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Basic Training

Got what it takes to get through entrepreneurial "boot camp"? We'll give you some tips for toughing out your first year in business.

This story appears in the June 2003 issue of Start Up.

QUESTION: What's the most critical factor in surviving my first year owning a homebased business?

ANSWER: By far, the first year is the year when most home business owners decide to call it quits. A number of academics have pointed to the lack of adequate financing as the most frequent cause of businesses going under, but we believe even money problems are avoidable if you have a sound entry plan. Adequately research the business you've chosen before you begin so you can anticipate most of the problems you'll face.

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