• Money and finance

Finances of an entrepreneur

Guest Blogger | February 6, 2012

Charles-A Pelletier, Enqeb (Entrepreneuriat québécois en bref), Montréal, Québec, www.enqeb.com

(1st of 3 articles in the Finances of an entrepreneur series)

It should come as no surprise that we all have to manage our personal finances. But what good finance-related habits should adopt an entrepreneur when she or he is starting a business? There many factors for an entrepreneur to consider, but here are a few key ones:

Your personal financial situation:

  • What are your monthly expenses?
  • What savings to you have to draw on in the event of a crisis?
  • Do you live with someone who can help you if needed?
  • Do you have any dependents?
  • What is your risk tolerance, and what is the tolerance of your creditors?

Many more questions could be added to this list, but we will leave the details about personal finances to the experts. The purpose of this article is to share some useful resources that you can use on your own to find out more information about personal financing. These are:

Online resources: Many websites are worth checking out, including:

  • Protégez-vous – A guide on goods and services as well as articles on consumer issues French only)
  • Les Affaires – Topics related to finance and economy (French only)
  • Autorité des marchés financiers – Information on financial markets, financial products and services, legislation, etc.
  • The Money Belt – Portal of the Financial Consumer Agency of Canada which offers educational programs to teach youth financial skills such as budget management and personal finances
  • Finances.ca – Many good articles on personal finances, investments, small businesses and more
  • La Presse Affaires – General information on finance (French only)

Financial advisors: It’s easy to find financial advisors. However, before choosing an advisor, it is recommended that you research them carefully, ask lots of questions and choose an advisor you fully trust. Your banking institution might also offer free financial advisory services. That would be a good starting point for your research.

Books: A myriad of books explore the topic of personal finance. A book has many advantages: you can borrow it free from your library, carry it with you at all times and gain new knowledge and your own pace and whenever is convenient for you.

Good luck!

Finance of an entrepreneur article series: