I am a doctor, and wanted to design natural products that block needle, procedural and other types of pain. In May of 2009, I introduced Buzzy, a bumble-bee-shaped massager that uses vibration and cold to reduce pain. My company, Buzzy4shots.com, produces several pain relievers.
Initially, I used savings and a home equity line of credit to fund the venture when we were still paying for patents and didn't have anything to sell. We paid that off two years ago. We are very rigid about paying off our credit cards every month.
Because we grew up poor, we had to wait for things. Why pay money for money when instead you could just wait? My friends in college were running up their credit cards, but for me, it was anathema to have to pay interest on something. So I never did.
Currently, we have zero debt. We have bootstrapped beautifully. Being debt-free makes us incredibly flexible. I know my debtphobia puts me at risk. If I had a line of credit, I could grow more quickly.
Some of not taking out a loan is just hubris. And it just seems better for the company to make the money before I spend it.
Regulation nightmares are keeping many small business owners up at night. Red tape is either adding more costs or gumming up the hiring process. Here's what seven entrepreneurs had to say about it.
