The Accidental Expert: A Founder’s Guide to Financial Empowerment
In the world of entrepreneurship, we celebrate passion, vision, and hustle. But there’s another, quieter element that often determines a founder’s success: a deep understanding of the financial systems that power their business. For many, especially those from non-traditional backgrounds, this world of credit and capital can feel opaque and intimidating.
In a recent conversation on our Let’s Talk Impact podcast, a collaboration with The New School, WE RULE founder Justyna Kedra sat down with someone who has dedicated her career to demystifying this world: Gerri Detweiler, a nationally recognized credit expert and consultant for Nav.
Gerri’s journey from an “accidental” start in the credit industry to a leading advocate for entrepreneurs reveals a powerful blueprint. This is her guide to understanding the “unwritten rules” of the financial system and achieving true empowerment for your business.
Lesson 1: Your Career is a “Happy Accident,” Not a Straight Line
Many founders feel pressure to have a perfect, linear career path. Gerri’s story is a powerful antidote to that anxiety. She never planned to become a credit expert.
“I thought I was gonna be a doctor, and then I got to college and organic chemistry kicked my butt,” she laughs.
A switch to business and a “happy accident”—a friend recommending her for a job at a consumer credit non-profit in DC—set her on an entirely new trajectory. This unexpected path ignited a passion for advocacy and education that has defined her career.
The Mentor Takeaway: It is okay not to have it all figured out. Be open to the “happy accidents.” Your most fulfilling and impactful career might be in a field you don’t even know exists yet. As Gerri advises, the key is to stay curious and talk to people about what they do. Your passion may be waiting for you down an unexpected path.
Lesson 2: Understand the “Unwritten Rules” of Business Credit
One of Gerri’s most powerful insights is the massive gap in legal protections between consumer credit and business credit. Most entrepreneurs assume they are the same. They are not.
“Now that I’m so much more involved in the small business credit space, there is no similar legislation for business credit,” Gerri explains. “Business owners don’t get free copies of their credit reports… They don’t get the same disclosures.”
Laws like the Credit Card Act, which prevent issuers from arbitrarily changing your due date or raising interest rates on existing balances for consumer cards, do not apply to most small business credit cards.
The Mentor Takeaway: The financial system has a different rulebook for individuals and for businesses. Understanding these unwritten rules is not just a defensive move; it’s a strategic advantage. It allows you to navigate the system with confidence, avoid common pitfalls, and access capital on more favorable terms.
Lesson 3: Your Personal Credit is Your Startup’s First Investor
For new entrepreneurs, especially those who haven’t yet built up a long business track record, your personal credit is one of your most powerful assets.
“They’re going to look at your personal credit to approve that small business credit card,” Gerri notes. “So you want to have good personal credit to get that financing.”
This is critical for founders going into business together. Lenders will look at the personal credit reports and scores of allpartners. A weak score from one co-founder can jeopardize financing for the entire venture.
The Mentor Takeaway: Before you even think about seeking funding or bringing on a partner, get your personal financial house in order. A strong personal credit score is a foundational asset that opens the first doors to business credit and proves to lenders and partners that you are a reliable and responsible leader.
Lesson 4: You Are a Lender — Vet Your Partners and Clients Accordingly
This is one of the most powerful mindset shifts an entrepreneur can make.
“You as a business owner, if you are providing something of value to someone else, and you’re not getting paid in full upfront, you are a lender,” Gerri states.
She shares a personal story of being owed at least $40,000 that she never got paid because she didn’t properly vet a business partner. Had she checked their business credit, she likely would have seen red flags. This applies to big corporate clients as well; they often pay well, but can take 60, 90, or even 120 days.
The Mentor Takeaway: Every time you send an invoice or start a project without full payment, you are extending credit. Adopt a lender’s mindset. Do your due diligence. For major partnerships, consider checking their business credit. For all clients, have an ironclad contract. Protect your cash flow as diligently as any bank would.
Frequently Asked Questions
Who is Gerri Detweiler?
Gerri Detweiler is a nationally recognized expert in consumer and business credit, an author, and a consultant for Nav. With decades of experience in the field, she is a passionate advocate for demystifying the credit system and empowering entrepreneurs with financial literacy.
What is Nav?
Nav is a financial health platform for small businesses. It helps entrepreneurs see their business and personal credit scores in one place, monitor their financial health, and access the best financing options based on their data.
What is the biggest difference between personal and business credit?
The biggest difference is the level of legal protection. Consumer credit is heavily regulated by laws like the Fair Credit Reporting Act and the Credit Card Act, which give individuals rights like free annual credit reports and protection from arbitrary rule changes. These protections largely do not exist for business credit.
Why is good personal credit important for starting a business?
For new businesses without a long track record, lenders and credit card issuers rely heavily on the founder’s personal credit score to determine their creditworthiness. A strong personal credit score is often the key to getting your first business credit card, loan, or line of credit.