Where Rookie Entrepreneurs Go Wrong

August 4, 2011  |  

(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.”

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