Entrepreneurs need to know their numbers’
Aspiring entrepreneurs must “know their numbers”, a panel of experts told audience members at the Bermuda Entrepreneurship Summit.
The “Business in Bermuda” panel, moderated by Danielle Paynter, of Butterfield Bank, featured Erica Smith, executive director of the Bermuda Economic Development Corporation, Salon Pink owner Kidist “Pinky” Emery, serial entrepreneur Michael Branco, and Sean Reel, executive director of the privately funded business accelerator, Ignite Bermuda.
“Know your numbers, you can’t make informed decisions unless you understand the financial position your business is in,” Ms Smith told the entrepreneurs in attendance.
Mr Reel said: “Know your numbers, it’s the key skill that you need at the start of your business.”
Ms Emery, who opened her salon eight years ago with the benefit of advice from the BEDC, said it was important to have the right people providing financial guidance.
She said: “Get a great accountant. You know how people say you shouldn’t spend money you don’t have? This is something that you need to spend money on when you don’t have it.”
Ms Emery said her accountant has proved to be invaluable.
“I needed that help,” she said. “Salon Pink wouldn’t be here if not for her.”
Ms Smith said that enlisting assistance extends beyond the financial realm.
“Surround yourself with people knowledgeable where you have a deficit,” she said. “Be present in your business every single day, and ask for help if you need it.”
Mr Branco said entrepreneurs seeking outside investment into their venture must ensure that their new business partner is a good fit.
He said: “When it’s your baby, you have to find the right co-parent.”
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