Navigating Financial Uncertainty: Financial Awareness, Risk Perceptions, and Investment Diversification for Business Sustainability Among Creative Economy Micro and Small Entrepreneurs in Jakarta
DOI:
https://doi.org/10.59890/ijma.v4i4.41Keywords:
Financial Awareness, Risk Perception, Investment Diversification, business sustainability, Creative EconomyAbstract
This study explores how the creative economy micro and small entrepreneurs in Jakarta perceive financial uncertainty and how it influences financial awareness, risk-return understanding, and investment diversification for business sustainability. The study contributes to the literature by integrating these concepts through a qualitative perspective, addressing the limited understanding of entrepreneurs’ financial decision-making processes. Using a qualitative content analysis approach, data were collected through interviews with 30 purposively selected entrepreneurs from creative economy sectors in Jakarta as respondents. The findings reveal that respondents actively monitor financial developments, adopt calculated risk-taking, learn from financial experiences, and diversify investments to reduce vulnerability. These interconnected behaviours strengthen business resilience and support long-term sustainability under uncertain economic conditions.
References
Anshika, A., & Singla, A. (2022). Financial literacy of entrepreneurs: a systematic review. Managerial Finance, 48(9/10), 1352–1371. https://doi.org/10.1108/MF-06-2021-0260
Attia, E. F., Aly, S. M., ElRawas, A. said, & Awad, E. O. (2023). Portfolio diversification benefits before and during the times of COVID-19: evidence from USA. Future Business Journal, 9(1), 26. https://doi.org/10.1186/s43093-023-00205-4
Babajide, A., Osabuohien, E., Tunji-Olayeni, P., Falola, H., Amodu, L., Olokoyo, F., Adegboye, F., & Ehikioya, B. (2023). Financial literacy, financial capabilities, and sustainable business model practice among small business owners in Nigeria. Journal of Sustainable Finance & Investment, 13(4), 1670–1692. https://doi.org/10.1080/20430795.2021.1962663
Bakó, B., & Neszveda, G. (2024). An aspirational perspective on the negative risk-return relationship. Finance Research Letters, 61, 104977. https://doi.org/10.1016/j.frl.2024.104977
Ferli, O. (2023). Financial Literacy for Better Access to Finance, Financial Risk Attitude, and Sustainability of MSMEs in Indonesia. Jurnal Manajemen, 14(1), 111. https://doi.org/10.32832/jm-uika.v14i1.9792
González-Prida, V., Pariona-Amaya, D., Sánchez-Soto, J. M., Barzola-Inga, S. L., Aguado-Riveros, U., Moreno-Menéndez, F. M., & Villar-Aranda, M. D. (2025). Exploring the Effects of Financial Knowledge on Better Decision-Making in SMEs. Administrative Sciences, 15(1), 24. https://doi.org/10.3390/admsci15010024
HC, R. H. K., & Gusaptono, R. H. (2020). The Impact of Financial Literacy on Investment Decisions Between Saving and Credit: Studies on Sharia Bank Customers in the Special Region of Yogyakarta. Journal of Economics and Business, 3(4). https://doi.org/10.31014/aior.1992.03.04.291
IRAM, T., Bilal, A. R., & Ahmad, Z. (2023). Investigating The Mediating Role of Financial Literacy on The Relationship Between Women Entrepreneurs’ Behavioral Biases and Investment Decision Making. Gadjah Mada International Journal of Business, 25(1), 93. https://doi.org/10.22146/gamaijb.65457
Jayanto, I., Anggraeni, I. P., & Safitransyah, R. P. (2025). Resilience of SMEs in Facing Economic Crises: Business Model Adaptation, Product Diversification, and Resource Optimization. Journal of Contemporary Administration and Management (ADMAN), 3(1), 616–623. https://doi.org/10.61100/adman.v3i1.260
Lathief, J. T. A., Kumaravel, S. C., Velnadar, R., Vijayan, R. V., & Parayitam, S. (2024). Quantifying Risk in Investment Decision-Making. Journal of Risk and Financial Management, 17(2), 82. https://doi.org/10.3390/jrfm17020082
Liang, J. (2019). Qualitative research methods: collecting evidence, crafting analysis, communicating impact (2 nd Edition). Communication Research and Practice, 5(4), 408–409. https://doi.org/10.1080/22041451.2019.1688620
Merter, A. K., & Balcıoğlu, Y. S. (2025). Financial literacy and decision-making: The impact of knowledge gaps on financial outcomes. Borsa Istanbul Review, 25, 101–108. https://doi.org/10.1016/j.bir.2025.07.010
Nidarmawati. (2025). Dampak Ekonomi Kreatif Terhadap Peningkatan PDB Dan Penyerapan Tenaga Kerja. Jurnal Ilmu Ekonomi Dan Bisnis, 2(3), 22–27.
Otoritas Jasa Keuangan. (2022). Survei Nasional Literasi dan Inklusi Keuangan 2022. In https://ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Booklet-Survei-Nasional-Literasi-dan-Inklusi-Keuangan-Tahun-2022
Purwata, H. (2023, October 22). UGMPreneur: Rendahnya Kompetensi Kelola Keuangan, Penyebab UMKM Tutup. Https://Jurnal.Republika.Co.Id/Posts/241489/Ugmpreneur-Rendahnya-Kompetensi-Kelola-Keuangan-Penyebab-Umkm-Tutup.
Pusparini, E. S., Peranginangin, Y. A., Gayatri, G., Hadiprawoto, T. R., & Syaebani, M. I. (2026). Surviving crisis through business innovation ambidexterity and resilience: Lessons from Indonesian micro, small, and medium enterprises (MSMEs). Asia Pacific Management Review, 31(2), 100433. https://doi.org/10.1016/j.apmrv.2026.100433
Rashid, A., & Saeed, M. (2017). Firms’ investment decisions – explaining the role of uncertainty. Journal of Economic Studies, 44(5), 833–860.
Rengkuan, M., Wicaksono, A. G. C., Hasmiati, & Watung, F. A. (2026). Investigating the role of financial literacy in supporting entrepreneurship skills among high school students. Social Sciences & Humanities Open, 13, 102874. https://doi.org/10.1016/j.ssaho.2026.102874
Ruslaini, R. (2021). Establishing Sustainable Practices on Micro, Small and Medium Enterprises (MSMEs) to Advance Indonesia’s Economic Growth]. https://doi.org/10.2139/ssrn.3787801
Septiyanto, A., Wulansari, K., & Zuhaida, A. (2023). Varieties of qualitative research methods selected contextual perspectives. The Social Science Journal, 1–2. https://doi.org/10.1080/03623319.2023.2243681
Setiawan, B., & Saputra, T. S. (2021). LITERASI KEUANGAN PELAKU USAHA MIKRO, KECIL DAN MENENGAH (UMKM) KOTA PALEMBANG. Jurnal Abdimas Mandiri, 4(2). https://doi.org/10.36982/jam.v4i2.1258
Sumantri, M. B. A., Mukhlis, T. I., Susanti, N., Padmanegara, O. H., Yanida, P., & Widajatun, V. W. (2024). The Influence of Financial Literacy and Financial Attitude on Financial Management Behavior. Journal of Economics and Business, 7(1). https://doi.org/10.31014/aior.1992.07.01.569
Tambunan, T. (2019). Recent evidence of the development of micro, small and medium enterprises in Indonesia. Journal of Global Entrepreneurship Research, 9(1), 18. https://doi.org/10.1186/s40497-018-0140-4
Widyawati, P. Y. (2026). Analysis of the Impact of PayLater as a Financial Technology Innovation in the Digital Economy on Students’ Consumptive Behavior and Financial Awareness from a Contemporary Accounting Perspective. https://doi.org/10.2139/ssrn.6575038
Ye, J., & Kulathunga, K. (2019). How Does Financial Literacy Promote Sustainability in SMEs? A Developing Country Perspective. Sustainability, 11(10), 2990. https://doi.org/10.3390/su11102990
Zidane, M. R., Nawawi, Z. M., & Tambunan, K. (2025). Systematic Literature Review: Performance & Development of Creative Economy-Based MSMEs. Moneter: Jurnal Keuangan Dan Perbankan, 13(2), 540–547. https://doi.org/10.32832/moneter.v13i2.1879
