What role does financial literacy play in entrepreneurship?
Financial literacy is indispensable for entrepreneurs because it:
1. Informs Decision-Making: Aids in making informed financial decisions. 2. Enhances Negotiation Skills: Improves the ability to negotiate with investors and suppliers. 3. Facilitates Compliance: Ensures compliance with financial regulations and reporting standards. 4. Improves Efficiency: Helps in identifying cost-cutting measures and improving operational efficiency. 5. Boosts Confidence: Increases confidence in managing the financial aspects of the business.