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Financial Intelligence for Entrepreneurs: What You Really Need to Know About the Numbers

4.34  ·  Rating details ·  1,121 ratings  ·  48 reviews
Using the groundbreaking formula they introduced in their book Financial Intelligence: A Manager's Guide to Knowing What the Numbers Really Mean, Karen Berman and Joe Knight present the essentials of finance specifically for entrepreneurial managers.

Drawing on their work training tens of thousands of people at leading organizations worldwide, the authors provide a deep und
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Paperback, 262 pages
Published September 9th 2008 by Harvard Business Review Press (first published March 25th 2008)
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Average rating 4.34  · 
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Robert
Dec 02, 2008 rated it it was amazing
This volume offers a new edition of a book first published (entitled Financial Intelligence) in 2006. Although the focus in this second edition is on entrepreneurs, the material provided will help all managers to develop the entrepreneurial mindset to which Welch refers, and, to acquire a highly-developed financial intelligence quotient (FIQ). Moreover, they can then do everything they possibly can to develop a high-level of FIQ among others at all levels and in all areas of their organization. ...more
Archit
Apr 25, 2020 rated it it was amazing
Shelves: must-reads, finance
IMPORTANT NOTE -
Please DO NOT READ this book if you have already read "Financial Intelligence - A Manager's Guide to knowing what the numbers really mean" (the authors have merely recycled the material from here). This book does not contain any new insights.

Standout features:
1. Authors make the content interesting by highlighting many cases of financial shenanigans committed by various companies. By reading this, non-finance people will be left shell-shocked. And finance people will be able to
...more
Elaha Naderi
Jun 02, 2015 rated it really liked it
The topic is meh, and this is not an accountant's book. Exercises at the end to practise. Context, and sensitization to what the numbers really mean and why they are important, as well as how and why they are modified by accountants, CEOs, CFOs, and the implications. Good to read if you're owning, or thinking about starting a business - you'll need to think about this at some point.
Need some more real-hand practice though. Would combine with case studies or list of interesting case studies (À la
...more
Mike Adeleke
May 09, 2016 rated it it was amazing
I was amazed to learn how little I knew about accounting and financial terms and yet how accessible they were once I saw them in context. This book enables anyone to quickly get up to speed on the key financial metrics of their business.
Fred Rose
Jul 21, 2013 rated it really liked it
If you know finance, this is not a useful book. But if you have no formal finance or accounting training, this is a nice book. It's explicitly geared towards entrepreneurs and helps you understand what parts of typical financial statements are useful to you, and why. I found it to be a pretty good book. I would have like to have seen a little more, and a little clearer explanation, on ROI calculations. Overall though for an entrepreneur who isn't a business major, it's worth reading.
Krishna
Jul 19, 2015 rated it liked it
Good book to understand the basics on Financial statements, important ratios, and how they will be used. They are very well explained in Layman's terms. It is useful for someone who doesn't know all these. I already knew most of the things described. Hence that 3 star.
Nancy
Jan 11, 2013 added it
Got me acquainted with the basics of company financials. Well written, because it's so easy to understand.
Justus
Oct 08, 2010 rated it it was amazing
Shelves: business
A very simple clear introduction to the art of accounting in the context of running a small business. Well written, great book.
Albert
Jul 09, 2017 rated it it was amazing
I read this book because it was recommended by Josh Kaufman (The Personal MBA) for further reading on finance. When I was reading the chapter on finance in The Personal MBA. I find it difficult to grasp. I actually took a long time to finish that chapter but my interest in the topic didn't fade because I know its importance in a business.

I would say that this book provides a good introduction to finance. The authors presented financial concepts in a way that is easy to follow and understand. Ex
...more
Mike
Feb 28, 2019 rated it it was amazing
Financial Intelligence For Entrepreneurs is exactly what the title claims. This book is hands down the best book I’ve read for understanding the numbers in your business. The author is careful to explain and define various facets of your financials that you should understand. The book covers topics like P&L statements, cash flow, balance sheets, ratios, and everything else you could need. The author tells you how to analyze, evaluate, and maximize your finances. The back of the book has exercise ...more
Raghav
Nov 11, 2018 rated it it was amazing  ·  review of another edition
Must read

We often take financial principles for granted, and assume that everyone working in an organization would be well aware of these. However, it really often is not the case. This book lays out the fundamental principles of reading financial statements and understanding the basics. The message of the book is clear: finance isn't a science, but an art; and knowing every assumption behind the numbers will make you realize what is actually going on
Mihai Cosareanu
Feb 15, 2019 rated it really liked it
I would say that it's a book that compliments The McGraw-Hill 36 hour course for non financial managers. I think that the basic examples are better explained there and personally I found that book more engaging. After that, this complements it well with real-world examples of book cooking, how to make decisions, what the ratios tell you, etc.
Thuc Anh
Oct 29, 2018 rated it it was amazing
Suitable for newbies in financial as all terminologies are explained very clearly and easy to understand. The book also explains the business aspects of financial ratios in a logical way which are very useful and easy to remember.

Highly recommend for entrepreneurs or anyone who is new in finance but want to learn more about it.
Seth Mcdevitt
Feb 27, 2019 rated it it was amazing  ·  review of another edition
Necessary Numerals

This book is an excellent resource for the layman who desires to have a working knowledge of accounting practices. You will be able to examine all the financial documents necessary to run a business and to do that with confidence. Worth the money and time.
Paul
Mar 18, 2018 rated it liked it
For reasons I can’t quite explain this book turned on some finance and accounting lights that had been off in my brain. Really great overview of what an entrepreneur should focus on in startup finance.
Dele Omotosho
Jan 15, 2018 rated it it was amazing
Takes the scare away on understanding the numbers.
Alessandro Orlandi
Oct 29, 2017 rated it it was amazing
A good book to understand more about financial statements for entrepreneur. Even as investor, it's very very good.
Blazus
Aug 26, 2018 rated it it was amazing
Shelves: finaccounting
Excellent introduction for non-financials people such as engineers, technicians etc.
Ben Rosie
May 04, 2019 rated it it was amazing
Good as a refresher or primer, in $ but still relevant to UK GAAP
Danielle Shtab
Oct 05, 2019 rated it really liked it
This is a very clear and concise way to understand financial statements from basically any business. I'm a little more savvy for it (but not ready to be an entrepreneur at all)
Amar Bhullar
Jan 04, 2020 rated it it was amazing
A crash course for any entrepreneur on understanding the numbers
Silvano Paternoster
Jan 07, 2019 rated it it was amazing
Great book. Easy to read and informative. I've devoured it in 3 days
Tyas Kokasih
Jan 02, 2019 rated it it was amazing
It's weird to say this about book on finance, but this book is a page turner!

The recipes?
- It doesn't try to make you an accountant
- It focuses on 'juicier' part of finance, e.g. how to cook your book

And as a bonus, you've got to learn *the* fundamental principle of accrual accounting:
- The Matching Principle

Which explain on why we can cook a book
Sophie
Jul 21, 2019 rated it liked it
Loved it. Quick read and full of goodness on every page.
Sourabh
Oct 02, 2018 rated it it was amazing
A must read for anyone who wants to understand the financial side of a business.
Lesego
Feb 14, 2017 rated it it was amazing
Finance is a part of our daily lives, yet so little emphasis is placed on financial education during an individuals life as a scholar, a student, an employee or employer. This leads to a person feeling rather hobbled and distressed once faced with the inevitable financial responsibilities of being an adult.

I believe that this book should be mandatory reading from a high school level. This book is so well written and easy to understand that I found myself not being able to put it down. It took me
...more
None
Jan 01, 2014 rated it really liked it
Since I'm exploring this whole "entrepreneurial mindset", I felt it was important to bolster my finance knowledge from that perspective. There are so many personal finance styled books to choose from, and I kicked around a few titles before purchasing this one.

One of the reasons I chose it is because it's mentioned in the recommended reading list in The Personal MBA: Master the Art of Business. That book was very comprehensive while at the same time being concise and accessible, and I felt I cou
...more
Add Some To Your Income
Dec 30, 2016 rated it it was amazing
This book's a great introduction to business accounting, and I imagine the person who would benefit the most is a small to mid size company either struggling with the cash flow (business should be sound, but difficult to keep cash in the bank at all the right times) and/or someone bringing an accountant. Something to keep on the shelf for a quick refresher before meeting with an accountant to remember exactly which ratio you'll be discussing. Also wish this was a reference book when I took busin ...more
Minah
May 04, 2012 rated it it was amazing
This book is very helpful and well written for people who don't know anything about finance. (This volume focuses on entrepreneurs but no matter who you are, it's so worth a read to understand finance thing.) Only thing to be sure is "many numbers on the statement reflect estimates and assumptions." So have to understand it and to be intelligent to asses those numbers for running healthy business or even your personal finance.
Marco
Feb 14, 2015 rated it it was amazing  ·  review of another edition
A clear and solid introduction to basic financial concepts, with many concrete examples. Since the book is focused on owners of small businesses, it focuses on showing the meaning of the many metrics and reports presented by the authors, an approach that can be useful even for those outside the book's main target demographic.
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