Thanks Naomy, reading the paper on bookkeeping was very enlightening. Bookkeeping is a very essential component of any entrepreneurship training, because in-depth knowledge of the topic is a basic requirement for the successful running of the businesses that young people may start. Absence of proper bookkeeping may be responsible for some of the challenges that young people experience in running their businesses, because if a bookkeeping system is properly adhered to, signs of business failure will be noticed early and appropriate measures can be taken to prevent it. I think facilitators should emphasize the importance of bookkeeping and also give enough time to this aspect during youth entrepreneurship training sessions. I also commend the simple and easy to understand manner the discussion paper was delivered.
Dear Naomi and Shining Star, Of course the background paper is very enlightening and the contribution by shining star is valid. Book keeping is important since this is the glue that sticks a business to success. Although I have not been involved in book keeping training before as a facilitator, this training presents an opportunity to understand the subject better. Am sure that most facilitators do not dwell so much on this topic since participants may find it "boring" due to the maths involved; let us face the fact that most youths are not fond of maths and they believe that business is simply about collecting money and spending on whatever they find necessary. The biggest mistake that the young enterprenuers make is assuming that all the money in their cash drawer is profit! the books of account are the best tools to demystify this assumption. As a personal experience, I have awfully failed in business once and after careful review, the problem was simply lack of records to show me the direction that my business was taking. This is a critical component in any business however small or whatever the nature of trade.
Sharing your personal experience in business has been very helpful. It points the areas in which youth workers should focus their monitoring exercise of youth entrepreneurs. Instead of checking only for evidence of business start up and growth, by the amount of goods produced and services rendered, monitoring should also focus on checking the books in order to spot challenges on time and guide the youth entrepreneurs appropriately.
Shining Star, I like your submissions, most people, not only the youth and entrepreneurs might have suffered business collapses because something may not have gone well-Bookkeping. As interesting and educative as this topic presents itself, one may be tempted to request curriculum developers to integrate bookkeeping into our curriculum. I will be a strong advocate to suggest the we must start practising "keeping our books" from a personal level even as young people before the youthful period.