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ISOB - Institute for Socio-Scientific Consultancy, Regensburg, Germany, partner 4 of the InspireUS project, will develop the module M6 - Being financially literate: what women need to know about money in their business. Overview of What it is and how can you improve your financial literacy?

Next to the motivation and assertiveness to become an entrepreneur, every new business will be at risk if the founder does not have the skills to assess financial opportunities and risks. As the initial study revealed, potential new entrepreneurs feel that many of them have relevant deficiencies in this field. Often it will be advisable to work with dedicated experts in fields like financing the business, risk and insurance, recognising external influences, short term financial management and also financial planning beyond the short term (see OCED OECD/INFE Core Competencies Framework on Financial Literacy for MSMEs). The aim of the module therefore is to give an overview of why these topics are relevant and what to consider when cooperating with third parties.

Alexander Krauss SOB GmbH has long relevant experience in the field of Business Creation and Entrepreneurship. Managing Director Alexander is a certified Business Coach and has long experience in coaching young Business Leaders and Managers. ISOB is member of the start-up eco-system in one of the economically most dynamic regions in Germany. It is member of SPS e.V. a Cluster Management Organisation of the Sensors Industry in Bavaria, comprising 60 companies, Universities and research organizations. The network was awarded the title “innovative network 2014” by the German Ministry for Education and Science in a competition of 70 networks in Germany, particularly for its achievements in projects developed in cooperation with the ISOB. Alexander Krauss is currently involved in the Erasmus+ Knowledge Alliance DIFME “Digital Internationalisation and Financial Literacy Skills for Micro Entrepreneurs”.

Alexander Krauss, CEO ISOB GmbH

“Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.” Charles Dickens

The second meeting of INSPIRE US Project, was held in Palermo, Italy, 4 and 5 June, hosted by CESIE.

During the meeting, partners presented key findings of the outputs developed – Competencies Matrix and Policy Recommendations Report-, and discussed the last steps of the next output (IO2 – Career Aptitude Assessment Tool). The project partners planned next developments and discussed the evaluation procedure and dissemination.