TOP 5 PITFALLS TO WATCH OUT FOR YOUNG ENTREPRENUERS JUST STARTING OUT

There is no such thing as a mistake, just mis-takes! So learn from them
and keep going. But watch out for:

1. MANAGE YOUR TIME
You still have to do your homework, sport, chores, friends, families - so manage your time to fit it all in. Use timetables and checklists.

2. DON'T BREAK THE LAW
Do your research, ask around and make sure you don't do something really wrong! There is still a lot of room for your awesome ideas, within the law!

3. GET THINGS IN WRITING
Any agreements you make with friends, family, customers, suppliers etc you should get in writing, contracts, quotes, prices, what you will deliver etc, to protect yourself and others.

4. CAREFULLY MANAGE YOUR MONEY
You have worked hard to make it, so look after it! It’s very easy to just go out and blow it all on yourself, but then how will your business have its doors open tomorrow for you to make more money?? So put aside money for bills and costs before you pay yourself, avoid debt early on, and regularly check your cashflow and where your money is coming from. Also shop around for the best bank account so that all your hard earned dosh is not being taken in charges!

5. DON'T STOP IF YOU FAIL
Failure is not a bad thing - ask any successful young person in business and they will tell you that failure and mistakes is what got them to where they are now! Work out why it didn't work, how it can be improved, learn and then try again.