By SHARLEEN BANZON

More and more women are aspiring beyond being employees and jobseekers, and are considering putting up their own businesses. However, not all women are equipped with a substantial knowledge of accounting, which is an obvious necessity for all entrepreneurs. Even basic financial concepts and terms like ‘cash flow’, ‘income statement’, and ‘balance sheet’ can be overwhelming.

To meet the demand for an easy and interactive way of learning finance, a new learning tool called Funance, composed of videos, cases, and board games, was launched as part of the Women Entrepreneurship Program (WEP). The WEP is a joint venture between GE Money Bank and Let’s Go Foundation (Leading Entrepreneurs Towards Seizing Global Opportunities), which aims to empower women by providing them with knowledge and skills necessary for entrepreneurship.

Among those who enthusiastically received Funance during its launching on April 16 at the Mandarin Oriental were female members of the academe—notably from Assumption College and Miriam College. Also present were Eric Montelibano, VP for Communications of GE Money Bank, Professor Jay Bernardo, founder of Let’s Go Foundation, and Professor Maurino Bolante, program director of the W. Sycip Graduate School of Business of the Asian Institute of Management.

PASSION IS KEY

According to a recent survey conducted by Let’s Go Foundation and GE Money Bank, 45 percent of women entrepreneurs consider passion as an important factor in the success of a business.

"Family plays an important role in the development of the entrepreneurial mindset," Professor Jay Bernardo said during the Funance launching. Women are passionate about their families and aspire to improve their quality of life. This passion carries over, first to the conceptualization and setting up of their businesses, and later on to the management of the enterprise.

The WEP took this into consideration and integrated it into their courses and projects. "For example, we changed the way business plans are presented," Bernardo said. "Parents, family members, and friends are invited." Besides being an inspiration to participants, the guests are also there to give their feedback and encouragement.

The cases and videos presented to the students as part of the learning program are also "inspiring and educating." For example, "Happy Doing Business" focuses on Happy David, proprietor of the successful Get Happy enterprise specializing in accessories. Other featured entrepreneurs are Patricia Besinga, Chit Juan, and Annie Tanchanco.

A video entitled "Raising an Entrepreneurial Child" is also in the works. It is to help mothers instill values required in entrepreneurship to their children, should they be inclined to go into business themselves in the future.

FUN WITH FINANCE

Along with several members of the audience, Professor Bolante demonstrated how to play the Funance board game. The game, he says, had been tested in classes at the Assumption College and Miriam College before its launch.

The game itself is very easy to play, and even addictive. It was formulated to help familiarize students with the concept of cash flow, which basically deals with the sources and uses of cash in a business. Players learn how to differentiate cash inflows from outflows, as well as identify each entry as operating, financing, or investing transactions.

The WEP kicks up the interactivity level a notch with a website featuring WEP’s background and goals, as well as news, forums, research tools, and inspiring stories that are sure to be of interest to students of business and entrepreneurs.

Back to Top