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Tips for young entrepreneursCopyright Roger Pierce 2006. 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.
Roger is co-owner of BizLaunch, a company focuses on helping entrepreneurs start and grow their own small business. Passionate about helping entrepreneurs, Roger has worked with thousands of people through his informative seminars, columns and TV appearances. Find out more about Roger at www.bizlaunch.ca or by linking from the Last Minute Training website. PREVIOUS ARTICLE | NEXT ARTICLE
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