RULE 1
Don’t borrow money
You’ll argue with this Rule, and you’ll be quite right. It’s more of an aspiration than an outright Rule. I realize that sometimes you have a great business idea that needs more funds than you can provide yourself. However, I want to persuade you that you should only go down this route if there’s no alternative.
I have a friend who started a business with a mate. They had a great idea, approached venture capitalists successfully, and launched their company. It did brilliantly and six years later they sold it for £6 million. Of course, the venture capitalists owned most of the company and my friend came away with a couple of hundred thousand. Very nice, but nowhere near what his backers made.
Another friend started a ...
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