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Starting a business is a difficult and time-consuming venture. In this clip from the latest episode of Financial Freestyle with Ross Mac, Squire Technologies Inc. co-founder and president Dave Salvant shares his advice for young entrepreneurs.

"It's important to solve a problem you're passionate about," says Salvant. "If you're not passionate about the problem you're solving, then you're not going to have the stamina [to] continue when things get tough." Salvant continues, "Inevitably, things will get difficult and things will get tough, but, you know, it's the passion that drives you through those dark places."

Second, Salvant advises budding entrepreneurs to do their research and "really, really, invest time," in their business.

Finally, Salvant recommends going into business with a co-founder. "Start a business with somebody you like," says Salvant. "When he or she's feeling good, you might be feeling bad and then you guys kind of play off each other, and so the business keeps on going and there's no dip in, in morale."

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This post was written by Meredith Lawrence.