← 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

7. Don't "bet the farm." Smart entrepreneurs don’t "roll the dice" and risk everything. They take risks---but they're calculated risks. Don't gamble everything: 100 percent of your savings, your credit, putting your home up, etc., in the hopes that you’ll create a successful business. Be willing to invest in your business of course, but not foolishly and not at the expense of everything else. Making the leap from employee to entrepreneur is a challenging feat. But you can make your transition a lot less financially stressful and a lot more realistic by following these tips and preparing yourself for economic success.

7. Don’t “bet the farm.”

Smart entrepreneurs don’t “roll the dice” and risk everything. They…