Start-up and thinking of taking a business loan? Think twice.
Have you just started a business and thinking about taking a business loan?
Getting a business loan should be your last choice
“Just don’t do it. It’s awful. There’s all these reasons why it sounds great, but it sets you up for an epic fail. You have a repayment to make at some point and it’s a cliff that’s looming”. We took on debt and tried to pay it back at the end of the term, and there were a whole lot of things that transpired to almost put us under.” says Aconex’s Rob Phillpot warns start-ups on debt at Yeah Nah conference.
(source: Financial Review)
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