The Entrepreneur and His Small Business: Is Financial Literacy Important?

Erhomosele, Osareme; Oluchi, V.

doi:10.24018/ejbmr.2022.7.3.1461

Cited by 3 publications

(2 citation statements)

References 10 publications

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“…As much as formal business procedures and systems may try to separate them, there is overwhelming evidence that a strong relationship exists between the entrepreneur and his small business. According to Erhomosele and Obi (2022), the definition of a small business is typically determined by national or institutional standards, taking into account widely accepted criteria including revenue, profit margin, staff size, and firm size. In Nigeria, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN, 2017), has previously used the acronym MSMEs, which stands for Micro, Small, and Medium Enterprises.…”

Section: Conceptual Reviewmentioning

confidence: 99%

How Critical was the COVID-19 Pandemic? Exploring The Effects on Small Business Finance

Erhomosele,

Bonyi

2024

IRAJMSS

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A plethora of obstacles frequently confront small business enterprises. Still, many business owners were caught off guard by the unexpected COVID-19 outbreak. This research is a survey of small businesses in the city of Jos, Nigeria. The objective is to determine the financial exposure of small businesses to the COVID-19 epidemic. We obtained primary data from respondents using Likert scale questionnaires. Descriptive analysis was used to address the study questions with the data collected. Our findings showed that liquidity was the worst-hit aspect of business finance. This was closely followed by profitability, while debt management was the least impacted of the three domains. The theoretical argument of the study suggests a pragmatic approach to assessing how external environmental factors affect business entities. The authors recommend that business owners should make concerted efforts to get a financial education.

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Section: Conceptual Reviewmentioning

confidence: 99%

How Critical was the COVID-19 Pandemic? Exploring The Effects on Small Business Finance

Erhomosele,

Bonyi

2024

IRAJMSS

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“…Financial literacy was described by the OECD as the awareness, knowledge, skills, attitude, and behaviour required to make sound financial decisions and, ultimately, achieve personal well-being (Erhomosele & Obi, 2022). Financial literacy is a fundamental idea for comprehending money and how to apply it in daily life (Kumari, 2020).…”

Section: Financial Literacymentioning

confidence: 99%

Determinants of Business Resilience Framework for Small Businesses: Moderating Effects of Financial Literacy

Hamid¹,

Sanusi²,

Norizan³

et al. 2023

R. Econ. and Finan.

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Covid-19 has significantly disrupted and devastated the world's economy. Data from Malaysia shows that more than 30,000 companies have closed their operations since the movement control order (MCO) implementation due to Covid-19 that began in March 2020. However, the effects on small businesses are especially severe, mainly due to the higher vulnerability levels and lower resilience related to their size. This study provides an empirical analysis of the key drivers leading to the business resilience of small businesses in Malaysia that have survived the Covid-19 pandemic. Data from 215 small businesses were collected physically and online across Malaysia from May 2021 to December 2021. Structural Equation Modeling (SEM) using Smart PLS 3.2.4 was used to analyse the data, whereby nine hypotheses were tested in the current study. The results showed that technology acceptance, government support, and financial literacy significantly influence business resilience among small businesses in Malaysia. The results also indicated that financial literacy moderates the relationship between compliance cost and government support with business resilience. Thus, the findings revealed three important determinants of small businesses' resilience framework, namely technology acceptance, government support, and financial literacy. The study recommends a dynamic, resilient framework to adopt in the "new normal" situation for the successful navigation of small businesses in the future. Moreover, the study provides insight into the key drivers for business resilience factors that small businesses must be concerned with, as the framework can be used to deal with not only the global pandemic but also uncertain conditions.

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The Effect of Financial Literacy on the Sustainability of Micro, Small, and Medium, Enterprises with Access to Finance as a Mediating Variable

Zaniarti

Veronica

Arsytania

2022

IJMSBA

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Large-scale social restrictions (PSBB) during the pandemic, and the decline in people’s purchasing power, caused problems for many MSMEs, with some even folding. The business actors must have the good financial literacy to manage funds and enhance business survival under challenging conditions. The research aims to examine the effect of financial literacy on business sustainability and access to finance as a mediating variable that strengthens the relationship between financial literacy and sustainability. It was conducted by taking MSME samples in the West Bandung Regency area using the probability sampling technique with cluster random sampling type. The data collected from the responses of 203 MSMEs was processed using the Path Analysis method with an error rate of 5%. These results showed that financial literacy affects sustainability, and access to finance cannot mediate the effect of financial literacy on sustainability.

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The Entrepreneur and His Small Business: Is Financial Literacy Important?

Cited by 3 publications

References 10 publications

How Critical was the COVID-19 Pandemic? Exploring The Effects on Small Business Finance

How Critical was the COVID-19 Pandemic? Exploring The Effects on Small Business Finance

Determinants of Business Resilience Framework for Small Businesses: Moderating Effects of Financial Literacy

The Effect of Financial Literacy on the Sustainability of Micro, Small, and Medium, Enterprises with Access to Finance as a Mediating Variable

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