By the time I launched my fifth startup, I really thought I'd figured it out. My first attempts to launch didn't go as quickly as I'd hoped. It required complex sales to multiple businesses, and nobody was really biting yet, so I thought I'd buy more time by going into debt.
But this actually cost me time. That money was used to spend a year on a bad business idea, and then, I had to spend another few years after that to pay the debt off.
It was a bad combination of overconfidence, arrogance, and optimism. It prevented me from seeing what the evidence was saying:
“You gave it a good shot, and nobody cares. Now try something else.”
In the end, I went into debt to prove to myself I was right. The result: I was wrong and in debt.
My next two businesses worked. I would have got there way sooner if I'd just been able to let it go.