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

Ekaterina Murzacheva
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Ekaterina Murzacheva: Moscow State University, Higher School of Economics

Research in Economics and Business: Central and Eastern Europe, 2009, vol. 1, issue 1

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.

Date: 2009
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