Empowering Entrepreneurs: Unveiling the Importance of Financial Literacy
Last week I had the honor of sharing my insight with the audience of the Founder Square community in Akure Metropolis.
My insights and conversation were centered around “Financial Literacy for Local Entrepreneurs”. The inspiration that drove my choice of this topic is my experience earlier this year from interactions with young entrepreneurs. As a financial modeling professional, I’ve had the opportunity to listen to young entrepreneurs and see the fire burning in their souls and the passion to bring innovations to reality and put their products in the hands of users.
But unfortunately, sometimes their zeal to build amazing products cloud their sight and young enterpreneurs fail to realize that as a founder you really need to be a generalist when starting. This means you have to know about everything, from engineering to design to product management, especially marketing and ultimately finance.
It but shocking and surprising sometimes to see founders who don’t understand their financials, I mean as a founder no matter the situation you should be able to seamlessly read a financial statement. Beyond this, you should be able to gain insight from the numbers, figure out what’s not right and deduce actionable plans from that.
During my session at founder square, I shared with the audience the basic walkthrough of a financial statement and which section a founder or business owner should focus on at every stage of their company. I also shared tips and trick with things to look out for as a founder and business owner.
It was an interesting conversation with the audience as I got intriguing questions and opinions which we all discussed as a community. Thank you for having me, it was a great privilege to share with the community.
PS: I will be creating crash courses on understanding business finance soon to address the newly discovered gap, can’t wait to have people learn and improve their enterprises with the knowledge gained. 🥃
With Love
Olufemi Chris ❤💰✌
