Norscot Manor author talks business finance

With a current unemployment rate of 27.7 per cent, South Africa must turn to entrepreneurs to grow the economy and give employment to the millions in need of jobs.

Precious Mvulane hopes to make this challenge easier by giving entrepreneurs the tools to manage their business finances successfully.

Mvulane, who lives in the Norscot Manor area with her family, first published her book The Essential Finance Handbook for Entrepreneurs back in 2014 in order to guide people dreaming of owning their own business through the financial challenges of entrepreneurship. Written in a clear and easy-to-understand style, her book gives readers seven steps for understanding the basic financial principles that underpin all successful businesses.

The second edition of the book was recently made available to the public. “For me, this book is aimed at helping entrepreneurs find the simplest way to do things and to help people not be afraid of numbers and finances,” she said.

“I’ve worked in big corporations both here and overseas as well as with ladies in rural areas [who have started their own businesses] and that helped because I learned how things are done.

“Finance in business is about four things – income, assets, costs and debt. All businesses in the world, as far away as Hong Kong, work in the same way and people need to understand the basics [to be successful].”

Mvulane learned many of the lessons she writes about through her own experiences as she started her own company in 2010. The charted accountant is also a content developer, certified trainer and master facilitator who has run training programmes and workshops for many years. “Everything I’ve written in The Essential Handbook is something I or my clients have learned in our own businesses. I tried to write simply, and while there is some jargon in the book, people must not be afraid of it.”

With the second edition, Mvulane has also updated her writing and included more lessons and knowledge to help entrepreneurs. “As a writer, sometimes you look back at what you’ve written in the past and decide that you want to change it. There are some things I didn’t say in 2014 that I wanted to say in this edition.

“I want people to know that [financial freedom] is not some pie in the sky idea. While South Africa is faced with problems, we must understand that the problems won’t change until we change.”

The book is available from Exclusive Books, Bargain Books, Makro and Mvulane’s website.

As for her advice to entrepreneurs, there is a lot you need to know when entering the business world but the important thing is to start with a great idea. “There are so many mistakes that entrepreneurs make, but I think the number one mistake is not to solve problems which are close to our own hearts or which will benefit us. The best business is a solution to a problem that you yourself have, and you should be your own first customer so that when you hit the market you know that your idea has been tested.

“You should also not be afraid to change if things don’t work out with your original idea, as you shouldn’t hang on to an idea for too long. Also, don’t give up on yourself.”

Details:  www.financesuccess.co.za; you can also find Precious Mvulane on Twitter, Facebook and Instagram.

Related article: 

https://www.citizen.co.za/fourways-review/281576/funding-sources-women-entrepreneurs/

https://www.citizen.co.za/fourways-review/287137/community-focused-funding-platforms-women-entreprenuers/