The use and usefulness of financial assistance to UK SMEs

Existing literature has paid considerable attention to the effects of supporting programmes on the survival and performance of small and medium-sized enterprises (SMEs), but it lacks a deep understanding of the benefits of the use of such assistance and the factors influencing the evaluation of such services from the perspective of SMEs. We examine the factors affecting the propensity to use assistance when SMEs make financial decisions and the usefulness perceived by the users. We examine 2500 UK SMEs and find that the use of assistance and the usefulness of such services, as perceived by SMEs, are much related to: the characteristics of the entrepreneur, the nature of the business, and the financial products used by the business. These empirical results imply that support and advice on financial decision making, available for SMEs, are important for them to better manage and to access finance. Assistance and advice are also very valuable for SMEs and entrepreneurs to compensate for their lack of human capital and thus facilitate overcoming possible problems in managing their businesses.

The Role of Collateral in Entrepreneurial Finance

Previous research has suggested collateral has the role of sorting entrepreneurs either by observed risk or by private information. In order to test these roles, this paper develops a model which incorporates a signalling process (sorting by observed risk) into the design of an incentivecompatible menu of loan contracts which works as a self-selection mechanism (sorting by private information). It then tests this Sorting by Signalling and Self-Selection Model, using the 1998 US Survey of Small Business Finances. It reports for the first time that: high type entrepreneurs are more likely to pledge collateral and pay a lower interest rate; and entrepreneurs who transfer good signals enjoy better contracts than those transferring bad signals. These findings suggest that the Sorting by Signalling and Self-Selection Model sheds more light on entrepreneurial debt finance than either the sorting-by-observed-risk or the sorting-by-private information paradigms on their own.

Bricks vs clicks: entrepreneurial online banking behaviour and relationship banking

Purpose – Little research has been conducted on the effects of information technology on financing entrepreneurial businesses or small and medium sized enterprises (SMEs). The purpose of this paper is to examine the impacts of entrepreneurial online banking and relationship banking on the severity of financial problems perceived by entrepreneurs and their interactive effect. It also investigates how characteristics of individual businesses and entrepreneurial demographics influence SMEs’ financial situation. Design/methodology/approach – An ordered logistic model is used on a UK dataset to empirically test the hypotheses derived in this paper. The empirical evidence is drawn from the 2004 UK survey of SME finances, which contains a sample of 2,500 firms. Findings – This paper finds that both entrepreneurial online banking behaviour and relationship banking alleviates the severity of financial problems perceived by entrepreneurs. The relationship affect is less evident for entrepreneurs who most frequently use an online approach to communicate with their banks than for those using traditional methods. Business and entrepreneur characteristics also have a strong impact on the severity of the financial problems suffered by SMEs. Originality/value – This paper provides evidence supporting the favourable impacts of the application of information technology on entrepreneurial finance from the perspective of entrepreneur/business. It also identifies a substitute relationship between entrepreneurial online banking behaviour and relationship banking, a relationship which contradicts existing evidence.

Higher education engagement in leadership development: using autobiographical narrative to understand potential impact

The paper explores the lived experience of leadership learning and development in a single case study of an entrepreneur participating in a major leadership development programme for owner-managers of Small and Medium Sized Enterprises (SMEs). Based on autobiographical research, it provides a rich contextual account of the nature and underlying influences of leadership learning throughout the life-course, and as a consequence of participation in the programme. Whilst the paper should interest scholars, policy makers, and those concerned with programme development, it may also resonate with entrepreneurs and help them make sense of their experience of leadership development.

What matters in business incubation? A literature review and a suggestion for situated theorising

Purpose – The purpose of this paper is twofold: first, to provide a critical assessment of the literature on business incubation effectiveness and second, to submit a situated theoretical perspective on how business incubation management can provide an environment that supports the development of incubatee entrepreneurs and their businesses. Design/methodology/approach – The paper provides a narrative critical assessment of the literature on business incubation effectiveness. Definitional issues, performance aspects and approaches to establishing critical success factors in business incubation are discussed. Business incubation management is identified as an overarching factor for theorising on business incubation effectiveness. Findings – The literature on business incubation effectiveness suffers from several deficiencies, including definitional incongruence, descriptive accounts, fragmentation and lack of strong conceptual grounding. Notwithstanding the growth of research on this domain, understanding of how entrepreneurs and their businesses develop within the business incubator environment remains limited. Given the importance of relational, intangible factors in business incubation and the critical role of business incubation management in orchestrating and optimising such factors, it is suggested that theorising efforts would benefit from a situated perspective. Originality/value – The identification of specific shortcomings in the literature on business incubation highlights the need for more systematic efforts towards theory building. It is suggested that focusing on the role of business incubation management from a situated learning theory perspective can lend itself to a more profound understanding of the development process of incubatee entrepreneurs and their firms. Theoretical propositions are offered to this effect, as well as avenues for future research.

Det personliga nätverkets funktion : Etablering och underhåll av presonliga nätverk inom ljuddesign för rörlig bild

The aim of this paper was to discover the functions and workings of personal networks and their advantages for self-employed sound designers and producers whose focus was upon the moving image (film, advertising, tv, etc). Investigations on how entrepreneurs develop their networks were made, as well as inquiries on how these networks are used for generating work. Another important aspect perused was whether or not the networks are dependent on specific geographical locations in order to function. A case study and comparative analysis was undertaken, based upon three qualitative interviews with entrepreneurs whose operations shared several similar characteristics. The results pointed out the importance of constantly making new contacts, and maintaining and managing current ones. There was no evidence that traditional marketing strategies or advertising were used by the interviewees. New commissions were often gained from former clients or acquaintances, or through referrals from them. There are definite advantages to having one's business in the geographical area where one's contacts exist. This also makes it easier to keep up these contacts for future prospects. However, it is very feasible to take on contracts, do the job, and to deliver work to clients in far away locations, due to the high speed internet connections available today.Målet med denna uppsats var att ta reda på hur personliga nätverk fungerar och verkar till fördel för egenföretagande ljuddesigers för rörlig bild (Film, Reklam och tv etc.). Hur entreprenörerna utvecklar nätverken utforskades, även hur de används för att generera arbete samt om nätverken bör vara lokaliserade på en speciell plats för att fungera. En fallstudie och komparativ analys utfördes, baserad på tre kvalitativa intervjuer med entreprenörer vars verksamheter liknade varandra på flera plan. Resultatet påvisade vikten av att hela tiden skapa nya kontakter och underhålla befintliga sådana. Inget tydde på att traditionell marknadsföring eller reklam används. Nya uppdrag uppkommer oftast genom tidigare kunder, kontakter eller rekommendationer från dessa. Det finns klara fördelar med att bedriva sin verksamhet i det område där kontakterna finns och det är även lättare att underhålla dem i dessa fall. Det är dock fullt möjligt att åta sig, utföra och leverera uppdrag för befintliga kontakter på långt håll tack vare dagens snabba internetuppkopplingar.

Ökad förståelse bland företagsledare för nyttan av utvecklingsinsatser inom arbetsmiljöområdet

Sammanfattning Föreliggande rapport avser en delstudie inom projektet Attraktiv Konkurrenskraft (AKK) Syftet med detta arbete är att utvärdera fem metoder som kan ”väcka insikt” om nyttan av att starta utvecklingsaktiviteter för att bättre ta tillvara de mänskliga resurserna i arbetet. Baserat på detta ska en metod väljas för fördjupade studier. Drivkrafterna för att skapa bra arbetsmiljöer är många. Den primära kan sägas vara den humanitära drivkraften. Förutom de överväganden som ligger till grund för arbetsmiljölagstiftning och avtal mellan arbetsmarknadens parter finns alltså goda skäl för företagare att prioritera arbetsmiljöarbete. Den fråga som berörs i detta arbete är i vad mån det är möjligt att genom enkla insatser påverka en arbetsmiljöansvarig chefs benägenhet att gå till beslut om att genomföra insatser för att utveckla förutsättningarna för att bättre nyttja de mänskliga resurserna i organisationen. Målet är att chefen bestämmer sig för att påbörja en beslutsprocess om utvecklingsaktiviteter för att ta tillvara de mänskliga resurserna i arbetet vilket ökar förutsättningarna att rekrytera, behålla och engagera kompetent personal. Som resultat av förstudien har fem olika insiktsmetoder utvecklats och anpassats. Dessa metoder har kallats GAP-analys, Fokusgrupper Attraktivt Arbete, Visit, Riskanalys och Scenario. De tio företagen som deltog hade mellan 11 och 39 anställda, och deras verksamheter var inom områdena tillverkning, reparation och underhåll. Resultat från användning av metoderna visar att alla metoderna uppfyller kriterierna att vara enkla att förstå och snabba att genomföra. Fokusgrupper, Visit och Riskanalys ger konkret vägledning för fortsatt utvecklingsarbete. Fokusgrupper ger ett brett underlag för en fortsättning som bygger på dialog, en djupare analys på individnivå samt har psykiska och sociala dimensioner. Därmed sågs Fokusgrupper som den mest intressanta metoden att gå vidare med. Denna studie indikerar att det finns möjlighet att påverka ledare att ta beslut om aktiviteter för att utveckla den mänskliga resursen. Det finns därmed anledning att ytterligare studera ett antal företag där en och samma metod används. Valet har fallit på Fokusgrupper, även om andra metoder skulle vara tänkbara. Abstract This report concerns a sub-study of the project attractive competitiveness (AKK). The aim of the work is to evaluate five methods that are supposed to” raise awereness” about the advantages of initiating activities to better utilize human resources at work. Based on that shall one method be elected for depend studies. The driving forces for creation of good work environments are many. The primary can be said to be the humanitarian driving force. Except for the considerations that are behind the work environment legislations and agreements between social partners is therefore good reasons for entrepreneurs to give priority to work environment work. The focus of this study is to which extent it is possible by a limited input influence the liability of a manager with responsibilities for the work environment to take decisions to start a process aimed at improving the use of the human resources in the company. The goal is that the manager decides to start such a process which also is supposed to recruit, retain and engage competent staff. In the sub-study have five insight methods been developed or adapted. Those methods have been named gap-analysis, focus groups attractive work, visit, risk analysis, and scenario. The ten participating companies employed between eleven and thirty-nine persons. The companies represented different branches as production, repair work and maintenance. The results from the test of the methods shows that they all meet the criteria’s to be simple to understand and quick to carry through. Focus groups attractive work, visit, and risk analysis gives substantial guidance for further development work. Focus groups attractive work gives a broad base for a continuation built on a dialogue, a deeper analyses of individual level as well as mental and social dimensions. Of that reason chosen for deepened studies. This study indicates that there are possibilities to influence managers to decide about activities aimed at better use of human resources. There are therefore reasons to make further studies in a number of companies where the elected method is used.

The role of entrepreneurial networking on internationalization of a micro-sized Born Global Swedish fashion company : A narrative ethnographic research

Background: In recent studies a lot of attention is drawn to the connection between networking and entrepreneurship. Many scholars consider successful business and networking inseparable. Taking into consideration the topicality of the two notions discussed above the authors of this thesis decided to conduct the research dedicated to these phenomena in the field that interests them most – in the field of Swedish fashion. Purpose: The purpose of the thesis is to gain a deeper insight into entrepreneur’s experiences to point out the role of entrepreneurial networking in the process of internationalization of a micro-sized Swedish fashion company and to contribute to the research in this field by telling its unique story. Method: To achieve the purpose of the research a narrative ethnographic research was conducted. This research strategy was chosen because it suits the purpose best by giving an opportunity to get fresh insights into the field of entrepreneurial networking from the point of view of the entrepreneur. The data collected has a narrative nature therefore narrative analysis is used to present it. The methods of gathering the data are face-to-face interview and documents. Conclusion: we can define the most important role of entrepreneurial networking on the internationalization process of Odeur as an effective accelerator and a tool to fulfil the knowledge and expertise gaps in certain areas through other actors in the network.

Att leva och sälja sin dröm : Livsstilsföretagaren mellan familjeliv, marknadoch politisk retorik

Living and selling a dream: Lifestyle entrepreneurship in the intersection between family, market and political rhetoric The article focuses on lifestyle entrepreneurship, characterised by a balancing work between personal lifestyle motives and economic motives. It builds on a qualitative study of business owners who have realized a life dream of starting a countryside business in the tourism and hospitality industry in Sweden. Through the notion of ”balancing work”, the analysis focuses on the tension between a personal life sphere and a market. In particular, the analysis highlights how the notion of ”the life dream” emerges as a narrative practice of self-realization, simultaneously as it is offered as an experience product. The analysis demonstrates how the entrepreneurs balance between personal stories of togetherness and marketing practices, between images of right and wrong commodification, and between constraining working conditions and a popular image of the successful entrepreneur, reinforced by a political discourse on rural entrepreneurship. It is concluded that balancing work between personal identities and economic practices is a practice of valuation, offering new insights into working conditions and markets situated in the intersection between markets and personal life spheres.

Den grafiska identitetens betydelse i småföretagarens värld : En undersökning för ökad förståelse om den grafiska identitetens betydelse för småföretagare

För att skapa ett bra varumärke krävs en tydlig grafisk identitet. Syftet med föreliggande rapport var att undersöka med semi-strukturerade djupintervjuer hur småföretagare (1-10 personer) ser på och arbetar med sin grafiska identitet. Studien avsåg även med en enkätundersökning förstå konsumenters attityder mot företag som har eller saknar en tydlig grafisk identitet. Resultatet av intervjuerna visade att företagarna anser att deras grafiska identitet inte är den viktigaste resursen. Det viktigaste är företagets rykte och kunders omdömen. Företagarna nöjer sig med en signatur och en hemsida, utvecklandet av den grafiska identiteten har inte hög prioritet. Av enkätundersökningen framgick det att företag som har en konsekvent grafisk identitet har större sannolikhet att bli anlitade än de som inte arbetar konsekvent med detta. Resultatet visar även att de som arbetar konsekvent med sin grafiska identitet uppfattas som mer seriösa än de som inte är konsekventa i detsamma.

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Empregado, autônomo e empresário : a tomada de decisão no setor de transporte rodoviário de cargas em São Marcos, RS

São Marcos, no Rio Grande do Sul, caracteriza-se por sua participação no setor do transporte rodoviário de cargas, sendo o município brasileiro com maior número de veículos pesados por habitante. Este trabalho busca identificar os fatores que influenciam a tomada de decisão dentro desse ramo de negócios. Assim, são estudados quatro casos de profissionais da área. Esses indivíduos iniciaram sua trajetória na condição de empregados, passando em seguida para a fase de autônomos. No entanto, apenas dois deles prosperaram, tornando-se empresários; os outros dois retornaram à condição de empregados. O estudo também possibilitou identificar o nível de insatisfação dos empregados do setor na busca de um progresso dentro do mesmo, assim como observar o perfil de competência daqueles que chegam a implantar suas próprias organizações. Dessa forma, é possível formar um paralelo entre as experiências bem-sucedidas e as tentativas frustradas. Os dados foram levantados a partir de uma série de fontes de evidências como entrevistas, registros de arquivos e documentos dos personagens referidos. A análise desses dados leva à interpretação de dois fatores como fundamentais na tomada de decisões dos indivíduos que trabalham no transporte rodoviário de cargas: a intuição e a influência de outras pessoas que cercam os tomadores de decisão. Esses fatores reforçam a idéia da subjetividade dentro do processo administrativo. O trabalho possibilita a formação de um quadro de dados gerais a respeito do setor. Além disso, serve de referencial às atitudes de organizações públicas e privadas, de pessoas ligadas ao ramo e de jovens que pretendem entrar nesse universo de trabalho.

A Light, investimento estrangeiro no Brasil: uma luz sobre o ciclo privado-público-privado em 80 anos pela análise de taxa de retorno

A Brazilian Traction, Light and Power Company ("Light"), formada por empreendedores canadenses em 1899, operou por 80 anos praticamente toda a infraestrutura (bondes, luz, telefones, gás) do eixo Rio-São Paulo. A empresa passou por vários ciclos políticos, desde sua fundação até sua estatização em 1979. Durante este período de 80 anos, a infra-estrutura nacional, inicialmente privada, foi gradativamente passando para as mãos do Estado. O setor voltaria a ser privado a partir dos anos 90, configurando o ciclo privado-público-privado, similar ao ocorrido nos países mais desenvolvidos. A Light, símbolo maior do capital estrangeiro até os anos 50, foi inicialmente bem recebida no país, posto que seu desenvolvimento era simbiótico, causa e conseqüência, ao desenvolvimento industrial. Dos anos 20 em diante, crescem os debates econômicos ou ideológicos quanto ao papel do capital privado estrangeiro no desenvolvimento nacional, vis-a-vis a opção do setor público como ator principal. Sempre permaneceu sob névoa quais teriam sido os lucros da Light no Brasil, e se esses seriam excessivos, acima do razoável. Outra questão recorrente se refere até que ponto os congelamentos de tarifas teriam contribuido para a crise de oferta de infra-estrutura. Através de um trabalho de pesquisa em fontes primárias, esta dissertação procura reconstituir a história da Light, sob um foco de Taxa de Retorno sob o capital investido. Foi reconstruída a história financeira da Light no Brasil, a partir da qual calculou-se, para vários períodos e para os seus 80 anos de vida, os retornos obtidos pelos acionistas da empresa. A partir dos resultados obtidos, e utilizando-se de benchmarks comparativos, foi possível mostrar que: i) ao contrário da crença vigente à época, o retorno obtido pelo maior investidor estrangeiro no setor de infra-estrutura do Brasil do Séc. XX, se mostrou bem abaixo do mínimo aceitável, e ii) o represamento de tarifas, por várias décadas, foi de fato determinante para o subdesenvolvimento do setor de infra-estrutura no Brasil.

Entrepreneurial risk and labour's share in output

This paper presents a theoretical model which discusses the role played by the entrepreneurial risk on the distribution of the national income. In a two-period general equilibrium framework with competitive risk-averse entrepreneurs it is shown that the highest the risk borne by firms, the lower will be real wages, employment and the labour's share in output. The model helps explain the fall of the labour's share in the Brazilian output during the 1980s.

Incompatibilidade distributiva e desenvolvimento auto-sustentado

Effective macroeconomic stability and sustained economic growth will only be achieved in Brazil when the country settles the distributive inconsistency that arose in the 1970s. Since then the state and the nation started to incur respectively in high domestic and foreign debt. Wages grew at much slower rate than productivity, and income concentrated in the hands of business entrepreneurs and particularly of rentiers. Sheer populist practices, or disguised combination of neo-liberal and neopopulist policies were unable to address the problem. Budget deficits and high inflation, or exchange rate overvaluation and financial crises were the typical outcome. To settle distributive inconsistency by compensating in the short term workers for their income losses is not realistic. Only a consistent growth strategy and a credible commitment to share future growth benefits, combined with active social policies oriented to the poor, will do the job.