Colloquia

Summary

Many young entrepreneurs face challenges in navigating the financial complexities of entrepreneurship. This suggests an opportunity to refine existing tools or develop new solutions. This thesis examines the entrepreneurial journey of young, aspiring entrepreneurs aged between 14 and 25, identifying the phases they encounter in setting up their businesses and understanding their needs. This study is conducted for Moneybird, a bookkeeping software company, with the main goal of understanding how Moneybird can support young entrepreneurs in addressing financial challenges during the startup phase.

This study employs qualitative, multi-layered user research using sensitisation tools, interviews, and generative sessions. The findings reveal that young entrepreneurs often encounter a 'gap' after registering with the Chamber of Commerce. This 'gap' represents a transition period where the perception of bookkeeping shifts from a tax obligation to a valuable tool for insight and decision-making. Entrepreneurs in this phase are frequently overwhelmed by information about regulations and perceive bookkeeping as tedious and obligatory. However, when entrepreneurs want to invest, grow, or transition from part-time to full-time, they recognise the importance of bookkeeping for making informed financial decisions. At that point, they often opt for a paid bookkeeping package like Moneybird.

The results of this study indicate that Moneybird should reframe bookkeeping from a compliance burden to a powerful tool for insight, decision-making, and growth, helping entrepreneurs recognise its value earlier in their journey. By simplifying the onboarding process, providing clear guidance, and building confidence in financial skills, Moneybird can alleviate entrepreneurs’ anxieties about bookkeeping. Encouraging users to maintain complete and accurate records from the start prevents unexpected financial issues and enables more strategic decision-making. Beyond simplifying bookkeeping, Moneybird can position itself as a growth partner by incorporating visual, data-driven reports that predict future figures based on known data. 

Further research focuses on determining which data is needed for predictions and how these predictions can be made relevant and useful for entrepreneurs. By emphasising the value of financial insight and planning, Moneybird will be an indispensable partner for business success.