The biggest mistake I made was by paying for too much in cash and not borrowing enough.

I had a lot of credit available to me and instead paid for almost everything out of ready cash.

Trouble was, I depleted my war chest and my first year in business was veyr, very tense.

I'd advise a person to have a mattress of money for that first year. Don't anticipate making a dime, and be prepared to dip into that mattress for both personal and business expenses.

Next business I start, I won't be so afraid to use credit.