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Most entrepreneurs start new businesses with about $10,000 of their personal savings on the line, but do it without a written business plan, according to a new study.
And even though they lacked financial management skills in the beginning, 85 percent of those surveyed say they are profitable.
These findings were released last month in the Wells Fargo/ Gallup Small Business Index.
Conducted in May and June, the survey polled 602 small business owners across the country.
The research brings to light the "entrepreneurial tug" owners often experience when starting a venture, said Joseph Cuomo, a partner at Nixon Peabody, a law firm with offices in Jericho. While owners need to plan and protect their financial investment, they may also need to pursue...