do not take a loan or credit to start a business because 99% of these people who take out loans to start a business fail. A good type of debt would be when you’re using the loan to buy an asset that brings in money. An example of this is property. The best way to start up is to save the money yourself and know that you’ve worked hard for tat mo