ConnectUP! Institute is changing the money mindset
Elevate HennepinSM advisors are a network of exceptional business mentors that offer technical know-how, but also guidance to understand business holistically. In observance of National Financial Literacy Month, Ixchel McKinnie, enterprise development officer at ConnectUP! Institute, shared how she breaks down financial misconceptions.
“One of the things we work on a lot with our entrepreneurs is their mindset and beliefs about money,” said McKinnie.
She helps Elevate HennepinSM advisees figure out their business mission, but also how to achieve operational excellence and financial soundness. Working with many growing BIPOC businesses, that means creating better access to capital, but also breaking down stigmas around money.
“Oftentimes, there's this fear of accumulating debt of any type,” said McKinnie. “But the right kind of debt is OK, necessary—even crucial—to the success of a business. When you think about cash flow, you have ebbs and flows and especially when you may be working with someone like Target or Walmart. Some of these big guys who may have a 90-day terms—they don’t pay that entrepreneur for 90 days, so you will need some working capital.”
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