Financial Literacy of Entrepreneurs in the Small and Medium Enterprises (original) (raw)

Springer eBooks, 2017

Abstract

The success of any small and medium enterprises (SME) has been associated with the ability of the entrepreneurs to be financially literate in managing the financial matters. The task of entrepreneurs does not only focuses on purchasing, allocating, and distributing the resources efficiently, but to be able to understand the running of the business in terms of possessing the knowledge on accounting, costing, and budgeting. Those entrepreneurs who are financially literate normally are able to sustain in the market, regardless of economic condition. A total of 100 respondents from SME have been chosen in this study. The study has revealed that the entrepreneurs are really give time and energy to know and possess the skills in financial matters. Among the variables chosen, budget control seems to be the main factor that entrepreneurs wanted to be expert at since a correct budget will determine the survival of the firm.

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