Introduction

I’ve been working with entrepreneurs for a quarter of a century, particularly those who provide professional services on both a wholesale (corporate) and retail (consumer) basis. The conventional wisdom for a start-up was to try to assemble six-to-twelve months of average living expenses as a buffer against the usual long march toward business.

I found that some of my clients were able to close new business within one month and quite a few within three months. Some were never able to close new business, and no amount of bank reserves would be sufficient for the remainder of their lives.

As I write this in an unmistakably improving economy in the United States—despite Washington gridlock—and situationally improving economies around ...

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