Entrepreneur in Residence (Archived)

Every entrepreneur knows the importance of being able to read financial statements and understand financial ratios but how many of you are actually financially literate?

During Small Business Month, the Toronto Public Library is offering a wide range of business programs. I highly recommend all new entrepreneurs take a basic accounting and bookkeeping workshop/course and continue to build on your financial literacy as your business grows.  An excellent workshop offered free at Dufferin/St. Clair branch tomorrow Oct 10 at 6:30pm is "Small Business Series: Part II:  Bookkeeping Tips for New Business Owners". 

Also available for a nominal fee is "Business Inc", our hugely popular and best value-for-money 8-week business program.  You will have an opportunity in Module 6 "Building blocks for financial management and Module 7 "Financing for business growth" to help "make your business dreams a reality!"

I attended an event this morning, "The Start Up Generation: Building Bridges" which was hosted by The Canadian Youth Business Foundation, Dr.Sean Wise, Assistant Professor of Entrepreneurship and Strategy at Ryerson University unveiled his findings of a national survey on the "Millennial Generation" entrepreneurs (born between 1980 and 1995).

"With more financial literacy, more financial statements will be produced. And with more financial statements produced, young entrepreneurs will have a higher rate of loan repayment and would less likely to close. Entrepreneurs would also be more encouraged to build on their professional and personal finances," says Dr. Wise.

Dr. Wise's research paper titled "The Impact of Financial Literacy on Venture Survival" will be published soon in the International Business Journal.

Taking time to learn how to read your financial statements and understand your financial ratios will increase the survival of your business dream!