Financial Management in SMEs
Thank you Moderator Naomy, Financial management is about planning income and expenditure, and making decisions that will enable one to survive financially. As future leaders who will later take over the mantle of leadership, I feel the youth entrepreneurs should learn about financial management. Some of the advantages the youth entrepreneurs stand to benefit is that, it prepares them to take up highly responsible positions in life and in organisations. As entrepreneurs practicing such a thing, they become role models to the younger ones. It will also make them spend wisely and judiciously.
In my experience as an educationist, I encourage most of my students to open savings accounts at the banks. I continue to encourage their parents to help these students by supporting them with seed money for the opening of an account or register them for any life insurance. The very younger ones are encouraged to put part of their pocket monies into a pigeon bank/box for future use.