Everyone loves to believe that her business is going to be the one that breaks through and ends up a huge success. But according to the Bureau of Labor Statistics, only 20% of new businesses survive after the first year.
The fact is that many entrepreneurs underestimate how much it takes to get a business off the ground or how hard it can be to cover bills while in start-up mode. If your business was built with personal credit cards or loans, this can lead to personal financial trouble if the business struggles and you’re not careful.
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