Money Mistake 1:
Never borrow money that accrues interest to start a business (except if you are paying for it through your salary); only borrow to grow your business. This is because business takes a long time to gain ground and begin making profit, yet most loans repayments have to be made within a month of taking the loan or even earlier.
Therefore, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.