Poor money management is one of the most prevalent pitfalls that entrepreneurs face, especially those who are just starting out or are in the growth phase of their business. Despite generating significant revenue, many entrepreneurs find themselves in financial distress due to ineffective financial habits. This can lead to severe consequences, including bankruptcy, insolvency, or the need to return to traditional employment.
In this episode of the Know Your Numbers REI podcast, host Chris McCormack discusses the three most common mistakes that entrepreneurs make and how to avoid them. He highlights the critical issue of bad money management, particularly for new entrepreneurs or those in a growth phase.
Chris references the book "Profit First" by Mike Michalowicz, which addresses the pitfalls of overspending despite high revenue. He emphasizes the importance of maintaining healthy financial practices to prevent insolvency and ensure long-term success. Tune in to learn more about these mistakes and how to steer clear of them for a thriving entrepreneurial journey.
If you find value in this episode, please share it with fellow entrepreneurs and leave us a five-star rating and review! Your support helps us reach more listeners who can benefit from this crucial information.
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The Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.
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