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had around eight hundredth request for a loan so far (BN De Stem, 2009). Although there seems to be no downside to the practice in the paragraph above, the loans provided, usually have a relatively high interest rate. The reason for this is that the interest has to cover for the default risk of the entrepreneurs and because the costs of providing such a loan are relatively high, compared to the amount of money actually borrowed. In order to make the Dutch microfinance model sustainable and the governments ambition to withdrawal financial support there is a possibility that interest rates will have to go up in order to cover the costs. This will have huge consequences. Furthermore the Thesis Project will examine current theories and literature on microfinance models and will suggest practically based solutions, developed within a theoretical context. Therefore, the Thesis Project will be useful for all parties involved in the provisions of microfinance. 6. Methodology / data sources The Thesis Project will be written from an interpretive perspective, this allows indentifying the meaning individuals attach to their responses. Inline, a phenomenological epistemology is applied with the gathering of qualitative data; this refers to the way in which humans make sense out of world around us (Saunders, Lewis and Thornhill, 2009, p. 116). The methodology used for the Thesis Project will be inductive, interviews based on grounded theory. The research process consists of the following steps; literature review, data collection and analysis, model building and conclusions Secondary research The first step of the research will be an extensive review of all relevant literature published on the subject of microfinance models. The analysis of the secondary research will help to develop a general idea about the different microfinance models in relation to the ambition of making the Dutch model sustainable and to establish a theoretical background. Elmar Hoogendoorn 93 Sustainable Microfinance
Based on the results from the literature review a benchmark will be created. This benchmark will be used to understand how the Dutch model currently stimulates entrepreneurship. In other words, how the model helps entrepreneurs to start up a (new) business. Primary research The ideas gained from the literature review will be used to develop appropriate interview questions. The interviews will be semi structured. This means that there is a list of themes and questions. During the interviews the questions and order can be different from earlier interviews (Saunders et al., 2009, p. 320). Dutch MFIs will be asked to talk about their experiences and opinions in order to create a general view of the ideas about a sustainable microfinance model. Before conducting the interviews, the questions will be used within a pilot study. Additionally prominent journalist, professors, starting entrepreneurs, successful entrepreneurs or other parties involved will be interviewed until theoretical saturation is reached. Goal is to understand their analysis of the current microfinance model and their recommendations for a more sustainable model. Grounded theory The procedures of grounded theory are designed to develop a well-integrated set of concepts that provide a thorough theoretical explanation of social phenomena under study. A grounded theory should explain as well as describe (Corbin and Strauss, 1990). According to Corbin and Strauss (1990) the procedures and canons of grounded theory are as follows: 1. Data Collection and Analysis are Interrelated Processes 2. Concepts Are the Basic Units of Analysis 3. Categories Must Be Developed and Related 4. Sampling in Grounded Theory Proceeds on Theoretical Grounds 5. Analysis Makes Use of Constant Comparisons 6. Patterns and Variations Must Be Accounted For 7. Process Must Be Build Into the Theory 8. Writing Theoretical Memos Is an Integral Part of Doing Grounded Theory Elmar Hoogendoorn 94 Sustainable Microfinance
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! ! Sustainable Microfinance Balanc
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Keywords and Abstract Sustainable M
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Condensed Table of Contents ! ! Key
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3.3 Lessons from previously develop
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List of Figures ! Figure I-1: Thesi
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List of Abbreviations BDS Business
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1. Overview This chapter serves as
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In 2007, the Dutch Ministry of Econ
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collect information or seek specifi
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In some regions entrepreneurs are a
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• What different players in the D
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2. Theory and Literature Review - M
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investors expect to gain from the f
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2.4 Microfinance in (Western) Europ
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A MFI in the survival mode can bare
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The main factors that negatively af
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that are needed in order to transfo
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According to Lämmermann, et al. (2
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2.5.6 Success of BDS Lämmermann, e
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The final conclusion relates to the
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Kaplan and international strategy c
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investments in learning will lead t
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• Derived from strategy; • Stim
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emaining drivers of the model are;
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Greatbanks and Tapp (2007) Manville
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that fail to effectively plan for t
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Page 55 and 56: Section II. Research Design The pre
Page 57 and 58: the use and usefulness of PMSs by s
Page 59 and 60: Figure 4.1: Step model of inductive
Page 61 and 62: 4.5 Methods of Data Collection In o
Page 63 and 64: All eight groups are interesting fo
Page 65 and 66: must take into account with the rel
Page 67 and 68: Section III. Findings and Discussio
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Page 71 and 72: street and within an area of 500 me
Page 73 and 74: A final aspect that is exceedingly
Page 75 and 76: For the model Stefano (2010) propos
Page 77 and 78: know a lot about this topic', often
Page 79 and 80: 5.3 Summary Based on the empirical
Page 81 and 82: 6. Discussion 6.1 Introduction This
Page 83 and 84: 6.2.4. Sustainability Entrepreneur
Page 85 and 86: 6.2.9. Network & Business Developme
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Page 89 and 90: • Since the development of microf
Page 91 and 92: 7.2.3 The Model: ‘Equally’ Bala
Page 93 and 94: cannot be controlled by the researc
Page 95 and 96: Appendix A - Thesis Proposal Accord
Page 97 and 98: 1. Abstract The Thesis Project will
Page 99 and 100: efficiency, and aggressive enforcem
Page 101 and 102: entrepreneurs, compared to the curr
Page 103: The Thesis Project has several obje
Page 107 and 108: 8. Table of contents Preface List o
Page 109 and 110: References Armendáriz, B. 2009, 'M
Page 111 and 112: Work program March April Week numbe
Page 113 and 114: Figure B-2 Simplified Strategy Map
Page 115 and 116: Figure B-5 Comprehensive Performanc
Page 117 and 118: Organizational Development • What
Page 119 and 120: RL start at the core; 'why do you w
Page 121 and 122: Appendix E - Social ! KH jobs creat
Page 123 and 124: Appendix F - Financial ! Liquidity
Page 125 and 126: OE through friends and family and a
Page 127 and 128: MB that has to do with you financia
Page 129 and 130: RL You can test it, by launching fo
Page 131 and 132: Appendix I - Internal Business Proc
Page 133 and 134: OE he has an advantage and should f
Page 135 and 136: Appendix L - Network ! Professional
Page 137 and 138: Appendix M - Business Development S
Page 139 and 140: Appendix N - General BSC model ! Us
Page 141 and 142: Appendix O - Relation and Link ! Eq
Page 143 and 144: Appendix P - Most Important Financi
Page 145 and 146: Appendix R - Sustainability of Micr
Page 147 and 148: Appendix S - Qredits ! KH The main
Page 149 and 150: Bibliography Affleck, A. and Mellor
Page 151 and 152: Derban, W., Binner, J. and Mullineu
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Kunc, M. (2008), 'Using systems thi
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McKinsey & Company, p. 3., Availabl
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Shrader, C.B., Mulford, C.L. and Bl
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Woodworth, W. and Woller, G. (1999)
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