Utilization of Financial Management Skills by Entrepreneurs of Small-Scale Enterprises for Sustainable Economic Development in Bayelsa State

The study examined the extent of utilization of financial management skills by entrepreneurs of small-scale enterprises for sustainable economic development in Bayelsa State. Two research questions guided the study and two null hypotheses were tested at. 05 level of significance. The study adopted descriptive survey design, and the population of 120 small-scale enterprise entrepreneurs in Bayelsa State was studied without sampling. A 23 items questionnaire arranged in two sections and structured on a 4-point response options constituted the instrument used for data collection. The instrument was validated by two experts from vocational education (Business Education) and one expert from measurement and evaluation at Chukwuemeka Odumegwu Ojukwu University Igbariam Campus. The reliability of the instrument was determined using the test re-test method. Are liability coefficient of 0.74 was obtained and considered high for the instrument to be reliable. The researcher with the help of three research assistants administered a total of 120 copies of the questionnaire to the respondents and 116 copies were returned and usable. Statistical mean, standard deviation and test were used for data analysis. Findings showed that entrepreneurs of small-scale enterprises utilize managerial skills, and financial skills for sustainable economic development in Bayelsa State at a low extent. Gender and the nature of business did not influence respondents’ mean ratings on the extent they utilize managerial and financial skills for sustainable economic development. Based on the findings of the study, the researchers concluded that entrepreneurs of small-scale enterprises are still lagging as regards the utilization of financial management skills for sustainable economic development. It was recommended among others that, entrepreneurs of small-scale enterprises should register for a skill acquisition programme to acquire the financial management skills covered in this study.