I didn't suggest debt financing for a start-up. I suggest debt for funding the entrepreneur's living expenses. I agree that if the entrepreneur actually start

I didn't suggest debt financing for a start-up. I suggest debt for funding the entrepreneur's living expenses. I agree that if the entrepreneur actually starts a start-up proper, he would do best by financing it using equity. But most entrepreneurish activity is not a start-up proper - Just little things you try and that sometimes evolve into big projects. It's hard to sell equity out of those.