Jul 14 2013
We all love to hear about entrepreneurial filmmakers who hit the big time on a low budget movie funded entirely by credit cards. It’s so American. It turns out it’s a bit Russian, too. A quick Internet search will reveal that, ahem, Sergey Brin and Larry Page started Google with their credit cards. So, if it’s good for those guys, is it good for you? Perhaps in your startup, but not as a permanent capital source.
My hope is that your entrepreneurial spasm (see E-Myth Revisited by Michael E. Gerber) included a business plan. The key to using your personal cards is to make sure you are paying them on time and paying more than your minimums. How much more? Read more here