Most businesses collapse within 2 years of kick off. Here are some applicable strategies to help prevent bankruptcy in business.
Don’t quit existing jobs: aspiring to start a business is a good means of liberating oneself financially but it should be known that quitting existing jobs even if they don’t pay so much is a wrong approach. Keep alternative income source till you can afford to stand on your own financially.

Reduce expenses: starting a business or a life time venture requires you to cut your expenses to the barest minimum. Saving and using a scale of preference is a good way to raise money for your business even after kick off. Don’t feed off all your profits.
Taking loans: taking of loans can be scary but it is still one of the ways to sustain your business without going bankrupt. Cooperatives and other micro finance are parts of the loan acquiring opportunities.

Identify your passion: it is important to identify the areas you are amazing at, your passion and strength. Channel them into your business and within a short period of time you will see yourself excelling in such areas. This will preserve you financially and help you spend less.
Manage your fear: the idea of money management and control is scary to most people. It is only natural to know you are taking a risk by embarking on a business venture. Manage your fear and take the right steps. Do not be discouraged easily and know that no venture was successful in a day. It takes time.

 With these ideas and strategies, you should be able to manage your business successfully without going bankrupt.