And according to a recent survey, the biggest potential trouble spot for entrepreneurial businesses is when they're experiencing rapid growth.

Larry Dondon, managing director of Entrepreneur's Re$ource Group, warns entrepreneurs to avoid these common financial mistakes:

  • Failing to borrow funds
  • Overlooking available financial resources
  • Underestimating financial risks
  • Ignoring the downside of investors
  • Overestimating your borrowing potential
  • Neglecting to manage lender relationships
  • Preparing a loan application under pressure
  • Failing to forecast cash needs

By paying attention before you hit the danger zone, you're more likely to avoid trouble altogether.