In this video, Startup Canada spoke with Dr. Sean Wise of the Ted Rogers School of Business Management, who shares his recent research findings that show increased financial knowledge leads to increased frequency of financial statement generation, and more importantly the more often you produce financial statements the less likely you are to fail at business.
How does that relate to young entrepreneurs? Well, with reports like that of the Kauffman Report out of the United States showing that more and more people are moving away from career paths of lifelong employees to taking on more self-employment roles, that means that financial skills and knowledge are just one of the feathers young entrepreneurs are going to need in their cap in order to survive and succeed.
What’s the best way to create more opportunities for today’s young entrepreneurs? Dr. Wise says a cultural shift is needed to embrace failure. The key thing, he says, is to learn from your failures and use that experience to pivot your business to success.
He concludes with wise words many startup founders could likely relate to: “Entrepreneurship is 99% perspiration, and 1% inspiration.”