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Strategies of Financial Resources Attraction by Nascent Entrepreneurs in Russia compared with World-Wide Tendencies

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  • Ekaterina Murzacheva

    (Moscow State University, Higher School of Economics)

Abstract

The following research identifies factors that affect the financial decisions of nascent entrepreneurs starting a business in Russia compared to some other countries based on empirical data of Global Entrepreneurship Monitor. The main objective is to spotlight the role of the business climate, in particular the magnitude of the entrepreneur’s financial preferences.The study identifies preconditions for raising funds to set up a new business in terms of the connection between the entrepreneur’s financial choice and the surrounding environment. The combination of self-financing and borrowed capital has made it possible to assess the role of unconventional investments and to outline instruments to modify the existing strategies.Unique features of entrepreneurs’ demand for funds can be embedded in political reforms. Specific expectations of investors and reliance on social networks are the factors affecting entrepreneurial activity, which are consistent across countries, and should be considered when providing incentives for small businesses.

Suggested Citation

  • Ekaterina Murzacheva, 2009. "Strategies of Financial Resources Attraction by Nascent Entrepreneurs in Russia compared with World-Wide Tendencies," Research in Economics and Business: Central and Eastern Europe, Tallinn School of Economics and Business Administration, Tallinn University of Technology, vol. 1(1).
    • Handle: RePEc:ttu:rebcee:14
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    References listed on IDEAS

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    1. Paul Reynolds & Niels Bosma & Erkko Autio & Steve Hunt & Natalie De Bono & Isabel Servais & Paloma Lopez-Garcia & Nancy Chin, 2005. "Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998–2003," Small Business Economics, Springer, vol. 24(3), pages 205-231, February.
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    4. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    5. Christian Lechner & Michael Dowling, 2003. "Firm networks: external relationships as sources for the growth and competitiveness of entrepreneurial firms," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 15(1), pages 1-26, January.
    6. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
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    Cited by:

    1. Bystrova, Y. & Shirokova, G., 2015. "Organizational changes and firm performance: Evidence from Russian new ventures," Working Papers 6417, Graduate School of Management, St. Petersburg State University.

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