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 and/or cards:
“The most threatened group in human societies as in animal societies is the unmated male: the unmated male is more likely to wind up in prison or in an asylum or dead than his mated counterpart. He is less likely to be promoted at work and he is considered a poor credit risk.”
—Germaine Greer (b. 1939)
“A revolution is not the overturning of a cart, a reshuffling in the cards of state. It is a process, a swelling, a new growth in the race. If it is real, not simply a trauma, it is another ring in the tree of history, layer upon layer of invisible tissue composing the evidence of a circle.”
—Kate Millett (b. 1934)