Debtors need to pay special attention to the following aspects:
1.*Financial Assessment**: Have a clear understanding of your debt situation, including the total amount of debt, interest rate, repayment period, etc., and develop a detailed debt repayment plan.
2.Cash Flow Management: Businesses may face tight cash constraints in the early stages of their business, so it is essential to manage cash flow strictly to ensure that there is sufficient liquidity to maintain daily operations.
3.Debt restructuring: If possible, try to negotiate a debt restructuring with creditors to seek options such as lower interest, longer repayment periods, or reduced repayment amounts.
4.*Risk Assessment**: Entrepreneurship itself has high risks, and debtors should be more cautious, conduct a comprehensive assessment of potential risks, and prepare a corresponding risk management plan.
5.Realistic business plan**: Develop a business plan that is realistic, avoids overly optimistic expectations, and ensures a stable income** to support debt repayment and business operations.
6.*Additional Income***Consider finding additional income** while starting a business to ease financial stress.
7.*Legal Advice**: Before and during the start-up process, consult with professional legal counsel to understand the legal terms and regulations that may affect the repayment of debts.
8.*Transparent Communication**: Maintaining open and honest communication with creditors and keeping you informed of your financial situation and entrepreneurial progress will help you gain your understanding and support.
9.Emergency Reserve**: Establish an emergency reserve whenever possible for unforeseen expenses or income disruptions to avoid exacerbating debt problems due to unexpected events.
10.*Focus on the main business**: When starting a business, you should focus on the development of your core business and avoid distracting yourself from too many projects to improve your success rate.
Debtor entrepreneurs need to act more carefully and systematically to ensure that they do not get into greater trouble due to financial problems while pursuing business success.