[Maro]

With all due respect, I don't think those are the correct lessons to be learnt.

The lesson is: don't take on debt. Get investors. If you can't get investors, bootstrap, do some gigs on the side, and use that money to run the company. Then, get investors. If you can't get investors, well, repeat until...

If you do this for a long enough time, and the idea, product, company, team and timing is right, you will be able to get investors. If not, that's the world telling you that it's not such a hot idea, product, company, or whatever. Take the hint.

This is exactly what we did, and are still doing. Unless you hit gold, it's slow as heck. But still, I'd never take on personal debt for my startup.

[alain94040]

Don't take on debt secured by you personally. Your business should take on the debt. I know it's easier said than done, because no one will loan anything to a business with no revenue.

By agreeing to personal debt, you pledged personal money that you didn't have. I guess different people have varying levels of risk, but I don't invest money I don't have.

[StartingOver]

There is another important lesson: you can't get business loans or credit cards (the big culprit here) without personally signing for it. BUT: there is probably some point in time that changes, and you should be on top of things and cancel the original. Too late now.

[StartingOver]

Another lesson: you may think it is a business card (it is), but surprise! They can convert to personal (read the fine print).

[Maro]

Use debit cards. It will only allow you to spend money you have.