Financial literacy in running a business

[Starmix]

Those who lack financial literacy can later acquire it through constant practice unless cannit read and write. There are many rich people who once lacked know-how on financial matters but later acquired it through practice.

 

[flower]

Financial literacy is very important and necessary for business.

 

[Chibson]

You're right, it is possible. Money can work in. many ways. For an illiterate or lacking education businessman he could hire a financial advisor. I also knew of a wealthy man in my place who only reached grade 3 but became a millionaire.

it is quite possible for a financially illiterate to become a millionaire but they will not reach their potentials. When you have the necessary knowledge you will make more money.

 

[uptrendfinancialsignal]

There is need for financial literacy when managing a business.

 

[Starmix]

it is quite possible for a financially illiterate to become a millionaire but they will not reach their potentials. When you have the necessary knowledge you will make more money.

There's someone on my place grade 5 level only but millionaire. He was able to manage his business buying properties and that made him acquire many properties. He hired an accountant and a financial advisor.

 

[Chibson]

There's someone on my place grade 5 level only but millionaire. He was able to manage his business buying properties and that made him acquire many properties. He hired an accountant and a financial advisor.

They'll always hire people who are very much qualified if they want to reach their potentials. there are also a lot of people in this part of the world that made money buying properties.

 

[Starmix]

They are wise and smart people who learned the basic lessons through tutorials so after some years they became competitive. They are working hard at the same time learning through tutorial.

 

[Chibson]

They are wise and smart people who learned the basic lessons through tutorials so after some years they became competitive. They are working hard at the same time learning through tutorial.

That is right. In this part of the world most of those people go through apprenticeship and they can stay some years before they start running their own businesses. A lot of them succeed because of the experience they have gathered.

 

[Starmix]

@Chibson as long as there is a will there's a way. And there's nothing impossible under the heat of the sun if the person is willing to educate himself to become financially literate.

 

[Smalto]

If you lack financial literacy, then it is useless to run a business. Your profit might be put to waste or there will be no money to save in the bank. It may not be on your mind what to do with the money. what's on your mind will be to spend, and buy the things you like, buy the things your family likes despite not being essential. There are basic things to know for financial literacy and these include the following: banking, budgeting, handling debt and credit, and investing. What you gain in your business big or small could also be spent for an investment, so you will have nonstop gains.

It is a must for a businessman to choose his bank to deposit the proceeds of his business, thus enabling him to manage his debts, in case he has. He can withdraw only what he needs as payment for a loan for example. Budgeting is also part of financial literacy. It is not easy to budget especially if you are an elite businessman. You always attend parties and special gatherings if member of a club like the Rotary Club.

You have to understand the value of money and being financially literate gives you the ability to understand that you need to be effective in your decision in relation to various financial skills including financial management, budgeting, and investing more. You have to make sure that you have the basic foundation of a relationship with money for you will have a lifelong journey with your business. It is good to be smart and financially literate.

Honestly anyone looking forward to go into any business if any nature, should just follow these listed path you've just mentioned in order to be successful in business,in addition nowadays, financial literacy in business is being taken for granted, people just handle their businesses casually without the right knowledge and technical know-how, so financial literacy should be encouraged in business.

 

[Starmix]

@Smalto ,thanks for sharing your nice thoughts and feelings. It's indeed good for the entrepreneurs to learn the basics of financial literacy. They can attend f2f seminars or listen to YouTube to guide his thoughts.

 

[hastral45]

It is far better to be an employer than to be employed.

It is not always easy and better to be an employer than to be an employee. Being an employer is a challenging tasks. It carries lots of hurdles you can imagined.
The ways you managed your dream business would determine how successful it would become.

 

[uptrendfinancialsignal]

@Smalto ,thanks for sharing your nice thoughts and feelings. It's indeed good for the entrepreneurs to learn the basics of financial literacy. They can attend f2f seminars or listen to YouTube to guide his thoughts.

It is good to learn financial literacy because you will be able to manage your finances properly.

 

[Starmix]

It is good to learn financial literacy because you will be able to manage your finances properly.

Yes, that is right, no one can manage their finances well without financial literacy. The businessman might be outsmarted by customers or friends. It is not good to trust the self if not financially literate.

 

[Stardom22]

As far as the business is concerned the businessman ought to be financially literate for them to be in a position to manage the business finances appropriately. This would make the business to succeed

 

[Chibson]

@Chibson as long as there is a will there's a way. And there's nothing impossible under the heat of the sun if the person is willing to educate himself to become financially literate.

it is all about willingness to learn. I believe currently anyone who has the willingness to learn anything can probably learn it because information is everywhere.

 

[Starmix]

it is all about willingness to learn. I believe currently anyone who has the willingness to learn anything can probably learn it because information is everywhere.

That's so right anyone can learn anything this time with the advent of technology. If one is willing and have passion on what he wants there's nothing impossible to become financially literate.

 

[hastral45]

It is good to be financially literate especially as the owner of a business entity. Business running involves being able to understand accounting records which denotes all financial transactions incurred by the business. He should also be able to interpret all accounting terminology happening in financial world.

 

[nela13]

I know some people who have a successful business who haven't studied but I think they have financial talent, they didn't need the literacy because it seems a natural, intuitive thing for them.
On the other hand there are people who cannot manage their salary, have many debts and are always struggling about money, for these ones the financial literacy is urgent.

 

[uptrendfinancialsignal]

I know some people who have a successful business who haven't studied but I think they have financial talent, they didn't need the literacy because it seems a natural, intuitive thing for them.
On the other hand there are people who cannot manage their salary, have many debts and are always struggling about money, for these ones the financial literacy is urgent.

Ultimately , you can manage your finances if you understand simple calculations and I think that is all what is needed.