Year: 2025
Type: article
Study design: Observational Study
Abstract: Financial literacy is a critical factor in entrepreneurial success, influencing financial decision-making, business sustainability, and economic growth. However, many entrepreneurs lacked the necessary accounting and financial skills to navigate complex financial environments effectively. This study examined strategic diplomacy in accounting and financial literacy for entrepreneurial growth, exploring the role of financial knowledge in business sustainability, risk management, and profitability. Despite the increasing emphasis on financial literacy, many entrepreneurs still struggled with financial planning, investment strategies, and access to funding, leading to poor financial management and business failure. The study is justified by the need to bridge financial literacy gaps and provide policy-driven solutions for empowering entrepreneurs. It is significant because it highlighted the importance of structured financial education, contributing to business success, economic stability, and job creation. The scope covered entrepreneurs across various industries, focusing on their financial knowledge and its impact on business performance. The study is anchored on Resource-based view (RBV) theory to analyse the research. A mixed-methods approach was employed, combining quantitative surveys and qualitative interviews with 500 entrepreneurs. Findings revealed that while many entrepreneurs possessed moderate financial literacy, significant gaps remained in financial risk management, investment strategies, and loan accessibility. The study recommended integrating financial literacy training into entrepreneurial programmes, expanding digital financial education, and establishing financial advisory centres. In conclusion, strategic financial diplomacy is crucial for fostering a financially literate entrepreneurial ecosystem. Policymakers must prioritise financial education initiatives to enhance business growth and economic development.
Institution: Wesley University
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4410929903