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Financial Strategies of Small Businesses to Gain Access to Capital
| Content Provider | Semantic Scholar |
|---|---|
| Author | Owusu, Atta Boateng |
| Copyright Year | 2017 |
| Abstract | Financial Strategies of Small Businesses to Gain Access to Capital by Atta Boateng Owusu MBA, Strayer University, 2010 BS, Kwame Nkrumah University of Science and Technology, 2004 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2017 Abstract In the United States, total small business outstanding loans declined by 2.5 % in 2013, compared to a 10.4% increase in 2012. Scholars and business practitioners have indicated that small business entrepreneurs experience constraints in accessing capital to grow their businesses. Many small firm owners lack the financial strategies for gaining access to capital to sustain their businesses. Building on system functionality theory, the purpose of this exploratory multiple case study was to explore the financial strategies among 3 purposefully-selected small business owners in Washington DC metro area who successfully overcame the financial constraints. Six themes emerged from the thematic analysis of interview data: credit cards, family and friends, own financing, bank financing, crowdfunding, and government grants and loans. These small firm owners preferred to use their own financing or to borrow from family and friends rather than lending from the banks because of borrowing constraints. Some of the lending limitations included high-interest rates, lack of collateral, provision of a robust business plan, and availability of good financial records. The findings from this study may contribute to social change by providing business owners with more knowledge on financial strategies to use in accessing capital to sustain their businesses. With the improvement in business profitability, business owners will contribute to the economic growth of the local community through the provision of employment opportunities and social amenities.In the United States, total small business outstanding loans declined by 2.5 % in 2013, compared to a 10.4% increase in 2012. Scholars and business practitioners have indicated that small business entrepreneurs experience constraints in accessing capital to grow their businesses. Many small firm owners lack the financial strategies for gaining access to capital to sustain their businesses. Building on system functionality theory, the purpose of this exploratory multiple case study was to explore the financial strategies among 3 purposefully-selected small business owners in Washington DC metro area who successfully overcame the financial constraints. Six themes emerged from the thematic analysis of interview data: credit cards, family and friends, own financing, bank financing, crowdfunding, and government grants and loans. These small firm owners preferred to use their own financing or to borrow from family and friends rather than lending from the banks because of borrowing constraints. Some of the lending limitations included high-interest rates, lack of collateral, provision of a robust business plan, and availability of good financial records. The findings from this study may contribute to social change by providing business owners with more knowledge on financial strategies to use in accessing capital to sustain their businesses. With the improvement in business profitability, business owners will contribute to the economic growth of the local community through the provision of employment opportunities and social amenities. Financial Strategies of Small Businesses to Gain Access to Capital by Atta Boateng Owusu MBA, Strayer University, 2010 BS, Kwame Nkrumah University of Science and Technology, 20004 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2017 Dedication I dedicate this doctoral study to my lovely wife Mrs. Rukiya Owusu for the unconditional love, loyalty, and immersed support to our family. To my children: Jerzey Owusu-Boating, Ryan Owusu-Aboagye, Ruky-Malieka Owusu, and Riley OwusuBoateng, thank you all for your patience with daddy and dedication to family. A special thanks to my parents, Mr. P. K. Owusu and Comfort Manu, for your financial and moral support. Especially for not giving up on me despite my educational struggles in my early age. Lastly, I dedicate this study to the men and women of the 1 Aviation Combat Brigade who served during Operation Iraq Freedom at Cob Speicher. In remembrance of my good friend Specialist Green (RIP). Acknowledgments I am indebted and forever thankful to Dr. Gregory Uche who served as a chair and a mentor. Dr. Uche’s dedication and guidance helped make this dream a reality. A special thanks to Dr. Mohamad Hammoud and Dr. Judith Brando who served as committee members to see me through the program. I would also like to thank Dr. Freda Turner for the emotional support and motivation. I am also grateful to SSF Pitman of the U.S. Army for his leadership and guidance. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=5015&context=dissertations&httpsredir=1&referer= |
| Alternate Webpage(s) | https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=5015&context=dissertations |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
