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The article discusses the problem of protecting industrial plants by preserving them in the form of museums established directly in historical production facilities dating from the era of industrialisation. The author presents the trends and plans of selected museums as well as the ways in which they were built; she also deals with the problem of defining the institution of an industrial open-air museum and its specificity. The creation, aims, organisational structure and financing of the Museum of the Old Polish Basin in Sielpia Wielka, the Historical Metallurgical Plant in Maleniec, the Museum of Oil and Gas Industry in Bóbrka and the "Guido" Mine in Zabrze are discussed in their historical contexts as well as on the basis of archival materials and source publications. The common features and tendencies from the Communist period are concluded by describing the communities involved in the protection of industrial cultural values, the idea behind the way the institution is organised, and the sources of financing.

Мала и средња предузећа, као и предузетници, имају велики допринос у економском расту и развоју привреде једне државе. Актуелна законодавна и извршна власт креира фискалну политику државе која има значајну улогу у пружању подршке предузетништву. Предмет истраживања ове дисертације је анализа пореског оптерећења и осталих фактора значајних за предузетништво са циљем да се на основу квалитативне и квантитативне анализе, уз проучавање релевантне литературе из области фискалне политике, идентификују отежавајући фактори за развој предузетништва у Републици Србији (РС). Резултати указују на сличности и разлике ставова три експертске групе о отежавајућим факторима за покретање сопственог бизниса и развој предузетништва у РС, и доказују да применом анкете са релативним поређењем парова критеријума Сатијевом скалом, Кендаловог непараметарског коефицијента корелације рангова и његовe статистичке значајности, методе аналитичког хијерархијског процеса и методе агрегације индивидуалних одлука у групну, можемо рангирати отежавајуће факторе код отпочињања сопственог бизниса. Докторска дисертација емпиријски доказује да: 1) постоји статистички значајна позитивна корелација рангова отежавајућих фактора у покретању сопственог бизниса, између потенцијалних предузетника, односно предузетника који имају предузеће отворено до 6 месеци, предузетника који имају отворено предузеће дуже од 5 година и стручно оспособљених кадрова за подршку развоја предузетништва, 2) фактори који припадају категорији пореза „порез на добит, порез на доходак грађана и доприноси за социјално осигурање“ као предиктори покретања сопственог бизниса у квалитативном смислу неће заузети високу позицију значајности (прва три ранга) као ни ниску позицију значајности (последња три ранга) ни у једној групи испитаника, и 3) фактор "предузетничка култура" ће као предиктор покретања сопственог бизниса у квалитативном смислу заузети висок ранг (прве четири позиције) код најмање две групе испитаника. Сврха дисертације је да се на основу добијених резултата укаже на потребе ефикаснијег планирања и унапређења предузетничке пословне културе у РС. Mala i srednja preduzeća, kao i preduzetnici, imaju veliki doprinos u ekonomskom rastu i razvoju privrede jedne države. Aktuelna zakonodavna i izvršna vlast kreira fiskalnu politiku države koja ima značajnu ulogu u pružanju podrške preduzetništvu. Predmet istraživanja ove disertacije je analiza poreskog opterećenja i ostalih faktora značajnih za preduzetništvo sa ciljem da se na osnovu kvalitativne i kvantitativne analize, uz proučavanje relevantne literature iz oblasti fiskalne politike, identifikuju otežavajući faktori za razvoj preduzetništva u Republici Srbiji (RS). Rezultati ukazuju na sličnosti i razlike stavova tri ekspertske grupe o otežavajućim faktorima za pokretanje sopstvenog biznisa i razvoj preduzetništva u RS, i dokazuju da primenom ankete sa relativnim poređenjem parova kriterijuma Satijevom skalom, Kendalovog neparametarskog koeficijenta korelacije rangova i njegove statističke značajnosti, metode analitičkog hijerarhijskog procesa i metode agregacije individualnih odluka u grupnu, možemo rangirati otežavajuće faktore kod otpočinjanja sopstvenog biznisa. Doktorska disertacija empirijski dokazuje da: 1) postoji statistički značajna pozitivna korelacija rangova otežavajućih faktora u pokretanju sopstvenog biznisa, između potencijalnih preduzetnika, odnosno preduzetnika koji imaju preduzeće otvoreno do 6 meseci, preduzetnika koji imaju otvoreno preduzeće duže od 5 godina i stručno osposobljenih kadrova za podršku razvoja preduzetništva, 2) faktori koji pripadaju kategoriji poreza „porez na dobit, porez na dohodak građana i doprinosi za socijalno osiguranje“ kao prediktori pokretanja sopstvenog biznisa u kvalitativnom smislu neće zauzeti visoku poziciju značajnosti (prva tri ranga) kao ni nisku poziciju značajnosti (poslednja tri ranga) ni u jednoj grupi ispitanika, i 3) faktor "preduzetnička kultura" će kao prediktor pokretanja sopstvenog biznisa u kvalitativnom smislu zauzeti visok rang (prve četiri pozicije) kod najmanje dve grupe ispitanika. Svrha disertacije je da se na osnovu dobijenih rezultata ukaže na potrebe efikasnijeg planiranja i unapređenja preduzetničke poslovne kulture u RS. Small and medium enterprises, as well as entrepreneurs, make a major contribution to the economic growth and development of a country's economy. The current legislative and executive branches of government create fiscal policy of a country, which plays a significant role in supporting entrepreneurship. Relying on qualitative and quantitative approaches, while studying relevant literature in the field of fiscal policy, the research focus of this dissertation is the analysis of tax burden and other factors relevant for entrepreneurship, with the goal to identify impeding factors for the development of entrepreneurship in the Republic of Serbia (RS). The results point to the similarities and differences between the positions of three expert groups with respect to impeding factors for starting a business and entrepreneurship development in the RS, and document that by conducting a survey with relative ranking from the pairwise comparison by the Saaty’s scale, applying Kendall's non-parametric rank correlation measure and its statistical significance, analytical hierarchy process and aggregation of individual judgments, we can rank the impeding factors when starting our own business. The doctoral dissertation empirically shows that: 1) there is a statistically significant positive correlation among the rankings of impeding factors in starting one's own business, among potential entrepreneurs, i.e., entrepreneurs who have had their company opened for up to 6 months, entrepreneurs who have had their company opened for more than 5 years and professionally-trained support staff for the development of entrepreneurship, 2) factors that belong to the tax category “income tax, personal income tax and social security contributions" as predictors of starting one's own business qualitatively will neither be ranked high in terms of significance (first three ranks) nor low (last three ranks) in any group of respondents, and 3) the “entrepreneurial culture” factor will, as a predictor of starting one's own business qualitatively will be ranked high in terms of significance (first four ranks) in at least two groups of respondents. The purpose of the dissertation and its findings is to call attention to the need for more efficient planning and improvement of entrepreneurial business culture in the RS.

Problem financiranja je dio svakodnevnih odluka pojedinaca i poduzeća. U poduzećima odluke o financiranju donosi uprava u suradnji financijskim menadžmentom. Financiranje je moguće iz internih i eksternih sredstava. Svaki od izvora sredstava nosi prednosti i nedostatke, a na menadžmentu je da selekcijom i analizom osigura optimalnu strukturu izvora te donosi prave financijske odluke za poduzeće Jedan od najčešćih tuđih izvora financiranja jesu dugoročni krediti. Oni se koriste za financiranje ulaganja i projekata visoke vrijednosti te za nabavu dugotrajne imovine. Ročna struktura imovine i izvora u bilancama poduzeća omogućuje upravljanje dugom te zaštitu od rizika kod financiranja dugom. Razvoj tržišta kredita te trendovi gospodarskog i ekonomskog razvoja općenito doveli su do prisutnosti duga u izvorima svih poduzeća. Najčešći dugoročni krediti su hipotekarni krediti koji imaju određene specifičnosti. Banke kod odobravanja kredita provode selekciju i ocjenu kreditne sposobnosti tražioca kredita. Za to koriste različite postupke i metode kako bi smanjili svoje rizike poslovanja. Problem of financing is part of the everyday decisions of individuals and companies. Funding is possible from internal and external resources. Each of the resources has the advantages and disadvantages. It is up to management to select and analyze the optimal source structure and bring financial decisions right for the company. One of the most common sources of funding are long-term loans, used to finance high-value investments and projects. The time structure of assets and liabilities in the company's balance sheets enables protection against risks. The development of the credit market and the trends of economic development in general led to the presence of debt in the sources of all enterprises. The most common long-term loans are mortgage loans that have certain specifics. When approving loans, the banks carry out the selection and credit rating of the loan applicant. They use different models and methods to reduce their business risks in selection processes.

Funkcioniranje hotelskih poduzeća temelji se sve više na znanju, odnosno na intelektualnom kapitalu. Stoga se menadžment mora fokusirati na stjecanje znanja koje će biti u funkciji stvaranja dodatne vrijednosti koja se ugrađuje u proizvode, odnosno usluge. Istraživanjem izvora financiranja hotelskih poduzeća u Bosni i Hercegovini obuhvaćeno je 257 tvrtki sa područja te republike. Korišten je veći prigodni uzorak poduzeća koja se bave pružanjem usluga smještaja (n = 257) izdvojen iz baze podataka Amadeus koja sadrži financijske i druge pokazatelje. O svakom poduzeću preuzete su tri skupine podataka i to opći podaci o poduzeću (naziv, sjedište, kod za identificiranje djelatnosti poduzeća, posljednja godina za koju su raspoloživi podaci, broj zaposlenih te indikator BvD stupnja nezavisnosti kompanije u odnosu na dioničare); tri financijska pokazatelja, svaki za tri posljednje godine (iskazani u tisućama eura); tri pokazatelja uspješnosti poslovanja, svaki za tri posljednje godine (iskazani u postocima). Uzorak poduzeća BiH koja se bave pružanjem usluga smještaja pretežno su bila društva sa ograničenom odgovornošću (njih 84%). Najveći broj promatranih poduzeća ima sjedište u Sarajevu (16%), potom u Mostaru, Čitluku, na Palama, u Banja Luci, na Ilidži i u ostalim mjestima. U navedenim centrima sjedište ima 49% hotelskih poduzeća koja su predmet istraživanja. Znači da veći centri imaju veći potencijal i privlače veći broj turista pa su u njima i sjedišta hotelskih poduzeća. Od 257 poduzeća njih 94% spada u mala poduzeća sa 50 i manje zaposlenih. Podaci o poslovanju najčešće se odnose na 2014. godinu, kod njih 73%. Rad je u empirijskom dijelu pošao od dviju pretpostavki, prvo da su vlastiti izvori financiranja prevladavajući izvori financiranja hotelske djelatnosti u BiH“, te drugo da vlastite izvore financiranja (samofinanciranje) relativno češće koriste mala poduzeća u hotelskoj industriji nego srednje velika hotelska poduzeća. The operation of hotel companies is based more and more on knowledge, that is, intellectual capital. Therefore, management had to focus on acquiring knowledge that would be in the function of creating additional values that would be embedded in the products or services. A survey of sources of financial hotel companies in Bosnia and Herzegovina included 257 companies from the Republic. A larger private sample of companies providing accommodation services (n = 257) was extracted from the Amadeus database containing financial and other indicators. Data on three groups of data were downloaded for each company and optical data on the company (name, headquarters, company identification code, last year for which data are available, number of employees and indicators of BvD degree of independence of companies in relation to shareholders) ; three financial indicators, each for the last three years (expressed in thousands of euros); three business performance indicators, each for the last three years (expressed as a percentage). The sample of BiH companies providing accommodation services was overly limited companies (84%). The largest number of observed companies is based in Sarajevo (16%), followed by Mostar, Čitluk, Palama, Banja Luka, Ilidža and all places. In the centers visited, 49% of the hotel companies surveyed are based. They know that larger centers have greater potential and attract more tourists who find themselves in them and in the headquarters of hotel companies. Of 257 companies, 94% include small businesses with 50 or fewer employees. Business data differ in 2014, with 73%. The empirical part emerged from two assumptions, first that own sources of financing were predominant sources of financing of hotel business in BiH, "and other owners of their own finances (self-financing) may even have used small enterprises in the hotel industry, and few large hotel companies.

This paper explores the financing framework for sustainable development in Uruguay, an emerging economy, and examines whether available financing instruments contribute to achieving the sustainable development goals (SDGs) in which significant progress is still required in this country. Reports, policy documents and academic literature were reviewed to determine the types of sustainable development financing instruments available, and to analyse the challenges facing emerging economies in this regard. In addition, the financing programmes available from the public sector, non-governmental organisations (NGOs), the financial sector and multilateral credit agencies were examined. The results obtained show that the main financing sources for sustainable development are located within the public sector due to the absence of a developed financial market, and that the existing financial instruments do not address the SDGs where most attention is required. The latter circumstances make it challenging to achieve these SDGs in Uruguay. The study findings highlight the need for greater coordination among all parties to make efficient use of the scarce resources available to an emerging economy and thus enable it to meet its SDGs.

The objective of the study was to assess the level of acquiring funds from the Horizon 2020 programme by Polish institutions carrying out agricultural and rural development projects and to assess the internal financing of research in the field of agricultural science. For this assessment, we used primarily the studies on the literature of the subject and carried out an analysis of acquiring funds for research from the Horizon 2020 programme as well as of internal financing for the research and development activities. Based on these studies, it has been found that a consequence of the current scale of financing for the research and development activities could be a significant slowdown in the transfer of new knowledge and innovation to the agri-food sector and to rural areas, which, in turn, could be a barrier to implementing the concept of smart rural development.

Financiranje poslovanja svakako je ključan segment zasnivanja poslovanja. Održivost uspješnog poslovanja također ovisi, kako o upravljanju tako i o rasporedu novčanih sredstava u sve segmente poslovanja. Poduzetnik nakon osnivanja i prihvaćanja rizika koji snosi osnivanjem poduzeća, mora analizirati tržište, predvidjeti budućnost poslovanja i prema tome utvrditi iznos potrebnih financijskih sredstava. Poduzetnik procjenjuje koji od izvora financiranja bi za njegovo poslovanje bili optimalno rješenje. Najjeftiniji način financiranja poduzetniku predstavljaju unutarnji izvori, kao što su emisija dionica, rezerve, neto dobit, vlasnička ulaganja, no ako nije moguć takav način financiranja poduzetnik poseže za drugim rješenjima kao što su vanjski izvori. Ako unutarnji izvori financiranja nisu dostupni poduzeće se oslanja na vanjske izvori financiranja kao što su dugoročni i kratkoročni krediti ili leasing koji su nerijetko jedino rješenje. Cilj ovog rada je prikazati izvore financiranja sa naglaskom na interne izvore financiranja poslovanja. Business financing is the main segment of business establishing. Sustainability of a successful business also depends about managing and distribution of financial resources in every segment of business. After setting up and accepting the risks, entrepreneur has to do market analyze, predict the future of business and then determine the amount of required financial resources. An entrepreneur estimates which of the financial sources would be the optimal solution for his business. The cheapest way of financing are internal sources such as stocks, reserves, net profit, equity investments, but if that is not possible, the entrepreneur comes up with other solutions such as external sources. If internal sources of funding are unavailable, the company relies on external financing sources such as long-term and short-term loans or leasing, which are often the only solution. The aim of this final work is to show sources of funding, especially internal sources of business finance.

Financial stability diagnosis of Chernihiv industrial enterprises on the basis of relative capitalization and coverage indicators is carried out in the paper. A study of the dynamics and structure of assets and funding sources was made over the past years. The analysis of the ratio of assets and industrial enterprises property financing sources was conducted. The impact of capital structure on financial stability level and economic entities balance is justified. Main ways of improving the efficiency of financial management systems of Chernihiv industrial enterprises and strengthening their financial stability were defined., В статье проведена диагностика финансовой устойчивости промышленных предприятий Черниговского реги- она на основе относительных показателей капитализации и покрытия, осуществлено исследование динамики и структуры имущества и источников формирования финансовых ресурсов за последние года, проведен анализ соот ношения активов и источников финансирования имущества промышленных предприятий, обосновано влияние структуры капитала на уровень финансовой устойчивости и равновесия субъектов хозяйствования, определены основные направления повышения эффективности системы управления финансовыми ресурсами предприятий промышленности Черниговской области и укрепления их финансовой устойчивости., У статті проведено діагностику фінансової стійкості промислових підприємств Чернігівського регіону на основі відносних показників капіталізації та покриття, здійснено дослідження динаміки і структури майна та джерел формування фінансових ресурсів за останні роки, проведено аналіз співвідношення активів і джерел фінансування майна промислових підприємств, обґрунтовано вплив структури капіталу на рівень фінансової стійкості та рівноваги суб’єктів господарювання, визначено основні напрямки підвищення ефективності системи управління фінансовими ресурсами підприємств промисловості Чернігівської області та зміцнення їхньої фінансової стійкості.

Among all resources of the enterprise, intellectual resources are able to ensure a creative, innovative approach to the solution of actual issues of enterprise’s operation. The formation and active use of intellectual capital of the enterprise becomes a guarantee of increasing its competitiveness and efficiency of activities both in the context of solving current problems and in the strategic perspective. The purpose of the research is to analyze the financial support of the development of intellectual capital at domestic enterprises.Analysis of data about the training of skilled workers in Ukraine indicates a tendency towards a decrease in the total number of educational institutions in recent years and the number of trained qualified staff. This affects both the quantitative composition of employees at domestic enterprises and their qualitative characteristics, and it prevents the processes of formation of intellectual capital.The main obstacles to the formation of intellectual capital are the lack of proper financing of these processes both at the state level and at the level of separate enterprises. There are developed the recommendations on directions of financial support of the processes of formation of intellectual capital: participation of employers in the formation of professionally oriented educational programs and financial support of specialized educational institutions by acquisition the necessary equipment; the purposeful allocation of funds for the payment of training of individual workers in educational institutions; the active participation of enterprises in the practical training of skilled workers and the formation of programs for production practice; providing employees with the opportunity to get an education using “dual education system”; the payment for advanced training courses; the introduction of special rewards for invention and rationalization., В работе проанализированы особенности формирования интеллектуального капитала отечественных предприятий. Исследовано современное состояние подготовки квалифицированных работников в Украине. Выявлены тенденции к сокращению учебных заведений и количества подготовленных специалистов, что негативно влияет на процессы формирования интеллектуального капитала предприятий. Исследована структура расходов отечественных промышленных предприятий на инновационную деятельность по отдельным направлениям в динамике последних лет. Разработаны рекомендации по основным направлениям финансового обеспечения процессов формирования интеллектуального капитала предприятий., В роботі проаналізовано особливості формування інтелектуального капіталу вітчизняних підприємств. Досліджено сучасний стан підготовки кваліфікованих працівників в Україні. Виявлено тенденції до скорочення навчальних закладів освіти та кількості підготовлених фахівців, що негативно впливає на процеси формування інтелектуального капіталу підприємств. Досліджена структура витрат вітчизняних промислових підприємств на інноваційну діяльність за окремими напрямами в динаміці останніх років. Розроблено рекомендації щодо основних напрямків фінансового забезпечення процесів формування інтелектуального капіталу підприємств.

Un aspecto fundamental para que las microempresas mantengan sus operaciones es el acceso a diversas fuentes de financiación. El objetivo del presente artículo es analizar las fuentes de financiación privada disponibles para las microempresas y la empleabilidad de éstas en Colombia. El enfoque epistemológico es el empírico inductivo, bajo un paradigma cuantitativo, con un diseño de investigación no experimental de campo, con un tipo de estudio descriptivo, transversal, en el que se emplea la encuesta como técnica de recolección de la información mediante un cuestionario que se aplicó a 200 microempresas del sector textil-confecciones en Barranquilla – Colombia. El cuestionario presenta preguntas con opción de respuesta múltiple y ordinal, y cuyo procesamiento fue realizado con el Statistical Package for the Social Sciences (SPSS). Los resultados derivaron que de las alternativas de financiación existentes, las microempresas conocen pocas y por tanto se limitan a utilizar las más comunes, como lo son los créditos con proveedores y con bancos comerciales. Estos últimos, exigen muchos requisitos, y aquellas microempresas que no logran acceder a estos, recurren a prestamistas informales. Se concluyó que es necesario que las instituciones de financiamiento privado diseñen programas o realicen jornadas que permitan asesorar a las microempresas en torno a las fuentes de financiación disponibles para su uso. A fundamental aspect, in order for microenterprises to maintain their operations, is the access to multiple financing sources. is article aims to analyze the financing sources these small businesses can employ, and the use of them. As a systematic methodological strategy, it is framed into an inductive empirical approach, below a quantitative paradigm. Its development is based on a non-experimental design and it is also a descriptive and transversal research where survey was used as a technique. A questionnaire was applied to 200 of Barranquilla’s textile manufacturing microenterprises. It included questions with multiple and ordinal answer option. Statistical Package for the Social Sciences (SPSS) was used for the data processing. e results showed that the existing financing alternatives are not well-known among these companies and that they have to employ the most common ones such as loans from suppliers or commercial banks. e latter institutions have too many requirements and not all small companies can meet them, so they have to turn to informal expensive moneylenders. It was concluded that private financing institutions must design programs or seminars in order to assist these microenterprises in the financing sources they can use.

a thesis submitted In Partial Fulfilment for the Award of Degree in Master of Business Administration The Micro, Small and Medium Enterprise (MSME) sector plays a significant role in the Kenyan economy, offering opportunities for employment and innovation. However, there exist a financing gap due to limited personal finances, credit, grants, equity and other sources of finance that subsequently limits MSMEs access to funding. This further inhibits many entrepreneurs from sustaining and growing their enterprises. The crowdfunding platform phenomenon was first adopted in the developed world and has grown exponentially over the years with many entrepreneurs employing crowdfunding platforms to raise capital for the enterprises’ financial needs. Unfortunately, African countries lag behind in the adoption of crowdfunding with very few locally established crowdfunding platforms and a general lack of awareness of the use of crowdfunding platforms as source of finance for entrepreneurs’. The purpose of this study was to analyse the financing gap that exists in MSMEs in Kenya and the role that crowdfunding platforms play in enhancing their financing opportunities. This study was exploratory and it used both primary and secondary data in answering the research questions. Primary data was collected by targeting a population of 30 MSMEs that have accessed financing from the 48 crowdfunding platforms accessible to Kenyan.The study was able to achieve a response rate of 96.7%. Secondary data was collected from the World Bank and Central Bank of Kenya and used to analyse the average MSME financing gap at a national level. From the primary data, the average success rates of four different types of crowdfunding platforms was determined as percentage of amounts raised from the platform versus the target amounts the entrepreneurs’ were seeking from these platforms. The average success rate for each platform was then applied to national average financing gap to provide a recommendation on which platform could be an ideal contributor in narrowing the financing gap for MSMEs in Kenya. The study findings reveal that the mean success rate is highest for lending platforms (100%) followed by reward platforms (87%, donation platforms (46%) and finally equity platform (0%).From the secondary data the average financing gap is USD 7,545 per registered but underserved MSMEs. The extent to which the various challenges faced by MSMEs in accessing funding such as value and size of MSME network, human effort required, compatible payment systems, due diligence process required was analysed and discussed depending on the platform type. The highest contribution to the national average financing gap evidently came from the lending platforms and was the recommended platform as long as an entrepreneur is able to pass the due diligence required in order to access funds from these platforms. In the arena of academia, scholars can contribute towards this end by undertaking more studies to fill the knowledge gap particularly on the size of financing gap facing MSMEs in Kenya especially from a demand side.

Purpose. The main goal of the article is to identify the trends, sources and amounts of finance for micro enterprises in Latvia. Methodology. The basic method used for the study is the method of descriptive statistics, as well as surveys and interviews. . Results. The study indicates significant decline in crediting amounts to micro enterprises and reducing the share of financing for micro enterprises in the total portfolio of the banks. In 2014, the number of active micro enterprises in Latvia remained about the same as in 2013. But, calculated per one active micro-enterprise, the credit capacity of banks financing decreased by, an average, approximately 30% in 2014. A new player, State-owned JSC "Latvian Development Finance Institution Altum", appeared in the financial market at the beginning of 2014. The share of Altum in crediting micro enterprises accounted for 8 .4% at the end of 2014. In comparison, the share of venture capital funds in the financing of micro-enterprises accounted for 2.3% in 2014. Should be mentioned that the Business Angel's contribution to the financing of micro-enterprises is not very significant and is less than 1 million Euro in 2014. Similarly, the share of organizations outside the bank financing system and organizations dealing with micro-credit ing for Latvian micro companies is very insignificant and accounts for 3 million Euros. In 2014, the total amount of financing micro enterprises accounted for 386.7 million Euros, 88.3% of which was the share of bank lending (excluding the informal investors and the owners of the capital funding shares). In view of the significant decrease in bank financing for micro enter prises the authors have two recommendations. Firstly, the politicians and government have to build and develop the organization and tools outside the bank financing system for the support and needs of the enterprises. Secondly, commercial banks should create specific products for micro financing to improve funding for small scale business. . Practical implications The results of the study can be used by politicians, public administration institutions and other bodies responsible for the development and support of micro-enterprises and small businesses. As well, the data presented are interesting for associations of industry such as the Association of Commercial Banks, Venture Capital Association, Association of Business Angels, Chamber of Commerce - and, of course, are binding to researchers of small business. . Keywords: micro enterprises, small business, financing Paper type : Research paper.

Without incertitude, SMEs have become the significant clout of sustained, instantaneous and bracing growth of Nigeria economy. Moreover, SMEs has performed an unparalleled role in advancing the Nigeria economic growth, and serve as a breeding ground for entrepreneurs and a provider of solutions to address the problems of unemployment in all consuming labours and promoting marketing growth. An opportunity for the healthy advancement of small and medium-sized enterprises (SMEs) in Nigeria was in relation to the transformation and expansion policy due to the brisk evolution of the global economy. But with the global economic integration, the small and medium-sized enterprises operating environment is facing tremendous changes and more intense competition. Hence, the reason for this paper is to present the sources of SME firm financing, conceptualize its financing challenges, source causes, with objectives to exploit the innovative ways to improve financing provision via crowdsourcing of financing and necessity to provide a regulatory environment that will support it for the growth and advancement of SMEs prospectively. Likewise, it is an essential strategy that would assist entrepreneurs to remain much motivated towards promoting his line of work. Moreover, it will reassure an individual to become a successful entrepreneur. This study will add to the existing literature in the academic area of entrepreneurship and at the same time offers a springboard that will provide an impulsion for empirical inquiry in this field. Besides, it offers important information and methods that would help entrepreneurs on how crowdfunding can serve as a source of financing provision and the positive impact on Small and medium enterprises (SMEs) firm performance.

Współcześnie można zaobserwować odejście od postrzegania kultury jedynie przez pryzmat wartości autotelicznych i dostrzeganie w niej walorów bardziej użytkowych. Wskutek tego procesu kulturę zaczęto postrzegać jako dźwignię rozwoju społecznego w bardzo zróżnicowanych wymiarach - począwszy od budowy kompetencji, poprzez tworzenie więzi lokalnych i wsparcia dla wykształcania się podmiotowej tożsamości, na kreowaniu spójności społecznej skończywszy. Jednocześnie instytucje kultury często borykają się z problemem ograniczonych zasobów finansowych koniecznych do pełnienia funkcji, do której zostały powołane. Celem artykułu jest przedstawienie możliwości finansowania instytucji kultury w kontekście ograniczenia źródeł finansowania działalności statutowej przez rozszerzenie oferty produktowej. Badania literaturowe oraz dane statystyczne potwierdzają postępujący proces decentralizacji źródeł finansowania instytucji kultury. Rządy oraz samorządy nadal pozostają największym wsparciem kultury w porównaniu z innymi sektorami. Mimo to wszystkie trzy sfery - rząd, rynek i trzecia sfera (non profit) - działają jednocześnie i ich przenikanie jest bardziej regułą niż wyjątkiem. Aby zachęcić rynek i trzecią sferę do finansowania przedsięwzięć kulturalnych, instytucje kultury powinny rozszerzyć ofertę o produkty mniej standardowe (klasyczne), dostosowane do szerszej grupy odbiorców. Przedstawiony projekt jest przykładem wykorzystania źródeł finansowania zadań realizowanych przez instytucje kultury niezwiązanych z działalnością, do której prowadzenia jednostka została powołana. Instytucje kultury stoją w obliczu ograniczeń źródeł finansowania, a jednocześnie posiadają zasoby, które umożliwiają prowadzenie nietypowej aktywności z wykorzystaniem atrakcyjnych dla odbiorcy środków wyrazu. Dzięki tym środkom instytucje te mogą w ciekawy sposób przekazywać treści społeczne, w tym edukacyjne i integracyjne., Nowadays the perception of culture only through the prism of autotelic values and noticing "rnore useful values” in it is not the only one. As a result of this process culture is seen as a "lever” of social development in a variety dimensions - from building of competence through the creation of local ties and support of personal identity formation, to the creation of social cohesion. At the same time cultural institutions often struggle with limited financial resources necessary to fulfill the role for which they have been established. The purpose of this article is to present the possibilities of cultural institutions financing in the context of the limitations on sources of funding statutory activities by broadening their product rangę. Literaturę research and statistical data confirm the progressive process of decentralization of cultural institutions funding. Govemments and local governments still remain the largest support of culture in comparison with other sectors. Still, all three spheres - the govemment, the market and the non-profit sphere - operate simultaneously and their penetration is rather the rule than the exception. To encourage the market and the third sphere to ftnance cultural projects, cultural institutions should extend the rangę of products by less standard (classical) product adapted to the wider audience. The presented project is an example of using the sources of financing tasks performed by cultural institutions not connected with the activities they have been established for. Cultural institutions are facing funding limitations and yet have the resources which enable the unusual activity using attractive means of expression for the customer. Owing to these measures, these institutions can deliver social (including educational and integrational) content in a very interesting way.

This thesis deals with fundraising of non-profit organisations. The scope of the thesis is to provide the reader with basic information about fundraising, and to apply this information in order to evaluate the fundraising of a selected non-profit organisation. First of all, this work defines the non-profit sector and its long-term sustainability, then the work deals with the fundraising itself. Issues connected with credibility of the organisation and its webpages are included in the part concerning fundraising.These factors establish a competitive advantage in activities that are focused on fundraising. These theoretical foundations are applied on a chosen non-profit organisation, and additionaly, the webpages of the organisation are also analysed, and an ASNO14 non-profit organisation reliability analysis is carried out. The data used in the practical part was collected through an analysis of annual reports of the organisation, webpage analysis and through a personal interview. The ending of this thesis includes an overall evaluation and improvement proposals.

Artykuł podejmuje problematykę wyboru źródeł finansowania działalności sektora małych i średnich przedsiębiorstw. Celem artykułu jest określenie istotności i problemów w pozyskaniu środków finansowania zewnętrznego. Z przeprowadzonej analizy wynika, iż największym pod względem wartości źródłem finansowania sektora małych i średnich przedsiębiorstw stanowi kapitał własny, następnie kredyty i pożyczki bankowe oraz środki zagraniczne, które w przeważającej części należy utożsamiać ze środkami z budżetu Unii Europejskiej. Zarówno w przypadku małych, jak i średnich przedsiębiorstw na znaczeniu zyskuje kredyt bankowy, na co wpływ ma wiele czynników. Rola pomocy UE w finansowaniu działalności wskazanych grup przedsiębiorstw jest znacznie niższa niż kredytu bankowego. Przedsiębiorcy w większości oceniają to źródło, jako mało istotne, identyfikując przy tym wiele barier w pozyskaniu środków UE, wśród których za najistotniejsze wskazują skomplikowaną stronę formalną procesu pozyskania pomocy UE. The article treats of the problem on the selection of sources of the financing of the economic activity of small and medium-sized enterprises sector. The aim of this article is to determine the relevance and problems in successfully obtaining external financing. The analysis results state that the biggest financing source for small and medium enterprises is equity capital, followed by bank loans as well as foreign resources which, for the most part, should be identified as funds of the European Union budget. For both, small and medium-sized enterprises, bank loans are becoming more important, which is connected with many different factors. The role of the European Union in financing of the SME sector is much lower than the aforementioned bank loans. Entrepreneurs mostly recognize this kind of external financing as negligible. They also identify many barriers in the process of obtaining the EU funds. The biggest difficulty for small and medium entrepreneurs is the complicated formal side of the EU financing donations.

В условиях современной жесткой конкуренции залогом выживаемости и основой стабильного положения организации служит конкурентоспособность продукции предприятия и составляющим элементом этой конкурентоспособности продукции является её финансовое обеспечение. Рассмотрение категории конкурентоспособность с финансовых позиций предполагает выявление различных факторов формирования финансовых аспектов конкурентоспособности продукции предприятий. Обеспечение устойчивого роста предприятия, повышения его доходности, достижения целей, отвечающих интересам собственников предприятия требует разработки и применения эффективной финансовой стратегии, которая определяется финансовыми аспектами конкурентоспособности продукции предприятия. Финансовые аспекты конкурентоспособности отражают такое состояние финансовых ресурсов предприятия, при котором предприятие способно путём эффективного их использования обеспечить дальнейшее развитие производства, получить необходимый уровень продаж и прибыли., In today tough competition, the key to survival and the basis of the stable situation of the organization is the competitiveness of the enterprise and a constituent element of the competitiveness of production is its financial security. The application of competitiveness in financial position involves identifying various factors of formation of the financial aspects of competitiveness of production enterprises. Ensuring sustainable growth of the company, improve its profitability, achieve goals that meet the interests of the owners of the enterprise requires the development and implementation of an effective financial strategy that is defined the financial aspects of competitiveness of enterprise. Financial aspects of competitiveness reflect such a state of financial resources of the enterprise in which the company is able through effective use to further the development of production, to obtain the necessary level of sales and profits.

Didėjanti pasaulinė konkurencija skatina smulkias ir vidutines įmones ieškoti naujų būdų veiklos efektyvumui didinti. Smulkios ir vidutinės įmonės yra labai plačiai paplitusios ir jos yra labai svarbios kiekvienai šaliai. Pastebimas didėjantis dėmesys finansavimo galimybių įgyvendinimui, nes yra daug finansavimo šaltinių, kuriais smulkios ir vidutinės įmonės gali pasinaudoti. Šiame darbe yra sukurtas ir pagrįstas smulkaus ir vidutinio verslo įmonių veiklos finansavimo modelis. Darbo objektas yra smulkaus ir vidutinio verslo įmonių finansavimas. Darbo tikslas – nustačius Panevėžio miesto ir rajono smulkaus ir vidutinio verslo įmonių finansavimo galimybių žinomumą ir panaudojimą suformuoti smulkaus ir vidutinio verslo įmonių veiklos finansavimo modelį. Darbo tikslas yra detalizuojamas uždaviniais, lėmusiais tokią darbo struktūrą: visų pirma šiame darbe yra atskleidžiama smulkaus ir vidutinio verslo esmė, pristatomos smulkaus ir vidutinio verslo plėtros kliūtys, aptariama finansinių šaltinių klasifikacija, identifikuojamos finansavimo problemos, atliekamas Panevėžio miesto ir rajono smulkaus ir vidutinio verslo įmonių veiklos finansavimo galimybių žinomumo ir panaudojimo tyrimas bei sukuriamas ir pagrindžiamas smulkaus ir vidutinio verslo veiklos finansavimo modelis. Darbas atliktas remiantis mokslinės literatūros analize, šalies oficialiąja statistika ir anketinės apklausos metodu. Mokslinės literatūros analizė leidžia apibrėžti smulkų ir vidutinį verslą, jo verslo plėtros kliūtis, finansavimo šaltinių klasifikaciją bei identifikuoti finansavimo problemas. Antroje darbo dalyje yra pristatomas smulkaus ir vidutinio verslo veiklos finansavimo galimybių žinomumo ir panaudojimo tyrimo instrumentarijus, eiga ir rezultatai. Atlikus Panevėžio miesto ir rajono smulkaus ir vidutinio verslo įmonių veiklos finansavimo galimybių žinomumo ir panaudojimo tyrimą nustatyta, kad įmonės naudoja tik keletą finansavimo šaltinių, o kita dalimi finansinių priemonių jos nėra pasinaudojusios, kadangi jos yra mažai žinomos., Increasing global competition drives small and medium enterprises to look new ways to increase efficiency. Small and medium enterprises are extremely wide spread and they are very important for every country. Attention to the finance and financing opportunities are noticeable increasing, because there are many funding sources, which enterprises could use. Small and Medium Enterprises’ Business Financing Model is based and designed in this work. Small And Medium Enterprises’ business financing is the object of the work. The purpose of the work is setting Panevėžys town and district of small and medium enterprises access to finance awareness and use of the form to construct operating funding model of small and medium enterprises. The purpose of the work is detailed in tasks determining its following structure: firstly, the essence of Small And Medium Enterprises and development barriers have been analyzed, discussed classification of the financing sources, identification of financing problems have been presented, then research of Small And Medium Enterprises’ access to financing awareness and use has been conducted in Panevėžys city and district, Small and Medium Enterprises’ Business Financing Model is based and designed. Methodology of the work consists of the following methods: analysis of scientific literature and a questionnaire. The analysis of the scientific literature allows define small and medium-sized businesses, their development barriers, classification of financing sources and identification of financing problems. Instrumentation of small and medium enterprises financing opportunities for awareness and use, process and results are introduced in the second part of work. The results showed that Panevėžys city and district Small And Medium Enterprises’ have already tried different financing sources, but also they haven’t tried half of possible financing sources, because they don’t know or haven’t heard about them.

The Tanzanian economy has grown at an average annual rate of around 6-7 percent for more than a decade. The rate of inflation has declined since January 2016, although it trended upwards in thepreceding few months due to increases in domestic food prices and the lagged impacts of the sharp depreciation of the Tanzanian Shilling during the first half of 2015. However, the Shilling stabilized in the second half of 2015, with the real exchange rate now close to the equilibrium level. The current account deficit has also improved, standing at around 8.7 percent of GDP in 2014/15. The level of aid inflows declined during 2014/15, although this was offset by increases in FDI and external non-concessional borrowing, maintaining the overall balance of payments in a stable position. Tanzania's infrastructure and social services deficits are already massive and projected to increase into the future. Traditional financing instruments are clearly insufficient to bridge the profound gap between existing public resources and financing requirements. By leveraging synergy between the public and private sectors, PPPs can mobilize additional sources of finance to fund the development of vitally needed infrastructure; to deliver on budget and on time to a greater extent than in the case of publicly financed projects; and to deliver higher quality services than in the case of publicly managed projects. Tanzania’s own policy documents identify PPP as a key instrument to attract new investment and to deliver infrastructure more efficiently.

У роботі розглянуто теоретико-методичне забезпечення визначення сутності поняття фінансової стійкості, що обумовлено необхідністю уточнення даної дефініції для підприємств різних організаційно-правових форм з урахуванням мінливості умов їх функціонування в ринковому середовищі для подальшого вдосконалення та обґрунтування економіко-методичного забезпечення отримання достовірної оцінки рівня фінансової стійкості підприємств у сучасних складних умовах господарювання. In work teoretiko-methodical provision by determination of essence of concept of financial soundness which is caused by necessity of specification of the given definition for the enterprises of different organisation-legal forms, taking into account variability of conditions of their functioning in the market environment for the further improvement and validity of economic-methodical provision for reception of an authentic estimation of level of financial soundness of the enterprises in modern difficult conditions of managing is considered.

У статті розглянуто економіко-методичне забезпечення оцінки достатності фінансових ресурсів підприємств, що обумовлено необхідністю вдосконалення методичного інструментарію щодо його застосування для підприємств різних організаційно-правових форм в умовах трансформації економічних процесів для достовірного оцінювання рівня фінансової стійкості підприємств у сучасних складних умовах їх функціонування в ринковому середовищі. In article economic-methodical provision of an estimation of sufficiency of financial resources of the enterprises which is caused by necessity of improvement of methodical toolkit for its application for the enterprises of different organisation-legal forms in the conditions of transformation of economic processes for an authentic estimation of level of financial soundness of the enterprises in modern difficult conditions of their functioning in the market environment is considered.

Suvremeni gospodarski razvitak podrazumijeva posebnu pozornost na promicanje poduzetništva i osiguravanje snažnih potpora u skladu s potrebama malih i srednjih poduzeća. U Europskoj uniji sektor mikro, malih i srednjih poduzeća čini 98 % ukupnog broja poduzeća te predstavlja ključni generator novog zapošljavanja, gospodarskog rasta, inovacija i socijalne integracije. Stoga je Europska unija kreirala niz strateških dokumenata i instrumenata kojima se pojednostavljuje administrativni i regulatorni okvir osnivanja i poslovanja navedenih poduzeća, podupire njihov razvitak te osiguravaju neophodni izvori financiranja. Podaci EU-a ukazuju kako su upravo nedostatak financiranja i složeni administrativni postupci najveće prepreke novom poduzetništvu u Europi. S jedne strane, Europska unija podupire poduzetnike različitim programmeima u okviru kojih se financiranje osigurava u suradnji s lokalnim financijskim institucijama koje ulažu dodatna (vlastita) financijska sredstva te tako uvećavaju ukupno raspoložive iznose potpora. S druge pak strane, potpore se osiguravaju i iz proračunskih sredstava EU-a koja se preraspoređuju svakoj državi članici višegodišnjim financijskim okvirom, pomoću kojeg se ostvaruju zajednički strateški ciljevi na europskoj razini. Stoga je osnovni cilj rada dati prikaz temeljnog okvira i mogućnosti financiranja poduzetničke djelatnosti u Europskoj uniji, s posebnim osvrtom na izvore financiranja iz EU fondova koji su dostupni poduzetnicima u Republici Hrvatskoj u razdoblju od 2014. do 2020. godine. Analiza i pregled raspoloživih sredstava iz europskih fondova ukazat će na značajne iznose financiranja namijenjene poticanju poduzetništva, stvaranju novih radnih mjesta, razvoju poslovne konkurentnosti i ekonomskom rastu., Modern economic development implies special attention to promoting entrepreneurship and providing strong support according to the needs of small and medium-sized enterprises. In the European Union, the sector of micro, small and medium-sized enterprises makes 98% of the total number of enterprises and it represents a key generator of new employment, economic growth, innovation and social integration. Therefore, the European Union has created a number of strategic documents and instruments that simplify the administrative and regulatory framework for the establishment and operations of these enterprises, supports their development and provides the necessary sources of financing. The EU data show that the deficit of financing and complex administrative procedures are the biggest obstacles for new entrepreneurship in Europe. On the one hand, the European Union supports entrepreneurs through various programmes within which funding is provided in cooperation with local financial institutions that invest additional (private) financial resources and thus increase the total available amount of support. On the other hand, support is provided from the EU funds that are allocated to each member state through the multiannual financial framework by which common strategic goals are to be attained at the European level. Therefore, the main objective of the paper is to present basic framework and the possibilities of financing entrepreneurship activities in the European Union, with special attention given to financing sources from EU funds that are available to entrepreneurs in Republic of Croatia in the period from 2014 to 2020. Analysis and review of the available financing from the EU funds will indicate significant amounts of funding intended for supporting the entrepreneurship, creating new jobs, developing business competitiveness and economic growth.

This research proposes a "model of selection of the financing sources" which allows to identify both the financing entity to which the company may resort and the appropriate financing methods for the company (with particular reference to alternative instruments to the banking ones). Based on a sample of small and medium-sized Italian companies, and thanks to a quantitative method, the proposed model permits to select the financial sources, in order to choose the most appropriate financing methods for small and medium companies. It allows to suggest to the owners/or to the management appropriate debt-covering instruments different from the banking ones. The application of the model enables to change the financial culture within the company by expanding the knowledge and the use of alternative financing instruments to the bank and working on management unpreparedness and capital inadequacy of the companies. The originality of the research is coherent in the current context of the reference, which is changing in a profound way for both economic and normative reasons as well as presenting a different perspective in the light of the companies' experience of the past years.

В работе рассмотрена классификация экономической модернизации и наукоемких технологий. Приведены основные показатели и факторы модернизации. Проанализирована роль высоких технологий в процессе модернизации экономики, путем расчета корреляционной связи между числом используемых передовых технологий и показателями модернизации. Предложены основные условия для эффективного инновационного развития страны в рамках модернизационных процессов экономики., The paper deals with the classification of the economic modernization and high-tech industries. The main indicators and factors of the modernization are presented. The role of high technologies in the process of the economic modernization is analyzed by calculating the correlation between the number of advanced technologies used and several modernization indicators. The basic conditions and solutions for the effective innovation development of the country as a part of the modernization process are proposed.

Sustainable financing of the environment protection can be defined as the capacity of providing the long-term, stable and sufficient financial resources and granting them, in an adequate and rhythmic manner, in order to cover the necessary costs for protecting the environment protected areas and ensuring their efficient management. Achieving sustainable financing calls for major changes in conceptualizing and utilizing the funds and, to that end, a series of national innovative sources will play a more and more important role in satisfying the financing needs.

This paper is divided into three parts. In the first studies the birth of the Jesuit College and its foundational nature. The second deals with the debate on financing college, within the religious mentality of the modern centuries. Finally we study the main sources of funding that had the Jesuit schools which allowed their educational performance.

This study uses data from the new Kauffman Firm Survey to explore gender differences in the use of start-up capital and subsequent financial injections by new firms. We find that, consistent with previous studies, women start their businesses with significantly lower levels of financial capital than men. A new finding from this research is that women go on to raise significantly lower amounts of incremental debt and equity in years two and three. These results hold even controlling for a variety of firm and owner characteristics, including the level of initial start-up capital and firm sales. Our findings also reveal that women rely heavily on personal rather than external sources of debt and equity for both start-up capital as well as follow-on investments. Our findings have implications for further research into gender differences in financing sources and strategies and business outcomes.

Romanian system of education is confronted today, and even more in the future, with real challenges that regard quality, performance and competitiveness. In this way, through this paper, an analysis was made regarding the improvement of the financing strategies for the higher education, starting from a series of methodological aspects proposed by CNFIS for years 2009 and 2009. Thereby, premises were shaped for the elaboration of a future methodological version that can be applied in 2010.