We talked to nine real business owners about their personal finances and missteps in the funding process and what they’d do differently going forward. Here are the biggest financial mistakes they made—and the valuable lessons they learned along the way.
Mistake 1: Choosing the first lender you find without comparing your options
Lesson learned: Explore all your financing options to find what’s best for you
Mistake 2: Not thoroughly researching your lender or reviewing your loan contract before signing the dotted line
Lesson learned: Do your due diligence
Mistake 3: Borrowing too much money
Lesson learned: Accurately assess your repayment capacity