????? 我的投資組合中，有家公司經(jīng)常談到“技術(shù)債”——即忙于滿足眼前的客戶需求,，遲遲未能建立一個健全的平臺,，因此付出了代價。

????? 我喜歡電影《讓愛傳出去》（Pay it Forward）,。這部電影完美地闡述了善待他人而不計個人得失的種種益處,，鼓勵人們“將愛傳出去”。然而,，如果在兩個人的交往中這種善意過于單向,，就會形成“關(guān)系債”?；仡櫸业娜松?，我覺得自己非常幸運(yùn)。我遇到了很多偉大的導(dǎo)師,，我希望我能給予他們足夠的回報,，不用欠下太多人情債。

????? 我的妻子和我經(jīng)常和我們的孩子們探討“行為債”——如果希望未來能從別人那里獲得回報,，必須把一些善意和善行存在“銀行”里,。（可以想象，像我這樣的父母有多么招子女討厭……）,。

????? 如果一而再,、再而三無法兌現(xiàn)數(shù)字或最后期限，就得承擔(dān)“承諾債”,。我的投資組合中,，有家公司在宣布有望同一家財富50強(qiáng)公司建立合作關(guān)系的同時，卻給出了這樣的告誡：“但請記住,，這家公司過去給我們的最后期限,，從來沒有兌現(xiàn)過哪怕一次?！蔽覀冮_始做2012年規(guī)劃時,，一位董事私下懊惱地說：“這個計劃聽起來不錯。但請記住,，這家公司提交給我們的任何一個計劃數(shù)字都從未兌現(xiàn),。”（給自己提個醒：一個人以“但是請記住…”開頭的話不太可能是一個正面的評論,。）

????3. 還債是痛苦的,，而且要作出犧牲。還債永遠(yuǎn)都不是一件輕松的事,，但往往是正確的選擇,。不幸的是，初創(chuàng)企業(yè)家談到還債并不能總是底氣十足。為了企業(yè)生存和取得現(xiàn)金流,，往往只能欠上“技術(shù)債”,。而如果無法取得兌現(xiàn)承諾所需資源，能否償還承諾債就不在自己的控制范圍內(nèi),。明白了吧,？

????我建議要有意識地（而不是無意識地）考慮欠債/還債問題。債務(wù)開始攀升時,，要保持警惕,。人們最不愿意看到的事是哪天晚上債主突然找上門，殺個措手不及,。我說的沒錯吧,，我們的華盛頓政府？

????Jeff Bussgang是風(fēng)險投資公司Flybridge Capital Partner的普通合伙人,。

????? One of my portfolio companies often talks about their "Technical Debt" – the notion that they paying the price for historically putting off building a robust platform in order to meet short-term customer needs.

????? I love the movie, Pay it Forward. It beautifully depicts the benefit of being nice to someone for no personal gain and then encouraging them to "pay it forward" to another party. If that kindness becomes too one-way between two parties, "Relationship Debt" can form. I often find myself reflecting on how luck I have been in my life to have had such great mentors and hope that I provide enough reciprocal relationship value to them so as to not be too deeply in debt to them.

????? My wife and I talk to our kids a lot about "Behavior Debt" – the notion that you have to deposit some kindness and good behavior "in the bank" if you want to get something in return from someone down the road (you can imagine how annoying a parent I must be…).

????? If you miss a number over and over again or a deadline, you build up "Commitment Debt." One of my portfolio companies gives the same caveat when reporting on the status of a promising partnership developing with a Fortune 50 company: "Remember, though, this is a company that has never hit a single deadline it's given us." At the start of the 2012 planning process, one of my fellow board members commented ruefully in the private session: "The plan sounds good. Remember, though, this is a company that has never hit a single plan number it's given us." (note to self: when someone starts a sentence with "Remember, though...", it's not likely to be a positive comment).

????3. Paying Off Debts Is Painful and Demands Sacrifice. It's never easy to step back and pay off your debts, but it is often the right course. Unfortunately, when you're an entrepreneur, you don't always find yourself in a position of strength when it comes to paying off debts. Going into "technical debt" is often required to survive and drive cash flow. Commitment debt can be out of your hands if you're never able to secure the necessary resources required to deliver on your commitments. You get the picture.

????I suggest you make these debt trade-off decisions consciously, not unconsciously, and keep an eye on those debts as they accumulate. The last thing you want is to find that debt roughly knocking on your door some night when you least expect it, or are in a position to handle it. Isn't that right, Washington DC?

????Jeff Bussgang is general partner at venture capital firm Flybridge Capital Partners. You can follow him on Twitter @bussgang