There’s a cliche that goes that creative entrepreneurs often lack financial literacy, and as a result, when they make a decision to open a business, they have not planned adequately how their business will make financial sense. Whether that’s true or not we can’t attest, but what we can confirm is that our Threads entrepreneurs simply aren’t the rule, hard-workers, naturally financially- and business-savvy our entrepreneurs have already proven they are business material.
But as our entrepreneurs’ business expand and grow into new markets, internationally and new sectors, it was imperative that their business’, as well as minds, were prepared for the financial growth that was going to happen and so this was the focus of this week: Financial Literacy and planning for growth.
The module was brought by Precious Mvulane, an accountant by profession that aims to educate, empower and enable people to be active in the economy.
Precious Mvulane, Chartered Accountant and Registered Auditor with 18 years’ experience became #ThreadsBySB teacher for the day. With over 1500 entrepreneur mentees in the last 4 years, our participants were equipped to face their financial challenges. From understanding financial statements, how to set financial goals and achieve them to accounting principles.
That’s it for Week 4 of the Business of Fashion Accelerator program in South Africa, Threads – stayed tuned for the next module on Distribution Strategies.