Credit Cards As Funding For Entrepreneurs
Credit cards are a risky way for entrepreneurs to acquire capital for their start ups when more conventional financing is unavailable. It's widely reported that Len Bosack and Sandy Lerner used personal credit cards to start Cisco Systems. It is rumoured that Larry Page and Sergey Brin's start up of Google was financed by credit cards to buy the necessary computers and office equipment, more specifically "a terabyte of hard disks". Similarly, filmmaker Robert Townsend financed part of Hollywood Shuffle using credit cards. Director Kevin Smith funded Clerks in part by maxing out several credit cards. Actor Richard Hatch also financed his production of Battlestar Galactica: The Second Coming partly through his credit cards. Famed hedge fund manager Bruce Kovner began his career (and, later on, his firm Caxton Associates) in financial markets by borrowing from his credit card. UK entrepreneur James Caan (as seen on Dragon's Den) financed his first business using several credit cards.
Read more about this topic: Credit Card
Famous quotes containing the words credit cards, credit and/or cards:
“The world is a puzzling place today. All these banks sending us credit cards, with our names on them. Well, we didn’t order any credit cards! We don’t spend what we don’t have. So we just cut them in half and throw them out, just as soon as we open them in the mail. Imagine a bank sending credit cards to two ladies over a hundred years old! What are those folks thinking?”
—Sarah Louise Delany (b. 1889)
“If you love those who love you, what credit is that to you? For even sinners love those who love them.”
—Bible: New Testament, Luke 6:32.
“Out in Hollywood, where the streets are paved with Goldwyn, the word “sophisticate” means, very simply, “obscene.” A sophisticated story is a dirty story. Some of that meaning was wafted eastward and got itself mixed up into the present definition. So that a “sophisticate” means: one who dwells in a tower made of a DuPont substitute for ivory and holds a glass of flat champagne in one hand and an album of dirty post cards in the other.”
—Dorothy Parker (1893–1967)