Sola Adesakin, a personal finance coach, is the Chief Executive Officer of Smart Stewards. She tells OLAJIDE SAMUEL about the importance of financial literacy for NigeriansI loved commercial subjects while I was in secondary school. When my mother discovered my knack for figures, she got me forms for the Institute of Chartered Accountants of Nigeria, seven years before I was even ready to write the examination. So, I qualified as a member of ICAN about 20 years ago.
That is why I embarked on this journey of helping people understand what it takes to make, manage and multiply money.Financial literacy at an individual level gives one the knowledge and skills to maximise one’s financial resources. When individuals who have a hang of their own finances run an enterprise, the result would be an enterprise that thrives in the face of limited or non-existent resources.
Some people have said it is wrong to borrow to start a business and that prospective business owners should use their own money. What’s your take on that? Before opting for loans from financial institutions and other such platforms, one should consider approaching family and friends for support. If one has a good measure of credibility with them, this shouldn’t be a problem. Every prospective business owner should have personal savings too, as that demonstrates their personal commitment to the success of the business. Also, angel investors could come in handy as the business grows.As with every field of endeavor, there is room for improvement.
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