The Importance of Bringing in Partners

"I cut my income in half the first year. Obviously, I don't make that now," Ramsey says. "If you go into debt, you have a high probability of ending up with a bunch of debt and no income" He urges entrepreneurs to build at the speed of cash until they get some customers who will actually transact on their product.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

Today, we hear from:

• A team member looking to purchase a business, but the team doesn’t want to stay

• A business owner wanting to hire another chiropractor, but it would cut his salary in half

• A street vendor making $1.5 million and wanting to increase his traffic level

• A start-up business owner wondering if he should take on investors or go into debt to pay his team

Links mentioned in this episode:

• The EntreLeadership Podcast: https://bit.ly/TheEntreLeadershipPodcast

• Start your free trial of EntreLeadership Elite: https://bit.ly/3tI2fN8

• Learn more about EntreLeadership’s Stages of Business: http://bit.ly/3yvdavv

• Have a question for The EntreLeadership Podcast? Leave a voicemail at 844.944.1070 or submit your question for a chance to be on the show with Dave Ramsey: https://www.entreleadership.com/ask

Take our listener survey and let us know what you think about The EntreLeadership Podcast being a caller-driven show. When you do, you’ll be entered to win a $100 gift card: http://bit.ly/40dV9hf

Start growing in business and leadership with the EntreLeadership Newsletter. Sign up to receive tactical tools, advice and resources in your inbox every week: https://bit.ly/3IRWnsL

Support our sponsors:

• Hite Digital: https://bit.ly/HiteDigital

• NetSuite: https://bit.ly/NetSuiteEntre

• BELAY: https://bit.ly/351P9AE

• Payority: https://bit.ly/3IaA5SK

• Staples: https://staplesbusinessadvantage.com/ramsey

Learn more about EntreLeadership Events:

• EntreLeadership Summit: https://bit.ly/EntreLeadershipSummit

• EntreLeadership Master Series: https://bit.ly/EntreLeadershipMasterSeries

Learn more about EntreLeadership Coaching:

• Elite: https://bit.ly/3tI2fN8

• Advisory Groups: https://bit.ly/EntreLeadershipAdvisoryGroups