Financial Discipline Among Youth Entrepreneurs
Fragment of a discussion from Talk:Ipyet/Financial Management in SMEs
Hi
One major challenge that faces youth entrepreneurs in as far as financial discipline is concerned is the issue of separating business finances and personal finances. Most youths end up mixing up the two i.e. using business finances to sort out personal financial problems. This results in no proper accounting for the money that is coming in and out of the business with the consequence of no accurate way of measuring the success of the business and - in a worst case scenario - results in the business going bust/bankrupt. Facilitators can assist youths by advising to keep personal finances separate from business finances. Any personal financial issues need to be sorted out without involving the business.
