It sounds strange coming from a guy who has achieved mainstream television fame by handing out money to entrepreneurs who need cash in order to run their business, but Mark Cuban told Trish Regan of Bloomberg television’s Smart Street that “only morons start a business on a loan”.
He does make a good point after the comment, however, that taking a loan before knowing whether a business will work is dangerous because the bank or the person you are borrowing from is going to want to money back no matter what. But his “99 percent of small businesses can be started with next to no capital” declaration makes us wonder where he got figures from.
But, we’ll let you be judge. Watch the video for your self and let us know what you think.