Financial Management in SMEs
Hello Participants,
Financial Management will help Youth Entrepreneur as follows; -To acquire accurate financial information to help them make good business decision -To understand the basic financial processes in an enterprise and using available information to determine finances which is require to start a business and to develop financial statement
The difficilties is how to source for loan to the youth and how committed they will be in the business to pay back the loan. However, i do encourage the youth to do savings by having account in the bank or do local contribution with a cooperative group
Thanks for your postings on importance of financial management for youth entrepreneurs. Most importantly the youths are in the most vulnerable position in mentaning the financial discipline. Therefore, beside the actual financial training, as a youth Entrepreneurship development facilitators we need to include a regular counselling on financial discipline as well . Another aspect is financial behaviours of youth which also can play significant role on proper financial management Yes, encouraging youth entrepreneurs to open regular saving accounts or group saving is another good strategy
Dear Ekanath
I agree with you that any financial management training for the youth must include follow up sessions in form of counselling and mentorship. This is beacuse some time the youth will feel discouraged by circumstances after they leave the training environment. Mentorship and counselling by role models can therefore help them to remain focused on achieving their goals
