Whatever your age, whatever the nature of the business, knowledge is key. Do not go into the situation blind, drunk on passion and idealism about money making. Get as much information as you can in order to make informed decisions. This is especially important in light of the fact that a lot of the money used for start-ups come from friends and family. Without adequate information poor decisions are often made, turning the angels into demons (oh and don't forget that the demons come for Christmas dinner or live down the hall).
Loss of money often leads to ruptured relationships, so if you value your relationships do your research. Don't lose money because you were too lazy to read or call somebody to ask some questions. Entrepreneurs must strive for fairness and good structures early into the process of starting the business (If you can afford get a lawyer and an account, formalize as much as possible how your business works).
Research can range from systematic Market research to simply spending the time to write a good business plan. Yes, you have heard it a thousand times before but this process is key in developing a deep thorough understanding of the business. Without adequate research, the challenges faced by an Entrepreneur are immediately compounded. In addition to Market Research and the writing of the Business Plan it is wise to get some good advice (find a board of advisers if you can).
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