The study of the capital structure is a subject that is considered by many as one of the high complexities. Several theories, based on the rationality paradigm, were created to explain the decisions about the funding sources' mix of the organizations; however, each theory seeks to present solutions to specific problems on this subject to great corporations. Nevertheless, despite its large contribution to the current economic system, the study on the determinants of the capital structure of micro and small companies is yet widely neglected. This research seeks to study these determinants from a complementary perspective to the traditional approach. We created and validated a model that can entail the variables that are traditionally connected to the companies performance (size, growth, profitability, and life cycle stage) together with the variable bound to the manager s relationships (number of products used), and also seed to associate such as variables to the personality traits of the manager-owner (optimism, overconfidence, sense of control and aversion to debt). In order to solve the research problem, a survey research is suggested with the entrepreneurs in Rio Grande do Sul. The sample to be selected will be of 625 micro and small entrepreneurs. Once the data was collected, all constructs were validated. By structural equation modeling was realized that the firm's performance was the main determinant of capital structure, in which the greatest growth, greatest profitability, the largest asset size and most advanced in the life cycle stage, implies on lesser organizational leverage. From this result, we conclude that to the extent that the company offers the opportunity to use internally generated funds, the entrepreneur tends to prefer them to finance the company's assets, to the detriment of external resources. In another hand, the banking service variable was positively associated with leverage. We conclude that the major number of banking services, used by the firm, contributes to decrease informational asymmetry, increasing access to credit, to the extent that the lender can form a better image of the company. In a complementary way, it was realized that the Managerial Traits has significant importance in decisions about capital structure, in that the positive expectations, the greater confidence of the entrepreneur, the negative attitude towards debt and the lesser locus of control (external) influence the capital structure, promoting as a result, the use of internal resources to the organization. It was also observed influence, though indirect, gender, since the female gender influenced negatively the performance of firms, and the lowest use of banking services. / O estudo da estrutura de capital é um tema considerado, por muitos, de alta complexidade. Diversas teorias, baseadas no paradigma da racionalidade, foram criadas para explicá-la, porém cada uma, por seu turno, busca apresentar soluções à problemas específicos desta temática, perante as grandes empresas. A despeito de sua grande contribuição para o sistema econômico atual, o estudo dos determinantes da estrutura de capital das micro e pequenas empresas ainda permanece amplamente negligenciado. Neste trabalho, buscou-se estudá-los sob uma ótica complementar à abordagem tradicional. Buscou-se criar e validar um modelo capaz de abarcar as variáveis tradicionalmente ligadas ao desempenho das firmas (tamanho, crescimento da participação de mercado, crescimento dos lucros, lucratividade e estágio do ciclo de vida) com o relacionamento do gestor junto aos bancos (serviços bancários utilizados), assim como busca associar a estrutura de capital aos traços de personalidade do proprietário-gerente (otimismo, excesso de confiança, senso de controle e aversão à dívida). Para solucionar o problema de pesquisa realizou-se uma pesquisa survey, junto aos empresários do estado do Rio Grande do Sul. A amostra selecionada foi de 625 micro e pequenos empresários. Após o levantamento de dados validou-se os construtos. Mediante a modelagem de equações estruturais percebeu-se que o desempenho da firma foi o principal determinante da estrutura de capital, em que quanto maior crescimento, maior lucratividade, maior tamanho dos ativos e mais avançado o estágio do ciclo de vida, menor era a alavancagem. Conclui-se que, na medida em que a empresa oferece a oportunidade de uso de recursos gerados internamente, o empreendedor tende a preferi-los para financiar os ativos da empresa, em detrimento aos recursos externos. Destacou-se também a variável serviços bancários a qual foi positivamente associada à alavancagem. Conclui-se, portanto, que o maior número de serviços bancários, utilizados pela firma, auxilia no decréscimo da assimetria informacional, potencializando o acesso ao crédito, na medida em que o credor pode formar uma melhor imagem da empresa. De maneira complementar percebeu-se que os Traços Gerenciais tem significativa importância nas decisões sobre estrutura de capital, na medida em que as expectativas positivas, a maior confiança do empreendedor, a atitude negativa perante a dívida e a menor crença de descontrole e de incapacidade de gerenciamento da vida dos indivíduos influenciam as decisões sobre estrutura de capital das firmas, promovendo, portanto, o uso de recursos gerados internos à organização. Observou-se ainda influência, embora indireta, do gênero, uma vez que o gênero feminino influênciou de maneira negativa o desempenho das firmas e o menor uso de serviços bancários.

This diploma thesis deals with the analysis of launching a new IT product on the Czech market. It focuses on small businesses and introduces an IT product intended for this specific kind of a clientele. There is no such a product on the market, which leads to an excellent potential in this field. On the basis of experience, the company in which the IT product is introduced finds it crucial to develop a reliable marketing mix as well as strategy because it is difficult to offer these IT products to people owning smalls businesses who do not understand the technological aspects of such products. The theoretical part, therefore, provides the definition of the main marketing terms, B2B market, marketing strategy, marketing mix, SWOT analysis and a detailed description of launching a new product on the market, including the explanation of the differences between launching a product and service. The practical part of this paper gives information about a telephone service provider and its major competitors and it describes the IT products situation on the Czech market. The thesis also recommends a particular marketing mix of the selected product and a sale strategy. The success rate of the product is analysed on the basis of an interview with a small business and the opinion of the manager of a company in which the product is introduced.

The aim of this study is to examine factoring as an option of finance for small businesses to make capital available to the cash account. Small businesses constitutes 99.4 percent of all enterprises in Sweden, and are thereby important actors of the community. Liquidity is the viability of a company; cash flow problems limits growth and is a common reason for bankruptcy. Factoring is a finance option which make capital locked in account receivables available. Through a qualitative study using interviews, the use of factoring has been examined amongst five small businesses in the construction industry. The results showed that factoring is a suitable option of finance for small businesses to attain greater value since it creates the right prerequisites. Companies use factoring when they have liquidity problems and an imbalance in cash flows. Positive aspects of factoring is especially its ability to quickly improve the cash flow. The negative highlighted is the cost, but they are considered reasonable. / Syftet med forskningen är att undersöka factoring som finansieringsalternativ för småföretag för att frigöra kapital till kassan. Småföretag utgör 99,4 procent av allt företagande i Sverige och är därmed viktiga aktörer för samhället. Likviditet är företags livskraft, problem med kassaflödet begränsar tillväxt och är en vanlig anledning till att företag går i konkurs. Factoring är ett finansieringsalternativ som frigör kapital som är låst i kundfordringar. Genom en kvalitativ studie, med hjälp av intervjuer, har nyttjandet av factoring undersökts bland fem stycken småföretag i byggbranschen. Resultatet av studien visade att factoring är ett lämpligt finansieringsalternativ för småföretag att uppnå ett högre värde eftersom det skapar rätt förutsättningar. Företag använder factoring vid likviditetsproblem och obalans i kassan. Det positiva med factoring är framförallt dess förmåga att snabbt förbättra kassaflödet. Nackdelarna som lyfts fram är kostnaderna, men dessa anses rimliga.

Less than 30% of Black business owners successfully obtain small business loans to sustain their businesses longer than 5 years when compared to evidence that shows that more than 65% of White small business owners obtain small business loans to sustain their businesses longer than 5 years. The purpose of this multiple case study was to explore the experiences of 3 Black owners of small businesses who successfully obtained small business loans and maintained operations longer than 5 years in the Research Triangle Park area of North Carolina. The conceptual framework for this study was systems theory and contingency theory. The data collection process consisted of conducting face-to-face semistructured interviews with open-ended questions and a review of documents associated with the small business owners’ attempts to remain in business longer than 5 years. Data were analyzed using the modified van Kaam method, transcribing the interview recordings, and coding the data to identify relevant themes. Two primary themes emerged regarding successful strategies for obtaining small business loans: create an effective business plan, and research and prepare for the process of procuring a loan. The implications of this study for positive social change include the potential to provide Black owners of small businesses with strategies for obtaining small business loans and achieving sustainability of operations. Business success for Black owners of small businesses might contribute to the economic prosperity of the local communities.

The internationalization process is a well-researched and explored topic. However, many older models do not consider digitization as a phenomenon. Nor is any further consideration given to the smaller companies. The aim of this study is to investigate how small businesses feel that they are affected by digitalization during an internationalization process. In order to find an answer to this, a qualitative study has been done where a total of three people have been interviewed from three different companies. Based on these interviews, an analysis has been made which has then been analyzed in the context of the theoretical background. Theories used in the study to be able to fulfill the aim includes theories about Mental distance, Liability of Foreignness, Liability of Outsidership and other theories about growth, internationalization and digitalization. The conclusion drawn is that digitalization has simplified the internationalization process, mainly through progress in how knowledge can be collected and shared over greater distances. Digitalization has facilitated contact with the contact network through simpler and alternative contact channels. / Internationaliseringsprocessen är ett välundersökt och utforskat ämne. Många äldre modeller beaktar dock inte digitaliseringen som fenomen. Man tar inte heller någon vidare hänsyn till de mindre bolagen. Syftet med denna studie är att undersöka hur småföretag upplever att de påverkas av digitalisering under en internationaliseringsprocess. För att kunna besvara detta har en kvalitativ studie gjorts där totalt tre personer har intervjuats från tre olika företag. Utifrån dessa intervjuer har analyser gjorts som sedan har analyserats i kontexten av den teoretiska bakgrunden. Teorier som använts i studien för att kunna uppfylla syftet är bland annat teorier om Psykiskt avstånd, Liability of Foreignness, Liability of Outsidership samt andra teorier kring tillväxt, internationalisering och digitalisering.  Slutsatsen som dras är att digitaliseringen har förenklat internationaliseringsprocessen främst genom framsteg i hur kunskap kan insamlas men även delas över större avstånd. Digitaliseringen har underlättat kontakten med kontaktnätet genom enklare och alternativa kontaktkanaler.

Digitaliseringen erbjuder utmaningar och möjligheter för såväl små som stora företag och driver inom partihandeln effektivisering, stordriftsfördelar och automatisering vilket bedöms leda till fortsatt konsolidering med färre och större företag. Forskning visar att förutsättningarna att hantera utmaningar och möjligheter ser olika ut beroende på olika faktorer som företagsstorlek, ålder, bransch och resurser. Det kan leda till digitala klyftor mellan dem som tar vara på möjligheterna och de som inte gör det. Utvecklingen behöver nödvändigtvis inte betyda att det är de moderna sektorer som förändras mest. Forskning visar på en utmanande situation när småföretag med begränsade resurser skall driva digitalisering till en högre nivå av digital mognad. Med bättre kunskap om hur förutsättningar ser ut kan ny viktig förståelse bidra till att förbättra möjligheten att hantera utmaningarna och ta vara på möjligheterna. För att undersöka detta har en kvalitativ studie genomförts på sex småteknikhandelsbolag i den mogna industrin. Vald teori bygger på Westerman, et al., (2014) digitala mognadsmodell med utgångspunkt i digital förmåga och ledarskapsförmåga.Forskningsresultatet som vald teori grundar sig på är baserad på den mogna industrin, vilket gör den relevant för uppsatsens problemformulering och forskarfråga. Studien i uppsatsen visarpå kundorienterade små teknikhandelsbolag med olika verksamheter som befinner sig i en liknande situation utifrån digitaliseringen. Företagen visar en medvetenhet om sina digitala brister och en ambition att utvecklas, men med en försiktighet och osäkerhet i genomförandet. Det kan kopplas samman med brist på främst relevant digital förståelse. Ambitionen leder till olika digitala insatser inom olika område, men en övergripande digital helhetssyn saknas. Samtidigt uttrycker företagen ingen noterbar oro för situationen, vilket ger en något motsägelsefull bild. Studien visar på ett samstämmigt resultat vilket stämmer överens med tidigare forskning, och kan indikera att tusentals andra småföretag befinner sig i samma båt. Teorin är relevant, men för att de studerade företagen skall kunna omsätta teorin praktiskt på ett sätt som leder dem framåt behöver de nå en högre digital mognad. Därför matchar det valda teoretiska perspektivet inte företagens behov i nuläget. Den enskilt största utmaningen är relaterad till brist på digital kompetens för att strategiskt driva digital omställning. Med en traditionell och relativt digitalt omogen kundsektor blir omvandlingstrycket lågt med för- och nackdelar. Företag inom teknikhandel skapar ett mervärde genom specialistkunnande, lokal marknadskännedom, kvalificerad teknisk rådgivning, lagertillgänglighet och hög service. Det är livsviktigt att fortsätta utveckla detta mervärde för ökad konkurrenskraft mot ökad digital transparens av prisjämförelser och mot resursstarka globala och digitala e-handelsplattformar. Genom att lyfta blicken över den vardagliga situationen bör företagen mer proaktivt fokusera på extern kundnytta och intern effektivitet. Med ökad förståelse om kunders digitala behov, kan företagen kraftsamla inom område med störst behov, vilket kan attrahera nya kunder med högredigital mognad som skapar incitament till att driva den digitala omställningen framåt. För Sveriges tusentals industriföretag är potentialen i dessa frågor stor och avgörande på sikt. / Digitalization offers challenges and opportunities for both small and large companies and drives efficiency, economies of scale and automation within the technical trade sector, which isexpected to lead to continued consolidation with fewer and larger companies. Research shows that the conditions for managing these challenges and opportunities are different depending on different factors such as company size, age, industry, and resources. This can lead to a situation where digitalization divides between those who seize the opportunities and those who don´t. The development does not necessarily mean that it is the modern sectors that are changing the most.Research shows a challenging situation, when small businesses with limited resources want to drive digital transformation to a higher level of digital maturity. With better knowledge of what the conditions look like, important understanding can improve the ability to manage the challenges and seize the opportunities. Therefore, a qualitative study has been carried out on six small technical trading companies in the mature industry. The chosen theoretical framework is based on Westerman, et al., (2014) digital maturity model with two dimensions, digital capabilities, and leadership capabilities. The research results on which the chosen theory is based is the mature industry, which makes the chosen theory relevant to the thesis's problem formulation and research question. The study shows customer oriented small technical trading companies with different businesses that are in a similar situation due to digitalization. Companies show an awareness of their digital shortcomings and an ambition to develop, but with caution and uncertainty in their implementation. This can be linked to a lack of mainly relevant digital understanding. The ambition leads to different digital efforts in different areas, but an overall digital holistic approach is lacking. At the same time, companies do not express any notable concern about the situation, which paints a somewhat contradictory picture. The study shows a consistent result, also with previous research, and may indicate that many thousands of similar small businesses are in the same boat. The theory is relevant, but for the companies studied to be able to put the theory into practice in a way that leads them forward, they need to reach a higher digital maturity. Therefore, the chosen theoretical perspective does not match the needs of the companies at present. The single largest challenge is related to a lack of digital skills to strategically drive digital transformation. With a traditional and relatively digitally immature customer sector, the conversion pressuresare low resulting in both advantages and disadvantages. Technical trading companies create added value through a specialist know-how, local market knowledge, qualified technical consultations, product availability and high service. It is vital to continue to develop this added value for increased competitiveness towards increased digital transparency of price comparisons and towards resource-rich global and digital e-commerce platforms. By looking above, the daily business, the companies should focus more proactively on external customer benefit and internal efficiency. With an increased understanding of customers' digital needs, companies can gather strength in areas with the greatest need, which can attract new customers with higher digital maturity who creates incentives to drive the digital transition forward.

Syftet med den här studien var att undersöka hur affärsmodeller beskrivs och används hos ett urval av småföretag inom byggbranschen i Nyköping. Studien ämnade även att identifiera likheter och skillnader i hur företagschefer inom byggbranschen formulerar konceptet affärsmodell. I studien tillämpades en surveyundersökning som forskningsdesign där datainsamlingen skedde i form av elektroniska enkäter och offentlig företagsinformation. Analysen av det insamlade datamaterialet genomfördes i form av en tematisk analys av primär- och sekundärmaterial.  De likheter som identifierades var att företagen formulerade sina svar konsekvent genom byggstenarna kundsegment, distributionskanaler och kundrelationer. Det var samma företag som redogjorde ingående för ovannämnda byggstenar och de resterande företagen formulerade byggstenarna delvis. Studiens resultat ansågs styrka tidigare forskning som menar att utbildning kan ha en positiv inverkan på hur chefer formulerar affärsmodellskonceptet. Gällande faktorn arbetslivserfarenhet kunde inte dess positiva inverkan konfirmeras i den här studien. Vidare använde inget av studiens företag konceptet affärsmodell i sitt dagliga arbete. Företagscheferna i den här studien ansågs vara insatta i sin verksamhet. Men den praktiska företagskulturen och logiken inom byggföretagen kunde medföra att formuleringen av affärsmodellskonceptet skiljde sig mot hur konceptet presenterades ur ett teoretiskt perspektiv. Följaktligen betonade studien vikten av användandet av affärsmodeller som ett teoretiskt hjälpmedel i byggbranschen. / The purpose of this study was to examine how business models are described and used among a selection of small companies within the construction industry in Nyköping. The study also aimed to identify similarities and differences in how company managers in the construction industry formulate the concept business model. The study applied a survey research design where data collection was in the form of electronic surveys and public company information. Analysis of the collected data material was carried out through thematic analysis of primary and secondary data.  The similarities identified were that companies consistently formulated their responses through the building blocks of customer segments, distribution channels and customer relationships. It was the same company that described the above-mentioned building blocks in detail and the remaining companies partially formulated the building blocks. The study's results were considered to strengthen previous research which presents that education could have a positive impact on how managers formulate the business model concept. The positive impact of the factor work experience cannot be confirmed in this study. Furthermore, none of the study companies used the concept business model in their daily work. The company managers in this study were considered to be familiar with their businesses. But the practical corporate culture and logic within the construction companies could mean that the formulation of the business model concept differs from how the concept is presented from a theoretical perspective. Accordingly, the study emphasized the importance of using business models as a theoretical tool in the construction industry.

Small businesses owned by women cease operations 11% more often than businesses owned by men. Women, who own over 37% of all businesses in the United States, contribute significantly to the 50% small business failure rate. The purpose of this multiple-case study was to explore strategies 5 women who own small businesses use to succeed in business beyond 5 years on Bainbridge Island, Washington. The theory of constraints was the conceptual framework. Data were collected through semistructured face-to-face interviews, websites, company documents, and archival records. Transcript review of interview response data was used to strengthen the credibility of the interview data. Three themes emerged: customer and employee relations, leadership, and strategic management. Customer and employee relations were the most important theme, and strategic management was the second most important. Strategic management was one of the main sources of growth in all the 5 participant's businesses. Participants discussed skills in managerial decisions and strategies to manage the day-to-day business operations that played an active role in entrepreneurship. Female small business owners identified strategies used to eliminate constraints that may have prohibited the business operation to succeed. The findings may inspire entrepreneurs to enhance their leadership skills, increase capacity to expand their small businesses, start new businesses, and explore entrepreneurial options. Social implications include the potential to serve as a guide that encourages female entrepreneurs to enhance their professional practices and to adopt new business strategies to make better strategic decisions.

None of the company, including small businesses, if they want to survive in the current dynamic environment and growth, can not remain static, so some level of adjustment, improvement or change becomes an essential part of operating a business. In order for organizations to grow and survive in the current environment, they must respond to external and internal stimuli and develop systematically. Over time, organizations have developed a strong and persistent pattern of behavior. The aim of the dissertation thesis is to identify and explain the development approaches of small enterprises from the chosen service sector in the Czech Republic through strategic and other internally realized organizational changes and capturing the overall patterns of behavior in the form of the interactive effect of the attributes of the development of these enterprises. The thesis is based on the literature on corporate behavior in organizational theory and the subcategory of organizational changes due to the focus on aspects of decision making in organizations in a changing environment that deals with issues related to the different nature, context and process of change and their proactive or reactive character. The thesis is based on the researcher's pragmatic attitude in the form of a mixed research strategy implemented by a combination of quantitative and qualitative research on a sample of small firms falling under the category of knowledge intensive services. Based on the triangulation of the empirical data obtained from the questionnaire survey and the outputs in the form of a comparative case study on the two most represented in this category representatives (IT services and architectural activities), the results are presented with a view to answering the research questions and objectives stated in this work . The outputs of the dissertation identify specific developmental approaches in the behavior of the Czech population of knowledge intensive services as subsets of SMEs and also reveal the content of the context between the individual attributes of the development of these companies. The results of the research bring practical and theoretical benefits, which are discussed in the conclusion of this work.

Each year, millions of small businesses are established, and individuals that engage in entrepreneurial activities continue to increase significantly. In order for small businesses to be able to grow, external financing is required. Previous research has primarily focused on how financial literacy impacts performance and enables access to finance. This study intends to develop Maxwell and Lévesque's (2014) reasoning about trustworthiness. This paper aims to investigate how entrepreneurs generate trust through their financial literacy in regard to capital contribution. The findings intend to develop a framework for how businesses can nurture trustful communication with the financier and increase their opportunity for financing. Subsequently, this paper has, in detail, explored how entrepreneurs in small businesses, in Sweden, have communicated their financial literacy in connection with capital contribution.   The qualitative methodological reasoning has, in extension of being interpretative, emanated from an inductive nature, to foster the respondent’s experience. The empirical data includes interviews with respondents consisting of 13 entrepreneurs from 11 small Swedish businesses. To fulfill the purpose of this paper, previous research in the field has been collected to, among other, conform the study's self-constructed analysis model which was united with qualitative thematic content analysis to enable a framework for trustful communication.   The result of this paper shows that in the process of conveying entrepreneurs' financial literacy, two main themes, based on time, was identified. Before the meeting and during the meeting with the financier. The majority of the entrepreneurs experience difficulties obtaining the necessary capital, and the relationship with the financier is critical for the company's growth. Before the meeting, the preparatory activities, such as the composition of the team and pitch deck, are of great importance to increase legitimacy and trustworthiness. During the meeting, the entrepreneur can instead focus on generating a successful presentation, a compelling story containing financial information, the business journey, and the team. The study also reveals the importance of having a financier’s orientation, meaning an understanding of the financier and their preferences. Based on this research, we provide guidance for small business entrepreneurs and contribute with a framework, facilitating the financing process by emphasizing how financial literacy can be conveyed. Furthermore, the result makes it possible to distinguish which trust behaviors are the most prevalent before and during the meeting with the financier. Lastly, the signaling theory is not considered sufficient to create an understanding of the financing decision. / Titel: Konsten att förmedla finansiell kompetens genom förtroendeskapande kommunikation – En kvalitativ studie om att erhålla extern finansiering Problemformulering: Hur förmedlar entreprenörer sin finansiella kompetens i samband med kapitaltillskott genom förtroendeskapande kommunikation? Syfte: Syftet med studien är att utveckla kunskap och förståelse för hur entreprenörer i svenska småföretag förmedlar sin finansiella kompetens genom förtroendeskapande kommunikation i samband med kapitaltillskott. Till följd av en ökad förståelse för förmedlingen av entreprenörers finansiella kompetens ämnar studien att utveckla ett ramverk för hur företag kan skapa en förtroendefull kommunikation tillsammans med finansiären för att öka finansieringsmöjligheterna.  Metod: Studiens forskningsansats utgår från en kvalitativ forskningsmetod och har huvudsakligen varit i linje med en induktiv karaktär. För att besvara studiens forskningsfråga och uppfylla studiens syfte har tidigare forskning på området studerats och presenteras under den teoretiska referensramen. Den empiriska data omfattades av semistrukturerade intervjuer med 13 entreprenörer från 11 svenska småföretag. Den analysmetod som används i studien utgår från uppsatsens analysmodell tillsammans med en kvalitativ tematiserad innehållsanalys.  Slutsats: Studiens resultat visar att processen av förmedling av entreprenörers finansiella kompetens kan delas in i två övergripande kategorier med hjälp av ett tidsperspektiv: inför mötet och under mötet med finansiären. Inför mötet blir de förberedande aktiviteterna, såsom sammansättning av team och pitch deck med mera av stor vikt för att kunna öka legitimiteten och trovärdigheten under mötet med finansiären samt att bidra till att företaget blir investeringsredo. Under mötet kan entreprenören fokusera på att presentera en tydlig story innehållande finansiell information, företagsresa och teamet. Studien visar också på betydelsen av att ha en finansiärs inriktning, innebärande en förståelse för finansiären och dess preferenser. Studien bidrar med ett ramverk som avser underlätta finansieringsprocessen genom att framhäva hur den finansiella kompetensen kan förmedlas. Därtill kan vi baserat på studiens resultat och analys urskilja vilka förtroendebeteende som är de mest förekommande inför och under mötet med finansiären. Slutligen anses inte signaleringsteorin som tillräcklig för att på egen hand skapa förståelse för finansieringsbeslutet och dess teoretiska resonemang avslås.