The need for financial knowledge acquisition tools and technology by small business entrepreneurs
- PDF / 763,333 Bytes
- 28 Pages / 595.276 x 793.701 pts Page_size
- 26 Downloads / 147 Views
(2020) 9:25
Journal of Innovation and Entrepreneurship
RESEARCH
Open Access
The need for financial knowledge acquisition tools and technology by small business entrepreneurs Panita Rachapaettayakom1* , Mongkolchai Wiriyapinit2, Nagul Cooharojananone3, Suparatana Tanthanongsakkun4 and Nuttirudee Charoenruk5 * Correspondence: [email protected] 1 Technoprenurship and Innovation Management Program, Graduate School, Chulalongkorn University, Bangkok, Thailand Full list of author information is available at the end of the article
Abstract Knowledge management tools and technology are the main factors bringing competitive advantage to organisations. This study extends the depth of study on small business entrepreneurs by examining the effect of knowledge acquisition, in particular financial knowledge that leads to the need for knowledge acquisition tools and technology. There is evidence to support that a lower level of existing financial knowledge in small business entrepreneurs encourages them to acquire more financial knowledge since they tend to be responsible for all tasks related to business survival. This finding is not consistent with several other previous studies. In addition, relevant knowledge on how to raise adequate capital to establish their business and the accurate calculation of cost are the two most important aspects of financial knowledge for encouraging small business entrepreneurs to seek effective knowledge acquisition tools and technology. The evidence provides insight for the government authorities supporting small businesses to provide financial knowledge to small business entrepreneurs during the pre-start-up phase and thereafter by providing the relevant knowledge on financing and cost calculation to strengthen and sustain these businesses. This will ultimately lead to an improvement in small business failure and increase the country’s economic growth. Keywords: Knowledge acquisition, Financial knowledge, Small business entrepreneurs, Tools and technology, Restaurant business
Introduction The small businesses play an important role in contributing to the essential economic growth of many countries in the world, creating income and job creation. Although small businesses are the main drivers of economic growth, numerous small business entrepreneurs face failure (Hyder & Lussier, 2016). Small business entrepreneurs play multiple roles in the management of their businesses (Fuller-Love, 2006) and responses to business performance (Durst & Edvardsson, 2012). Although these entrepreneurs need information and knowledge to support their decision-making and problem © The Author(s). 2020 Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this
Data Loading...
