(Entrepreneur) — 1. Overinvesting in the business. To look more professional, young entrepreneurs may spend their savings too freely. Maybe they lease ritzy offices or purchase high-dollar equipment. Overspending on business expenses that aren’t absolutely necessary can quickly erode your personal finances, says Alexa von Tobel, founder and CEO of LearnVest.com, an online personal-finance resource for women. It can be easy to burn through your savings before you even have a product or service to sell, she says. That’s when young entrepreneurs dig themselves deeper in the hole personally. Instead, “spend every dollar you have on building a really good product and get it in front of users,” von Tobel says. “If your product isn’t good, there’s no hope for making any progress.”
Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN
