← Starting a Business in 2012? Follow These 7 Financial Guidelines For Entrepreneurial Success

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By Elayne Fluker | Published December 11, 2011 | Full size is 620 × 480 pixels

2. 
Do request major funding long before you need it. Maybe you recently saw The Social Network, the movie about the launch of Facebook, and thought that you could score big dollars fast from venture capitalists? Think again. Realize that getting money from VCs and angel investors can be a longer-than-expected process, sometimes 6 to 12 months to secure. Plus, if you’re seeking money from more traditional sources, like a bank, "You need to be in business for two to three years to qualify for even a line of credit," Emerson says.

2. 
Do request major funding long before you need it.

Maybe you recently saw The…