Financial Literacy Imperative for Success of Women Entrepreneurship

Abstract

Women entrepreneurship can be the driving force to steer nations globally towards the achievement of economic and social development goals through job creation and poverty alleviation. However, financial literacy is an essential and intangible resource that is critical for growth, success, and sustained competitive advantage. Yet, lack of financial literacy is one of the key challenges affecting the business growth of women entrepreneurs. Hence, adopting a qualitative approach and data collected through the interview method from twenty-three women entrepreneurs selected through purposive sampling based on the criteria of an established business for five years with at least three employees, the study aimed at investigating the financial literacy imperative for the success of women entrepreneurship. Findings indicate that financial literacy greatly influences the success of women entrepreneurship and hence recommends group-based and focused training for women entrepreneurs through suitable programs to equip and enhance financial literacy among women entrepreneurs.