The School of Accountancy's Professor of Practice Donald Goldman offers a cautionary tale that illustrates the consequences of cutting corners when starting a business. In this case, saving a few dollars on legal advice in the beginning cost $3 million in the end.

Doing business in the Phoenix metro area, we are used to things slowing down a bit during the summer. Partners, customers and investors often head out of town, and we may even get a chance to get away ourselves.

In addition to the people we hire to provide the skills that we either don't possess or don't do as well as someone else, it is the wise entrepreneur who assembles a cadre of advisers.

Laura Lindsey, an associate professor of finance at the W. P. Carey School, is an expert on venture capital and private equity, governance and financial contracting. In this column Lindsey touches on finding the right balance when making the decision to finance a business, particularly a small one.

If your corporate office is in the same building as your bedroom, you may want to consider moving the space elsewhere to adequately build revenue for your venture.