If you’re a young entrepreneur interested in getting a head start on your business ventures, there are some special considerations to keep in mind.
Given that you may not have much of a credit history, it may be challenging to secure financing. With a lack of business experience, you may have to work harder to be taken seriously. But success is still possible. Below are a few tips to help you on that path.
1. Build a Solid Financial Foundation
Starting up and staying in business requires a good financial foundation and plan. And low credit scores appear to remain one of the biggest obstacles young folks face when it comes to funding their businesses:
“Most young people also have limited or no credit history, which means that the credit cards they could conceivably get…will have low credit limits.â€
The article referenced there also provides insight about developing your finance strategy.
There are a few other financing options you can consider such as crowdfunding, peer-to-peer lending and borrowing from friends or family. Each option has pros and cons, but it’s worth checking into the potential of various approaches to determine what might be a good fit for your business.
2.  Find a Mentor
You may feel a little lost or overwhelmed as you try to navigate the business world, especially starting out. A mentor can be an invaluable asset to help you along your way.
Whether it’s a former boss, someone in your business network or knowledgeable family friend, find a mentor who has experience in your field and has walked in your shoes before.
You’ll benefit from expert advice, network expansion and more - and you’ll have nothing to lose!
3.  Be Passionate and Stay Committed
For your business to succeed, you’ve got to stay committed - fight the good fight for what you’re passionate about, and be prepared for a tough road. But your dedication can go a long way not only for you personally, but also make a positive impression on others who may eventually support your business.
Face the reality that you’ll be putting in more than the typical 9-5 hours. Treat adversity as a learning experience. The more you grow in your knowledge of your business and industry, the better off you’ll be in the long run. Take advantage of free or low-cost workshops available locally or through online webinars.
Starting a business as a young entrepreneur presents a unique set of challenges, but with the resources available through sites like this and others, you’re also presented with excellent guidance to help you achieve success.
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