The Impact of Financial Literacy on Small Business Sustainability: A Case Study of Fashion Entrepreneurs in Kaduna State
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Background of the Study
Financial literacy is critical for the sustainability of small businesses, especially in the fashion industry, which faces unique challenges such as fluctuating demand, competition, and limited access to capital. Entrepreneurs with a solid understanding of financial management are better equipped to make informed decisions, manage cash flow, and ensure long-term growth (Ahmed & Sule, 2024).
In Kaduna State, many fashion entrepreneurs struggle with financial sustainability due to inadequate financial literacy. This study explores how improving financial literacy can enhance the sustainability of these businesses, contributing to economic development (Adebayo et al., 2023).
Statement of the Problem
Small businesses in the fashion industry often fail due to poor financial management practices. In Kaduna State, limited access to financial education has left many entrepreneurs unable to manage resources effectively, leading to high business failure rates. Despite the critical role of financial literacy, there is limited research on its impact on the sustainability of fashion businesses in this region (Okonkwo & Ibrahim, 2023).
Objectives of the Study
- To assess the level of financial literacy among fashion entrepreneurs in Kaduna State.
- To evaluate the impact of financial literacy on business sustainability.
- To recommend strategies for improving financial literacy among fashion entrepreneurs.
Research Questions
- What is the level of financial literacy among fashion entrepreneurs in Kaduna State?
- How does financial literacy impact the sustainability of small businesses?
- What strategies can improve financial literacy among fashion entrepreneurs?
Research Hypotheses
- H0: Financial literacy does not significantly impact business sustainability.
- H0: The level of financial literacy among fashion entrepreneurs is not significantly related to business performance.
- H0: Proposed strategies do not significantly improve financial literacy among fashion entrepreneurs.
Scope and Limitations of the Study
This study focuses on fashion entrepreneurs in Kaduna State, analyzing the relationship between financial literacy and business sustainability. Limitations include potential respondent bias and variations in access to financial resources.
Definitions of Terms
- Financial Literacy: The ability to understand and apply financial management skills.
- Business Sustainability: The capacity of a business to maintain operations over time.
- Entrepreneurs: Individuals who establish and manage businesses.
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