“The fear of failure is always present. There’s a healthy tension between fear and risk taking in starting a business,” she says. “When you put your idea down on paper and start mapping out what the business is, who your customers are, and other factors, you can figure out what you already have and what you need to gain or learn before taking action.”
The survey found that 67% of Gen Z admit they lack the financial knowledge to run a business. For Kelly, two skills stand out, cash forecasting and debt management.
“As a business owner, your efforts and decisions are what drive how much you take home,” she says. “You need to know how much money is coming in and going out every month. When you’re on top of these details, you can make high-quality decisions to benefit the long-term growth of the business and feel confident about your day-to-day decisions.”
When it comes to funding, there are several options, but again it’s important to have done the work necessary to understand the costs and revenue potential of the business.
“The first step is to know your numbers: what startup costs do you need to get going and how long will it take to see a profit. Once you know this magic number, you can map out where it can come from: grants, business loans, line of credit,” Kelly says.
