Financial literacy for entrepreneurial success

Small businesses are the backbone of the economy, yet many fail in their endeavor not due to poor ideas but because of a lack of financial knowledge. Financial literacy is essential for small business owners to effectively manage cash flow, budgeting, taxation, and investment decisions. However, many entrepreneurs struggle with these aspects, leading to financial instability and, in some cases, business failure.

Despite its importance, financial literacy is often overlooked in traditional education. Governments, financial institutions, and business organisations must take proactive steps to bridge this gap. Providing accessible financial education programmes, workshops, and online resources can equip small business owners with the knowledge needed to make informed financial decisions, avoid unnecessary debt, and ensure long-term sustainability.

By empowering small businesses with financial literacy, a stronger entrepreneurial ecosystem can be fostered, driving economic growth and job creation. Recognising financial literacy as a crucial skill and investing in it will benefit not only individual businesses but also the economy as a whole.

Farhin Islam Elme

Student

Bachelor of Business Administration

North South University

[email protected]