ENTREPRENEURIAL SUCCESS AND FINANCIAL INTELLIGENCE: A STUDY OF SMALL BUSINESSES IN LAGOS
By Michael Balogun Adekunle
Research Article
ENTREPRENEURIAL SUCCESS AND FINANCIAL INTELLIGENCE: A STUDY OF SMALL BUSINESSES IN LAGOS
ISSN: 3067-2287
DOI Prefix: 10.5281/zenodo.
Abstract
Small businesses play sound contribution to economic growth and development as well as enhanced employment creation. The study aimed to determine the effects of financial intelligence measures: financial literacy, financial transparency, financial analysis decision and financial capability on small businesses in Lagos state. Due to poor financial intelligence measures which characterized with small business managers, owners and entrepreneurs which made them not to measure their financial stability and growth in achieving small business performance, thus, this study examines the effect of financial intelligence measures (financial literacy, financial transparency, financial analysis decision and financial capability) on small business performance measures (revenue generation and financial stability) in Lagos State. Survey research design was adopted and the use of multi-regression method of analysis was employed to analyse the generated data. The population of the study comprised of small businesses registered across five divisions in Lagos State that have been in existence for 10years and complied with SMEDAN regulations. The field data generated were normalized, valid and reliable for this study. Finding revealed that financial intelligence measures like financial literacy, financial transparency, financial analysis decision and financial capability significantly enhance revenue generation and financial stability of small businesses in Lagos state. The study concluded that financial intelligence measures like financial literacy, financial transparency, financial analysis decision and financial capability improve small businesses performance via financial stability and revenue generation in Lagos State, Nigeria. Thus, the study recommended that small business owners or entrepreneurs should embrace financial intelligence measures such as financial literacy, financial transparency, financial analysis decision and financial capability in order to enhance revenue generation and financial stability of small business performance in Lagos State.