debt traps

How Can Entrepreneurs Avoid Debt Traps?

Avoiding debt traps requires careful planning and disciplined financial management:
Accurate forecasting: Prepare realistic financial projections to understand how much debt your business can manage.
Diversified funding: Explore various funding options like equity financing, crowdfunding, or angel investors.
Cost control: Maintain strict oversight on expenses to prevent unnecessary borrowing.
Emergency fund: Keep a reserve of funds for unexpected expenses to avoid additional debt.

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