Entrepreneurs are some of the bravest people in the world. They strike out on their own and stake their livelihood on a dream in a world of unprecedented competitiveness, knowing full well their chances of failure are exceedingly high.
And when it comes to collecting debt, most startup owners are ill-prepared for what awaits them. Vendors are reluctant to grant credit to startups lacking a history, and customers can take advantage of your inexperience or lack of confidence, paying your bills after higher-priority ones with established partners. It's a double-whammy many entrepreneurs never see coming.
Here are four steps every entrepreneur should take to improve their startup business’s probability of surviving those critical early years: