Learning to manage money is a skill that everyone should have, from teenagers to adults. However, this is one of the more important things that teenagers need to grasp quite early when they are trying to start, and run, their own businesses. Poor money management has sunk many a promising ship, and it’s something that you definitely don’t want to happen to you.
Before deciding to jump in head first with a business idea, look at all the costs involved. The start up costs should be weighed carefully against the amount of money that’s available to you initially. Never try to live above your means, especially in the beginning. If you commit to a business that requires more money to start than you have access to, you’re finished before you ever begin. This is your first lesson in acquiring money management skills. [Read more...]