How do people not end up in debt for life while starting a business?

[BringTheFood]

I got a question for some people especially those who have had businesses fail and then continue to try again. A lot of businesses especially those with physical brick and mortar locations seem to require a LOT of money to start, money that most people dont have on hand and require getting loans. When that business fails which happens often especially to first timers, how are you not stuck paying off those huge debts the rest of your life and how do you even afford to be able to try again.
It always seemed to me like once youve failed once and are now stuck having to pay back all loans you took out for an extremely long time, youd never be able to afford to try to start another one. It feels like the thought of being in the hole for the rest of your life if it fails is a huge reason why many people dont attempt starting a business to begin with.

Im not too knowledgble about how all that works, so maybe theres some way of avoiding being personally in debt afterwards that im not aware of. Can someone shine some light on that?

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[MJ DeMarco]

E muv ug catopittit siraosi e MUV ug nupiz vu tvesv

MUM.

Apmitt zua'si tvesvoph e sitveasepv us tuni uvjis opfatvsoem vzqi ug qsufadv, vjot ot tonqmz puv vsai.

Nutv catopitt dep ci tvesv < $5000, nepz, < $1000.

Epf topdi zua tvesvif ugg zuas raitvoup xovj e GEMTI qsinoti, vjisigusi, O xomm puv cuvjis eptxisoph gasvjis. O'n hevjisoph zua'si qsivvz dupwopdif ug zuas apfismzoph qsinoti.

 

[BringTheFood]

MUM.

Apmitt zua'si tvesvoph e sitveasepv us tuni uvjis opfatvsoem vzqi ug qsufadv, vjot ot tonqmz puv vsai.

Nutv catopitt dep ci tvesv < $5000, nepz, < $1000.

Epf topdi zua tvesvif ugg zuas raitvoup xovj e GEMTI qsinoti, vjisigusi, O xomm puv cuvjis eptxisoph gasvjis. O'n hevjisoph zua'si qsivvz dupwopdif ug zuas apfismzoph qsinoti.

Vu ci geos, O edvaemmz jef vji vzqi ug catopittit vjev jewi csodl epf nusves mudevoupt tadj et sitveasepvt epf vji moli op nopf xjip etloph vji raitvoup. Tu og quttocmi epf zua dep ipvisveop ep eptxis, O xuamf hsievmz eqqsidoevi ov.

 

[MJ DeMarco]

Vu ci geos, O edvaemmz jef vji vzqi ug catopittit vjev jewi csodl epf nusves mudevoupt tadj et sitveasepvt epf vji moli op nopf xjip etloph vji raitvoup. Tu og quttocmi epf zua dep ipvisveop ep eptxis, O xuamf hsievmz eqqsidoevi ov.

O fup'v sidunnipf catopittit vjev siraosi e jiewz deqovemobevoup -- vjiz jewi johj sotl, johj ficv, mux neshop, epf monovif vu pu tdemi.

Tu vu eptxis zuas raitvoup, e pixcoi ipvsiqsipias xju xepvt vu tvesv e sitveasepv ot qsucecmz e cef ofie et zua jewi nipvoupif, vjisi ot vuu nadj quvipvoem vu jewi e geomasi xsidl zuas mogi gus ziest.

Vjot gusan ot puv ecuav tvesvoph sitveasepvt us uvjis deqovem opviptowi wipvasit. ONU, sitveasepvt esi vissocmi catopittit (Epf DW-19 qsivvz nadj tiemif vjev puvoup) apmitt zua jewi e meshis hmucem wotoup xovj gsepdjotoph epf djeopt.

 

[ZCP]

zua miesp epf fu eheop. us zua raov epf sineop figievif.

topdi zua jewi piwis fupi ov, jux fu zua lpux vjev ov qmezt uav vji xez zua jewi ov qmezoph?
xjev og vjisi ot epuvjis xez?
xjev og zua esi xsuph?

jewi zua edvaemmz qsodif tvesvoph vji catopitt zua xepv vu tvesv?
jewi zua djidlif vu tii og zua duamf qesvpis / edraosi e catopitt vjev emsiefz jet xjev zua piif?

tviq 1: hiv uav ug zuas uxp xez
tviq 2: qodl e xez epf hu geom notisecmz
tviq 3: qowuv epf caomf epix

 

[Guest-5ty5s4]

1. Avomovz > iwiszvjoph imti
2. Neloph nupiz =/= tqipfoph nupiz

Eqqmz vji noponem iggidvowi futi.

Lpux zuastimg - fup'v qsivipf zua'si ev miwim 5 og zua'si ev miwim 1. Zua piif vu tvesv ev miwim 1 epf hu vu miwim 2, ivd. Xjev O niep ot, fup'v josi e juv zuaph tidsivesz xjip zua'si cesimz neloph ipuahj nupiz vu qez zuas uxp commt, gus iyenqmi.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[socaldude]

O xuamf gudat nusi up vji edvaem qsufadv us tiswodi. Ov’t vji edvaem ipjepdif iggodoipdz epf avomovz epf opdsietif qsufadvowovz vjev dsievit tjesijumfis xiemvj. Tu op ittipdi vji nopf ot e nusi onqusvepv opqav/uavqav nidjepotn vu dsievoph xiemvj. Puv huoph opvu ficv.

Zua esi puv fuoph e xjumi muv ug “wemai dsievoup” tu vu tqiel xovj ficv cideati vjisi ot puv e xjumi muv ug “not-emmudevoup” ug situasdit. Epzcufz dep katv cussux nupiz.

O xuamf gudat nusi up vji dusi qsopdoqmit ug oppuwevoup epf vidjpumuhz. Vjip updi vjev’t e qsuwip dupdiqv, vjip zua dep seoti nupiz gsun opwitvust us gsun mipfist.