Financial Literacy: What Motivates a Learner Entrepreneur to Achieve It?

Irina Kuzmina-Merlino () and Ishgaly Ishmuhametov
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Irina Kuzmina-Merlino: Transport and Telecommunication Institute, Riga, Latvia
Ishgaly Ishmuhametov: Transport and Telecommunication Institute, Riga, Latvia

Chapter 2016-06 in Entrepreneurship Teaching, Research and Practice in Global Environment – Building Bridges. Proceedings of the Seventh International Conference, 8 – 10 June 2016, Pomorie, Bulgaria, 2017, pp 123-136 from Bulgarian Association for Management Development and Entrepreneurship

Abstract: As long as there is an academic discussion about the essence of finance, specifically, of whether it is ‘art’ or ‘science,’ managers and entrepreneurs, especially beginners, experience the necessity to acquire realistic and basic knowledge of financial management. In our opinion, an entrepreneur does better when he understands how financial success is measured and how he has an impact on the company’s performance. In this case, we speak about an entrepreneur’s financial literacy. The results of this paper reveal the effect of personal qualities of undergraduate students on the efficiency of acquisition of financial subjects. Sixty-four participants between the age of 18 and 23 were recruited for this study from the program Business Management in Transportation of the Transport and Telecommunication Institute. The attainment of financial literacy amongst this student population was studied through the study of learning outcomes for financial subjects and the role of achievement motivation, its components and intellectual capabilities of these learner young entrepreneurs, future managers of transportation and logistics companies. The results of this paper indicate that striving for attainment is one of the main motivational factors for the achievement of financial literacy and development of financial management skills.

Keywords: entrepreneurship education; financial knowledge; motivation (search for similar items in EconPapers)
Date: 2017
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