Cash. It’s at the core of most decisions we make in our day-to-day lives, whether renting a house or choosing what to eat for lunch.
In business, it’s even more important. In order to make relevant decisions, entrepreneurs need to consider how much cash they have now, and how much they’ll have in the future.
Financial skills are arguably the most fundamental skill for anybody involved in business.
The best time to gain financial skills is at a young age, in secondary school.
Here’s what will happen if people gain financial skills early on in their lives:
- Entrepreneurship as a Career Path: Financial skills are directly related to having good business acumen. This enables opportunities in starting and growing a business, making it a viable path
- Confidence from Employers: Core financial management skills help people get a good grasp of how a business works. They help in every facet of a businesses activities. Having these skills will help in job interviews for both commercial and technical roles in a company.
- Access to Finance: Decades in business lending have shown major banks that financially literate business owners sharply increase the probability of loan repayments.
- Lower Stress: Having good grasp of how a business works and how it’s growing gives peace of mind. This spans from confidence in day-to-day decisions, as well as lower fear of asking for financing and growing. Understanding a Balance Sheet helps lower pressures in personal finance too!
Financial skills are present everywhere, which is why they need to be learned in practical terms.
Learning by “doing” is the best way to adequately prepare young people for what’s ahead in the world of work and business.
It helps current and aspiring entrepreneurs understand how every decision they make impacts cash flow.
The Entreprenable Champions Programme has the goal of giving partial scholarships to 100 current or aspiring entrepreneurs to study “Finance for Business Survival”. They’ll have the opportunity to become financially literate in 60 hours, online, for £50.
If interested in applying to the Entreprenable Champions Programme, please contact Peter Neyra at [email protected].
If you would like to sponsor a young person, please reach out to [email protected] with the subject line “Entreprenable Champions Sponsorship”.