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The need for financial knowledge acquisition tools and technology by small business entrepreneurs

Author

Listed:
  • Panita Rachapaettayakom

    (Chulalongkorn University)

  • Mongkolchai Wiriyapinit

    (Chulalongkorn University)

  • Nagul Cooharojananone

    (Chulalongkorn University)

  • Suparatana Tanthanongsakkun

    (Chulalongkorn University)

  • Nuttirudee Charoenruk

    (Chulalongkorn University)

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.

Suggested Citation

  • Panita Rachapaettayakom & Mongkolchai Wiriyapinit & Nagul Cooharojananone & Suparatana Tanthanongsakkun & Nuttirudee Charoenruk, 2020. "The need for financial knowledge acquisition tools and technology by small business entrepreneurs," Journal of Innovation and Entrepreneurship, Springer, vol. 9(1), pages 1-28, December.
    • Handle: RePEc:spr:joiaen:v:9:y:2020:i:1:d:10.1186_s13731-020-00136-2
    DOI: 10.1186/s13731-020-00136-2
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    References listed on IDEAS

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    Cited by:

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    2. Shanika Thathsarani & Wei Jianguo & Mona Alariqi, 2023. "How Do Demand, Supply, and Institutional Factors Influence SME Financial Inclusion: A Developing Country Perspective," SAGE Open, , vol. 13(3), pages 21582440231, July.

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