Empowering Minority and BIPOC Founders Through Financial Literacy and Mentorship

Mark Babaran • November 25, 2024

Cohort 9: Gaining Financial Literacy with David Worrell

David Worrell, Founder of Fuse Financial Partners, in a banner ad for Finance Strategists.

At Boost Pad, we’re all about giving minority and BIPOC founders the tools to build successful, sustainable businesses. Recently, our Cohort 9 entrepreneurs gathered for an insightful session led by David Worrell, founder of FUSE CFO, who broke down the essentials of financial literacy—a crucial skill for any founder looking to thrive long-term. David shared practical, hands-on guidance that gave our participants a clearer view of their businesses’ financial health and set them up to make confident, data-driven decisions. For many, this was a turning point, shedding light on what it really takes to build a resilient company.

David walked the group through three key financial statements every founder needs to understand to succeed:

Profit & Loss Statement: This statement helps founders answer the critical questions, “Am I making money?” and “Am I selling enough to cover my costs?” By comparing revenue and expenses, it shows whether a business is truly profitable and if prices or volume need adjusting to reach a sustainable income.

Balance Sheet: The balance sheet offers a snapshot of the business’s financial position, revealing assets and liabilities. David highlighted the importance of knowing exactly “Where is my money, and what do I owe?” This insight is crucial for planning growth or applying for funding, as it gives founders a strong sense of their financial standing.

Cash Flow Statement: Cash flow is the lifeblood of any business. David’s session underscored the importance of knowing where cash is coming from and going each month, helping founders avoid unexpected shortfalls. For small businesses, managing cash flow is often the difference between stability and struggle, making this understanding especially empowering.

In addition, David introduced participants to the power of metrics and dashboards—tools that quickly show what’s working, what isn’t, and where immediate actions are needed. Tracking metrics like gross profit margin and variable expenses can transform a founder’s approach, helping them make agile, informed decisions that keep their business on track.

This knowledge is transformative, especially for BIPOC and minority entrepreneurs who often face barriers to funding and resources. Financial literacy gives these founders the confidence to manage growth, plan strategically, and demonstrate readiness when it’s time to seek funding. But it’s also about impact beyond the business itself. Stronger businesses bring jobs, innovation, and economic stability to our city, creating a more vibrant and inclusive Charlotte.

Join Us in Supporting Minority Entrepreneurs: Boost Pad’s mission is to provide essential resources, mentorship, and learning opportunities like David Worrell’s seminar. With your support, we can continue empowering the next generation of BIPOC and minority founders with skills and knowledge that build lasting success. Consider becoming a Boost Pad donor today, and together, we can make a real impact on Charlotte’s future.

< Older Post

Newer Post >

Mail

Founder Stories & Startup Wins — The Boost Pad

The Boost Pad | April Spotlight: From Momentum to Milestones

By Mark Babaran • April 28, 2026

What happens when The Boost Pad, a Charlotte-based nonprofit, joins forces with two remarkable interns from different universities across our region? Something powerful begins to take shape. Fresh ideas meet meaningful purpose. Innovation meets impact. And everyone involved grows in the process. That’s exactly what we’ve experienced with Colette Dwyer (Davidson College) and Nevyn Brown (UNC Charlotte) —two emerging leaders whose work is already translating into real-world results. 🚀 Founder Win: Nevyn Brown | FundU Execution creates opportunities—and Nevyn is a clear example of that in action. Nevyn recently secured 1st place at UNC Charlotte’s 49-Minute Pitch Competition, earning $8,000 in funding for his startup, FundU. FundU is a mobile platform that enables nonprofits to raise money by partnering with local businesses—transforming everyday purchases into a scalable fundraising engine. At the same time, it helps small businesses generate consistent customer demand. What made FundU stand out wasn’t just the idea—it was the clarity behind it: A clearly defined problem across two markets A solution that creates value for both nonprofits and businesses Early traction with pilot partnerships A model designed to scale across campuses and cities Beyond his venture, Nevyn contributes to The Boost Pad through marketing, social media, and technical strategy—bringing a data-driven and execution-focused mindset to everything he builds. With a launch planned for late May, FundU is already moving from concept to real-world impact. 🌱 Founder Win: Colette Dwyer Impact isn’t only built through ventures—it’s also built through research, communication, and the ability to translate ideas into meaningful action. Colette, a student of Biology and Hispanic Studies at Davidson College, recently presented her original research at the Association of Southeastern Biology Research Conference—an experience that sharpened both her scientific thinking and her ability to communicate complex ideas with clarity. Her work focused on prairie restoration practices and their application to sustainability. Through a year of independent research, she established baseline findings that contribute to future environmental studies and sustainable interventions. By tracking emerging trends and presenting them to the Davidson Biology Department and conference judges, Colette demonstrated both analytical depth and clarity in storytelling. Her work was recognized with the Best Poster Presentation Award , a testament to both the quality of her research and her ability to translate technical insights into compelling narratives. At The Boost Pad, Colette has extended these same strengths into storytelling and collaboration—contributing to newsletter and blog creation while helping build an alumni network alongside Nevyn Brown. Her ability to connect research, communication, and community-building reflects the kind of multidimensional leadership we aim to cultivate. 🔑 Where Mindset Becomes Action These moments reflect something deeper than individual wins. They represent the shift we focus on every day at The Boost Pad: From ideas → execution From learning → application From vision → measurable progress This is where entrepreneurs stop asking “What should I build?” …and start proving “Here’s what I’m building—and why it matters.” ⚡ Building What’s Next From expanding partnerships to developing new talent, everything we’re doing is centered on one goal: Creating real pathways for entrepreneurs to build, grow, and succeed. What we’ve seen with Colette and Nevyn is exactly what The Boost Pad is built for. Bringing together talent, opportunity, and real-world execution to create meaningful outcomes—for founders and for the communities they serve. And if this is only the beginning, we’re excited to see what they build next. The Boost Pad Team Building entrepreneurs. Strengthening communities.