Forty thousand small businesses file for bankruptcy every year. Don’t become one of them. Follow these steps to mitigate the risks and keep your business’s finances healthy.
Read more on how to live debt-free on OPEN Forum
1. Depression. Whether you’re talking about feeling a little blue or having a full-on, nonfunctional episode, it’s not uncommon for entrepreneurs to suffer from depression.
2. Personal sacrifice. Entrepreneurs can sometimes focus on work to the exclusion of things—relationships with a spouse or with children—that will matter more in hindsight.
3. Unhealthy habits. There’s never enough time in a day to accomplish everything, and entrepreneurs often prioritize work over things like exercise, taking the time to eat properly and getting enough sleep.
For three more downsides of being an entrepreneur—and helpful tips on how to address them—visit OPEN Forum.
Small-business expert Mike Michalowicz tells open what savvy business owners should do with that information.