Financial illiteracy and entrepreneurship success: Literature review

Abstract

Financial literacy is a key factor in entrepreneurship because entrepreneurship requires one make sound decisions and judgments based on a given situation. Understanding the impact of financial illiteracy on entrepreneurship has significance on a country's strategies for implementing financial education literacy in its population. This paper aims to review the literature relating the impact of financial illiteracy on entrepreneurship success, as well as filling the gap in knowledge regarding studies related to the research topic. The research is helpful to entrepreneurs to realize the importance of financial literally, and for organizations to assure their top decision makers have the required skills and knowledge to assure business success.