scholarly journals Innovative Strategies For Social-Economic Development Financial Strategies In The Development Country

2021 ◽  
Vol 5 (1) ◽  
pp. 44-65
Author(s):  
Chukwu Anthony Ogochukwu ◽  
Karina Kasztelnik
Keyword(s):  
Economic Development ◽  
Small Business ◽  
Small Businesses ◽  
Lived Experiences ◽  
Research Study ◽  
Business Environment ◽  
Business Owners ◽  
Medium Scale ◽  
Financial Strategies ◽  
Lending Institutions

This research paper summarizes the arguments and counterarguments within the scientific discussion on the Small and medium scale enterprises constitute the backbone of any nations economic development and had remained a major contributor in poverty alleviation, employment generation, and industrialization. The purpose of this phenomenological study was to explore the lived experiences of small and medium scale enterprise owners in the development country, regarding the raising of finances from lending institutions to ensure their business growth and sustenance. A phenomenological qualitative approach for this study as it empowers the researcher to investigate the lived experiences of participants to gain a deep understanding of the small number of participants who had raised funding from financing institutions and how to improve their experiences thereby reducing the challenges while seeking for financing. The relevance of this scientific problem discussion from the organizational life cycle theory and working capital management theory to emphasize the concept of study environment, financing institutions, knowledge, and experience of small business owners. Key findings emerged that within the business environment, there are lack of government policies to support small businesses, and financing institutions are not favorably disposed to support small and medium scale business. The wide-ranging factors discussed in this article also brought to fore additional financing strategies adopted by small businesses as alternatives to banks funding, the effect adequate funding will have their operations and the improvement required by government, financing institutions and owners of small businesses to support the growth and development of small businesses. The results of the research study may contribute to positive social change by creating awareness amongst small and medium scale business owners on the best financial strategies to fund their operations to remain profitable and sustained. The research study highlighted the need for both the government and financing institutions to support small businesses to function effectively to remain relevant, continue to generate more employment, improve the living standard of the owners of small business, and ultimately impact development country at large. Finally, this study added to the existing literature on small and medium scale enterprises financing strategies, their challenges, and their means to ameliorate the difficulties experienced by their owners when seeking for funding from lending institutions.

Resilience in the context of two traditional Spanish rural sectors: an exploratory study

2015 ◽  
Vol 9 (2) ◽  
pp. 182-203 ◽  
Author(s):  
Abel Duarte Alonso
Keyword(s):  
Small Business ◽  
Olive Oil ◽  
Small Businesses ◽  
Business Environment ◽  
Business Owners ◽  
Business Strategies ◽  
Small Business Owners ◽  
Online Questionnaire ◽  
Economic Implications ◽  
Content Type

Purpose – The present study examines ways in which micro and small business owners and managers in the olive oil industry seek to adapt to emerging challenges and build resilience. In an increasingly demanding business environment, the ability to become resilient and be able to adapt to new or existing challenges is crucial. However, in what ways do micro and small business owners and managers seek to adapt to emerging challenges and build resilience? The present study examines these issues among micro and small wine and olive oil producers. Design/methodology/approach – An online questionnaire was designed to gather the views of respondents on challenges, impacts of these challenges and strategies they consider to adapt to current challenges. A total of 93 winery owners/managers and 52 olive growers participated. Findings – The findings identify increasing costs, decreasing consumption and the effects of the economic crisis as the most significant barriers, with impacts in the form of loss of trust in government institutions and loss of confidence in a soon economic recovery. To adapt and become resilient, enhancing promotional, educational and diversification activities, such as starting or growing exports, or becoming more involved in technology and social media are perceived as fundamental business strategies. Originality/value – In considering elements related to the theory of resilience, the study provides empirical evidence of adaptive strategies among micro and small businesses, as well as ways to achieve resilience. Overall, the findings have important socio-economic implications for various stakeholders, including the sectors involved, government agencies, and ultimately for consumers, and local communities where businesses operate.

EVIDENCE FROM THE IMPACT OF COVID-19 ON SMALL BUSINESS

2021 ◽  
Vol 14(63) (1) ◽  
pp. 103-110
Author(s):  
Nicoleta Gianina BOSTAN MOTOAŞCĂ
Keyword(s):  
Qualitative Study ◽  
Small Business ◽  
Small Businesses ◽  
Emotional State ◽  
Business Environment ◽  
Business Owners ◽  
Small Business Owners ◽  
Structured Interviews ◽  
Starting Point ◽  
The Impact

The Covid-19 pandemic has affected both individuals and the business environment in a profound and unexpected way. The restrictions imposed and the economic crises caused by them have led to the closure of some businesses, especially small businesses. The present research aims to study the opinions, perceptions, behaviour, and attitude of administrators, of small-business owners towards the impact of the pandemic in order to outline their emotional state and the sample of future needs. The qualitative study illustrates the combined analysis of the results of the answers of sixteen structured interviews, in-depth phone interviews. This research could represent the starting point of a more extensive research in this field

Measuring Success in Family Businesses: The Concept of Configurational Fit

2006 ◽  
Vol 19 (2) ◽  
pp. 115-134 ◽  
Author(s):  
Christoph Hienerth ◽  
Alexander Kessler
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Business Owners ◽  
Border Region ◽  
Small Business Owners ◽  
Comparable Data ◽  
Measurement Instruments ◽  
Success Measurement ◽  
Success Evaluation ◽  
As Effects

The problems associated with measuring success in small businesses are primarily caused by a lack of comparable data due to the ambiguity of “success” and by subjective biases. Success evaluation is dominated by the estimates of business owners, who tend to overestimate overall success and internal strengths. However, reliable success measurement instruments would be useful for small business owners/managers as well as small business policymakers. The main purposes of this article are to compare various measures of success, to explore the differences in their outcomes, and to analyze whether a model of success measurement using configurational fit can be used to overcome subjective biases. The study is based on a recent survey of 103 small family-owned businesses in the eastern Austrian border region. Our analysis of the data confirmed the existence of the measurement problems mentioned above. Although some individual indicators show significant biases as well as effects due to company age, size, and industry, the aggregated indicator based on the concept of configurational fit seems to be an appropriate means of overcoming most of these drawbacks.

Characteristics of the ERP Systems Designed for Managing Small Businesses

2021 ◽  
Vol 13 (2) ◽  
Author(s):  
Petar Hlebarov
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Business Environment ◽  
Business Organizations ◽  
Erp Systems ◽  
Small Organizations ◽  
Business In Society

This article mainly aims to introduce the particular charactersitics of the ERP systems, used for managing small businesses, by answering several basic questions related to this topic: What do we generally understand by ERP systems? What is the essence of ERP for small business? What is the role of ERP for small business? What do we understand by small business? What are the characteristics of small business? What is the role of small business in society? What are the basic problems of small business? What is today’s business environment? In this respect, the report introduces the essence and the role of the ERP systems used for managing small business organizations in a structured and summarized way. It shows how the specific characteristics of small business and today’s business environment affect the ERP configurations, compared to those used in large organizations. At the end of the paper, a summary is provided of the characteristics of the ERP systems used for managing small organizations.

scholarly journals The perception of sponsorship usefulness among South African small business owners

2014 ◽  
Vol 11 (4) ◽  
pp. 475-488
Author(s):  
Catherine Mpolokeng Sephapo ◽  
Johannes Arnoldus Wiid ◽  
Michael Colin Cant
Keyword(s):  
South Africa ◽  
Small Business ◽  
South African ◽  
Small Businesses ◽  
Brand Image ◽  
Business Owners ◽  
Small Business Owners ◽  
Web Based ◽  
Marketing Tool ◽  
Marketing Budgets

Sponsorship is a powerful marketing tool that organisations in South Africa are embracing. From the evaluation of the sponsorship growth over the years, the industry in South Africa has developed from a R63 million industry in 1985 to the value of just under R7 billion in 2011 (City Press, 2012). Small businesses in South Africa are faced with the challenge of effectively reaching target segments. These small businesses are restricted in terms of limited marketing budgets and therefore need alternative ways of improving their brands in the eyes of the consumer. Theoretically, sponsorship is considered to improve the brand image of an organisation and ultimately improve sales. However, the question that this study aims to answer is whether small business owners perceive sponsorship to be a useful tool that even they can utilise. The study made use of a quantitative approach whereby a web-based questionnaire was distributed to small business owners. The findings indicated that the general attitude towards sponsorship as a marketing tool is positive. The correlation between sponsor sincerity and sponsorship usefulness was found positive; however, average in strength. Although sponsorship is seen as a useful tool, 15.4% of the respondents indicated that they would not consider using this marketing tool. This response may provide an opportunity for further research to be conducted which may shed some light on the strategies small business owners perceive to be most effective for their unique circumstances

scholarly journals THE EVALUATION OF THE EXPEDIENCY’S DEVELOPMENT AND SUPPORT OF SMALL INNOVATIVE ENTREPRENEURSHIP IN RUSSIA

2018 ◽  
Vol 6 ◽  
pp. 309-313 ◽  
Author(s):  
Anzhela Litvinova ◽  
Denis Paleev
Keyword(s):  
Small Business ◽  
Russian Federation ◽  
Small Businesses ◽  
Business Processes ◽  
New Technologies ◽  
Business Environment ◽  
Government Support ◽  
The Russian Federation ◽  
The Government ◽  
Business Entities

This article analyzes the situation of innovative approaches to building business processes and interaction between universities, the government,  and representatives of the business environment. A methodology is proposed by the authors for calculating the feasibility of government support for small innovative enterprises (SIEs) as independent small business entities organized at higher educational institutions of the Russian Federation, the activities of which are aimed at research, development, implementation, and commercialization.The importance and role of small innovative entrepreneurship in the economy of the country and large cities is becoming the main world trend. Russia is trying to match its innovation strategy in small business, but the success is, unfortunately, still negligible. On the part of the government, millions of rubles are allocated to support small innovative entrepreneurship, as well as the construction of technology parks, the creation of business incubators, technological laboratories, and platforms being organized at universities in order to ensure the implementation of innovative projects. In accordance with the Federal Law of the Russian Federation No. 217-FL of August 2, 2009, universities were able to register small innovative enterprises on their territory as independent small businesses in the sphere of innovative development, whose activities are focused mainly on the commercialization of intellectual property objects and their active promotion in the market.Nevertheless, the implementation of new technologies and know-how is associated with greater risks of SIEs and needs a methodical approach to assess the appropriateness of providing government support to such enterprises. We are going to consider and calculate the indicator of the feasibility of government support for a small innovative enterprise in the amount of 50 million rubles for a period of five years for its development and will prove the increase in the efficiency of the enterprise and the possibilities for its development through the government support mechanisms for innovations.

Growth and Development of Small Business Through Microfinance Activities in Nepal

2020 ◽  
Vol 1 (1) ◽  
pp. 26-34
Author(s):  
Chandra Prasad Dhakal
Keyword(s):  
Small Business ◽  
Financial Services ◽  
Small Businesses ◽  
Growth And Development ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Business Owners ◽  
Small Business Owners ◽  
Microfinance Institutions ◽  
Economic Activities

Small businesses play important role for economic development and stability. It develops access in financial services through enhancing economic activities. The study analyzes the growth and development of small businesses that enhance through the support of micro finance in Nepal. Descriptive and inferential were used to collected data and collected data were analyzed through using multiple linear regression analysis. Only 124 small business owners were selected for this study. The study helps to find out the growth of microfinance institutions (MFIs) and small businesses in emerging economy in Nepal. It also assists MFIs to assess the effectiveness of their services and help to efficient utilization of available resources in the economy of Nepal.

Introduction

2019 ◽  
pp. 1-20
Author(s):  
Courtney Lewis
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Structural Adjustment ◽  
Business Owners ◽  
Small Business Owners ◽  
Economic Stability ◽  
The Great Recession ◽  
Justice Movements ◽  
The Impact

This introduction describes how encouraging a diversity of small businesses can help support a Native Nation’s long-term economic stability, but goes further to demonstrate this uniquely through the eyes of the small-business owners themselves along with an in-depth examination of their local, national, and international contexts. In doing so, it describes how this book also addresses the ways in which Native Nations, by supporting small business resilience, are responding in politically and socioeconomically meaningful ways to settler-colonial economic subjugations. This introduction further describes how the book unpacks the layers of small-business complications specific to Native Nations and American Indian business owners while speaking to larger theoretical questions regarding the impact of small businesses in a global indigenous context. Debates regarding economic sovereignty versus economic power, measures of autonomy, land status, economic identity, fluctuating relationships with settler-colonial society, and the growth of neoliberalism (along with its accompanying “structural adjustment” policies) meet with specific practices, such as the implementation of guaranteed annual incomes, cultural revitalization actions, environmental justice movements, and the potentially precarious choices of economic development—issues that are exacerbated during times of economic precarity, such as the Great Recession.

Contemporary Financial Risk Management Perceptions and Practices of Small-Sized Chinese Businesses

2018 ◽  
pp. 917-931
Author(s):  
Simon S. Gao ◽  
Serge Oreal ◽  
Jane Zhang
Keyword(s):  
Risk Management ◽  
Small Business ◽  
Small Businesses ◽  
Financial Risk ◽  
Business Owners ◽  
Financial Risk Management ◽  
Chinese Business ◽  
Insurance Cover ◽  
Interpretative Approach

This study investigated the current perceptions and practices of financial risk management at small businesses in China. The researchers took an interpretative approach, using interviews within a case study, to collect qualitative data from Chinese business owners. Despite the well-documented importance of financial risk management in light of the 2008 global financial crises, surprisingly, the data indicated that little progress has been made on implementing an effective financial risk management in many Chinese small businesses. Analysis indicated the core problems in the case study organization stemmed from a lack of expertise, along with insufficient operational resources, for applying risk management. Interestingly, the researchers also found that Chinese small business managers perceived financial risks differently from managers of large organizations in China. Specifically, small business owners preferred to utilize risk transfer and insurance cover to hedge against financial risk.

A Look at the Future

2009 ◽  
pp. 275-301
Author(s):  
Stephen Burgess ◽  
Carmine Carmine Sellitto ◽  
Stan Karanasios
Keyword(s):  
Small Business ◽  
Diffusion Process ◽  
Small Businesses ◽  
Role Models ◽  
Critical Mass ◽  
Business Environment ◽  
Early Adopters ◽  
Web Presence ◽  
Cumulative Curve ◽  
Business Entities

This chapter serves to raise an awareness of some of the more cutting edge Internet innovations and applications that may become viable and useful to the small business operator in future. The chapter focuses on some of the new and emerging forms of technologies that the authors have identified as potentially affecting the Web presence. Consequently, the topic areas and content examined in the chapter does not claim to be all encompassing or prescriptive. Some of the innovations examined are nascent and may not progress to a critical mass for general adoption, whilst others tend to be used by larger business entities, possibly requiring a re-configuration if they are to be successfully used in the small business environment. Arguably, many if not all would in some way impact on the business Web presence if they were to be adopted in future. An examination of the adoption and use of new forms of technology and ideas - or innovations as they are sometimes referred - can be assisted by examining how the early adopters use these innovations. This was briefly discussed in Chapter IV. The concept of innovation adoption and the importance of early adopters is well documented by Rogers (1995). The Rogers’ paradigm describes how innovations advance, or diffuse, through a population either to be adopted or to be rejected. The successful diffusion of an innovation generally follows the S-shaped rate of adoption when a cumulative curve is plotted. The cumulative S-shaped rate of adoption curve is depicted in Figure 1 showing the relationship between the adopters and late-adopters over a period of time. Generally, the adoption of the innovation by the early adopters results in an adoption curve that is reasonably flat. However, as more members of a business group adopt the innovation, the curve ‘takes off’, with the advent of late adopters signalling the innovation has diffused through that particular group. Clearly, for the small business operator an indicator of an innovation that may be associated with a Web presence can be closely allied in the identification of the early adopters. The early adopters are important in the diffusion process as opinion leaders - where potential adopters look to them for advice and information, as well as best practices to emulate. Moreover, the early adopters are considered to be the individuals to investigate or analyse before using a new idea, tending to serve as role models for many others. Early adopters can be deemed to be the most important constituent in the innovation-diffusion process because they decrease uncertainty about a new idea or technology, and as a consequence convey a message of acceptance and effectiveness to peers (Rogers 1995). According to Norman (1998), the early users of an innovation provide the experience for the late adopters to observe and to learn from. Norman further suggests that even though these early users are relatively few in number, they are the drivers of a technology and can provide examples of how and why that innovation can be used. Arguably, the small business operator by conducting an examination within their own industry for the specific use of new forms of Web-related technology will identify a set of industry early adopters from which they themselves can learn from. Small businesses have been known to be conservative in nature in relation to their use of ICTs, so many feel quite comfortable with the notion of waiting until the early adopters have been successful or otherwise. Of course, if the adoption has been successful they do not necessarily achieve the same level of benefits (often resulting in competitive advantage) that early adopters realise, but at the same time they are not taking the same risk with an unknown technology. Often, the late adopter is forced to adopt the technology as it has diffused through the majority of the industry as is regarded as a requirement by business partners or customers.

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