Related: Improve Your Money Skills in 8 Minutes a DayBlurring the lines between personal and business financesA common financial blunder entrepreneurs make? Most people bootstrap their businesses, use personal savings or borrow from friends and family without understanding the financial implications. Entrepreneurs must assess the risks and returns when investing profits or growing personal savings to make strategic decisions. Entrepreneurs must assess the risks and returns when investing profits or growing personal savings to make strategic decisions. Separating business and personal finances, saving consistently, diversifying income streams and planning for taxes and retirement can provide financial stability and peace of mind.