What are the red flags in the financial journey of people without regular income?

economictimes.indiatimes.com:

Nehal Mota, Co-Founder, Finnovate, says “someone who is still thinking whether he should be joining the job market or be an entrepreneur, needs to be really sure that they can maintain the lifestyle which they are living for the next 18 months at least. Can you actually live for 1,000 days or a three-year period just from the income which the business may or may not generate? If you can, then you should really think of taking this plunge as an entrepreneur and even have a small business plan. ”

We are talking about self-employed individuals like freelancers, entrepreneurs, gig workers or even someone trying to enter the workforce. For people who do not have a regular income, what could be the red flags in their entire financial journey according to you?
There are a few things which we see as a pattern with financials of self-employed people. First of all, they mix their personal finance a lot with the business finance. The second thing which we have seen is that at times, they do not factor in their own personal expenses or a take-home from their business. They would have planned all the business expenses.

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They would have also forecast the kind of income they will get and then they will think that at the end of the year, if I make any money, that is what I will take home; so that is a very big mistake which they do.
While they are planning the expenses and forecasting the income, they should also factor in a take-home for themselves. It could be monthly, quarterly, annually,