Sustainable Microfinance - Balanced Scorecard's added value for ...

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1.1 Introduction According to a research, conducted in 2006, by 21minuten.nl and the Dutch Chamber of Commerce, 3.000.000 people think about starting their own business within five years and 600.000 have concrete plans to do so (see Figure 1.2). Annually only 70.000 people actually start their own business. The main reasons for this relatively low number are: • Lack of assistance; • Financial barriers and; • Insufficient knowledge and capacities. The provision of micro credit, in combination with the assistance of a coach, can take away these barriers (Stichting Microfinanciering & Ondernemerschap, 2006). Tillaart, et al. (2009) support this view. Based on figures from the Chamber of Commerce, they state that the number of starting entrepreneurs has increased from 35.000 in 1990 to more than 100.000 in 2007 and 2008. Figure 1.2: People Considering – Having Plans – Becoming Entrepreneurs (Adapted from Oberman and Roelofsen, 2009) ! Elmar Hoogendoorn 3 Sustainable Microfinance
In 2007, the Dutch Ministry of Economic Affairs, under the management of State Secretary Frank Heemskerk, appointed The Council for Microfinance. One of the members of this Council is Her Royal Highness Princess Maxima of the Netherlands, who was a member of the UN advisory committee during the year of microcredit 2005. In October 2007, the Council presented an advisory report to State Secretary Heemskerk. This report states that microfinance has big potential as stimulator of entrepreneurship. According to the Council this will have a positive influence on: 1. Economic growth; 2. Integration of disadvantaged groups; 3. Reducing unemployment. Further the report states that local microfinance initiatives, of which already many were presents at the time the report was presented, are the source of power when it comes to using the potential. In order to strengthen these initiatives and to increase the sustainability, the Council proposed an approach where the local initiatives, which have direct access to the target groups, are supported by a franchise system. This enables them to use coaching networks and to have access to simple financings models (Council for microfinance, 2007). Another statement from the report is that the Netherlands, compared to other countries in Europe, was behind with stimulating micro entrepreneurs. A couple of countries (in particular France, Spain, England and Finland) were already using microfinance for several years. The Council stated that the Netherlands could learn the following lessons from those experiences: 1. Local microfinance initiatives, carried out by people that stand in the middle of local communities are of indispensable importance; 2. Coaching, both before and at the beginning of the lifetime of the business, is next to financing very important; 3. Scale is important for sustainability. National coordination under one central brand can be the key to success; Elmar Hoogendoorn 4 Sustainable Microfinance
Page 1 and 2: ! ! Sustainable Microfinance Balanc
Page 3 and 4: Keywords and Abstract Sustainable M
Page 5 and 6: Condensed Table of Contents ! ! Key
Page 7 and 8: 3.3 Lessons from previously develop
Page 9 and 10: List of Figures ! Figure I-1: Thesi
Page 11 and 12: List of Abbreviations BDS Business
Page 13: 1. Overview This chapter serves as
Page 17 and 18: collect information or seek specifi
Page 19 and 20: In some regions entrepreneurs are a
Page 21 and 22: • What different players in the D
Page 23 and 24: 2. Theory and Literature Review - M
Page 25 and 26: investors expect to gain from the f
Page 27 and 28: 2.4 Microfinance in (Western) Europ
Page 29 and 30: A MFI in the survival mode can bare
Page 31 and 32: The main factors that negatively af
Page 33 and 34: that are needed in order to transfo
Page 35 and 36: According to Lämmermann, et al. (2
Page 37 and 38: 2.5.6 Success of BDS Lämmermann, e
Page 39 and 40: The final conclusion relates to the
Page 41 and 42: Kaplan and international strategy c
Page 43 and 44: investments in learning will lead t
Page 45 and 46: • Derived from strategy; • Stim
Page 47 and 48: emaining drivers of the model are;
Page 49 and 50: Greatbanks and Tapp (2007) Manville
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Page 53 and 54: objectives (obligations) establishe
Page 55 and 56: Section II. Research Design The pre
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Page 59 and 60: Figure 4.1: Step model of inductive
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must take into account with the rel
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Section III. Findings and Discussio
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KH VS TB RL OE MB CS AP Total App.
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street and within an area of 500 me
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A final aspect that is exceedingly
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For the model Stefano (2010) propos
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know a lot about this topic', often
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5.3 Summary Based on the empirical
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6. Discussion 6.1 Introduction This
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6.2.4. Sustainability Entrepreneur
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6.2.9. Network & Business Developme
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The discussion is ended with a fina
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• Since the development of microf
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7.2.3 The Model: ‘Equally’ Bala
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cannot be controlled by the researc
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Appendix A - Thesis Proposal Accord
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1. Abstract The Thesis Project will
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efficiency, and aggressive enforcem
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entrepreneurs, compared to the curr
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The Thesis Project has several obje
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Based on the results from the liter
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8. Table of contents Preface List o
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References Armendáriz, B. 2009, 'M
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Work program March April Week numbe
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Figure B-2 Simplified Strategy Map
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Figure B-5 Comprehensive Performanc
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Organizational Development • What
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RL start at the core; 'why do you w
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Appendix E - Social ! KH jobs creat
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Appendix F - Financial ! Liquidity
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OE through friends and family and a
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MB that has to do with you financia
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RL You can test it, by launching fo
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Appendix I - Internal Business Proc
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OE he has an advantage and should f
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Appendix L - Network ! Professional
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Appendix M - Business Development S
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Appendix N - General BSC model ! Us
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Appendix O - Relation and Link ! Eq
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Appendix P - Most Important Financi
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Appendix R - Sustainability of Micr
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Appendix S - Qredits ! KH The main
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Bibliography Affleck, A. and Mellor
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Derban, W., Binner, J. and Mullineu
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the case of the tourism industry,
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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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