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- W2260897173 abstract "Objectives: This paper investigates financial awareness in small businesses in the West Midlands region of the United Kingdom and evaluates their current and future entrepreneurship education needs. Prior Work: The specialist literature focuses mainly on small business support needs and has neglected educational, training and financial management issues. Hussain and Matlay (2007) have identified a paucity of research that evaluates financial awareness as well as education and training needs amongst this type of business. This paper extends and complements previous research by the authors (Matlay 2003; Hussain and Matlay, 2005; Hussain, et al., 2006). Approach: Mixed research methods are used to investigate financial awareness and related education and training needs in a combined matched sample of 110 ethnic minority small businesses (EMSBs) and indigenous small firms. A small exploratory telephone survey was used to inform the questionnaire design and selection of the wider research sample. The emerging data is analysed to evaluate financial awareness and establish the education and training needs of these owner/managers. Results: The central role of financial information is recognised in most of these small businesses. Amongst the EMSBs, financial decisions are informed and supported by an accountant or an expert from the owner/manager‟s social network. In indigenous small firms, this important function is carried out by the owner/manager or a competent financial expert. The majority of respondents had no systematic approach or strategy towards the acquisition of financial knowledge, education and training. Implications: It emerges that a shortage of financial education and training has impacted negatively upon the efficiency and profitability of the small businesses in the sample. Typical „one-size-fits-all‟ policy initiatives have proved insufficient and largely unsuitable for the specific needs of small business owner/managers. Considering prevailing competitive pressures and the rapid globalisation of markets, there is an urgent need to improve the use of financial information and provide relevant education and training for small business owner/managers. Value: The authors make recommendations in relation to the education and training needs of small business owner/managers that could benefit policy makers, support providers, educators and trainers involved in this important sector of the economy." @default.
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- W2260897173 date "2008-01-01" @default.
- W2260897173 modified "2023-09-26" @default.
- W2260897173 title "Financial education and awareness in small ethnic minority businesses" @default.
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