Entrepreneurship development- is financial literacy matter? A literature review

Abstract

This paper investigates the role of financial literacy in entrepreneurship development. A comprehensive review of 79 articles reveals that financial literacy positively influences entrepreneurs' financial behavior. Proficiency in financial concepts enables better decisionmaking, essential for activities like cost tracking, revenue management, and investment assessment. The paper also offers recommendations for future research and suggests enhancing entrepreneurs' knowledge and financial literacy through school education as a means to foster entrepreneurship.