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WHOOPS!

5 most common startup mistakes

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This story appears in the February 2003 issue of Entrepreneurs Start-Ups magazine.

Starting your own business is tough. In fact, only 39.5 percent of new businesses remain open after six years, according to the SBA's Office of Advocacy. Gene Fairbrother, lead small-business consultant for the National Association for the Self Employed and president of MBA Consulting Inc., reveals the five most common start-up mistakes:

1. Failing to set up strong and established financial routines. Entrepreneurs often don't know where their money is coming from or where it's going.

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