Tips for young entrepreneurs

Copyright Roger Pierce. Used with permission.

As a young entrepreneur, you'll certainly be envied by your employed friends. While self-employment offers many perks, follow this advice to overcome some common challenges:

• Consider a co-signer. Being young and self-employed is considered a double negative for many banks. Line up a relative or friend who is prepared to co-sign a loan if your business requires bank financing.


• Keep that day job. Without established credit and little savings, you'll be wise to keep a part or full-time job while your business gets going. Use that income to pay your rent and living expenses and ease the revenue pressure on your new venture.


• Find a mentor. Admit you won't know everything about starting and growing a small business. A seasoned business person can be a wealth of experience and support for a young entrepreneur. Approach someone you respect to mentor you monthly, or contact entrepreneurship organizations such as JCI (www.jci.c) for some connections.


• Exercise self-discipline. Fifty percent of young entrepreneurs work from home, where it's easy to get distracted. Stay focused on your business by establishing regular working hours, creating a proper workspace and reminding your friends not to drop by unannounced during your work day.