The Different Kinds Of Debts New Businesses "Must" Have
Money is not the only debt new businesses have.
I have been a big fan of Alex Hormozi for a very long time.
I read his tweets and Twitter posts regularly and like his insight on business, entrepreneurship, and hustle culture.
This particular post stood out for me some weeks ago, and when I thought about it, I realised it's so true.
New businesses will never have everything figured out.
There will always be deficiencies (debts), and it doesn't always have to be money!
They can be:
Talent debts.
Process debts.
Management debts.
Technical debts.
Cultural debt.
Brand debt.
And starting businesses need to strategically pick the kind of debt(s) they think they can handle.
You can't have it all when just starting as a new business.
You might have the talent, solid processes on the ground, and a strong management culture, but then lack in the areas of brand, culture or even money.
Or you might even have enough money, a solid brand strategy, and a good company culture, but lack the right talent and technical and process power.
There will always be a particular area you will have struggles covering when you start your business. It's natural. But as your business grows, it will gradually settle those deficiencies.
What do you think?
Kindly share your thoughts.
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