Lack of financial understanding
In episode 7 of 20 Lessons Over 20 Years, Allon Raiz discusses how too many entrepreneurs hand over the responsibility of their finances to an external accountant and, in effect, abdicate their responsibility when it comes to their business numbers. It is a trap that he, too, fell into when starting his entrepreneurial journey – right up until he ran out of money! The bank wouldn’t extend his overdraft, and his investors wouldn’t provide more funding. Only when he learned to embrace his finances was he able to turn things around.