Opinions expressed by Entrepreneur contributors are their own.
Mohnish Pabrai reached an impasse in his corporate career in1990. As a single guy with few fiscal responsibilities, it seemedthe best time to start his own business. He collected $45,000 incredit on 14 credit cards and started TransTech Inc., an ITconsulting firm in Downers Grove, Illinois.
After two years in business, Pabrai had clients--but no cashflow. To keep his tech venture going, he dove deeper into debt byconvincing four friends to lend him $5,000 each fromtheircredit cards. "And they were insane enough to do it,"jokes Pabrai, 34. "When minimum payments came due, I would goto the next card and take a loan. I never missed a payment, sothere were never any credit [problems]."
Continue reading this article — and all of our other premium content with Entrepreneur+
Join the internet’s leading entrepreneur community! With your subscription you’ll get:
- Unlimited access, including premium content
- No ads
- Subscription to狗万官方magazine
- Four free e-books a year
- Subscriber-only events with our experts