Purpose

This paper aims to explore the association between financial literacy and entrepreneurial success among young entrepreneurs within an economically disadvantaged community in Cape Town, South Africa.

Design/methodology/approach

The mixed-method approach was adopted for the study. In-depth interviews were used in collecting the qualitative data while structured interviews using questionnaires were administered in collecting the quantitative data. The participants for the study were strictly young entrepreneurs.

Findings

The study found that entrepreneurs understood the concept of financial literacy and this was corroborated by their financial literacy average score of 59.03, which is above the national financial literacy average score of 54.00. The study further revealed that a positive association exists between financial literacy and entrepreneurial success. Hence, high levels of financial literacy result in increased business success.

Research limitations/implications

The sample size of the study was relatively small, for which reason, a mixed-method approach was adopted to strengthen the research findings. The research also considered only one disadvantaged community in South Africa (Khayelitsha).

Originality/value

To the best of the knowledge, the influences of financial literacy on the success of small and medium enterprises (SMEs) among young entrepreneurs have not been well-explored in economically disadvantaged areas within the South African context. As a result, this study sheds light by assessing the level of financial literacy among young entrepreneurs in economically disadvantaged communities and by determining the relationship between financial literacy and entrepreneurial success. The study further provides recommendations on policy-making to ensure that through successful entrepreneurship, developmental challenges such as unemployment can be reduced.

中文翻译：

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来自开普敦低收入社区的年轻企业家的金融素养与创业成功之间的关系：混合方法分析

目的

本文旨在探讨南非开普敦一个经济弱势社区的年轻企业家的金融素养与创业成功之间的关系。

设计/方法/方法

本研究采用混合方法。深度访谈用于收集定性数据，而使用问卷的结构化访谈用于收集定量数据。该研究的参与者是严格的年轻企业家。

发现

研究发现，企业家了解金融素养的概念，他们的金融素养平均得分为 59.03，高于全国金融素养平均得分 54.00，证实了这一点。该研究进一步表明，金融素养与创业成功之间存在正相关关系。因此，高水平的金融知识会增加商业成功。

研究限制/影响

由于本研究的样本量相对较小，因此采用混合方法来加强研究结果。该研究还仅考虑了南非的一个弱势社区（Khayelitsha）。

原创性/价值

据了解，在南非经济落后地区，金融知识对年轻企业家中中小企业 (SME) 成功的影响尚未得到很好的探索。因此，本研究通过评估经济弱势社区年轻企业家的金融素养水平，并确定金融素养与创业成功之间的关系，为人们提供了启示。该研究进一步提供了有关决策的建议，以确保通过成功的创业，可以减少失业等发展挑战。