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

Preface
Being born and raised on a cheese !
farm, undertaking has always had a special
interest. My two oldest brothers both have their own enterprise and starting my own
business has been a goal ever since I was little. This was one of the reasons to apply
for the MSc in Financial Management at TiasNimbas. During various courses of the
previous year we learned that the objective of many cooperation’s is to maximize
shareholders wealth, and that although this might have contributed to the current
financial crises, still a lot of companies and business models primarily focus on this.
This in mind I felt like researching something more tangible, that could make a
contribution from a more holistic perspective. When I learned about microfinance in
the Netherlands used to stimulate entrepreneurship, I directly felt that this subject
was a perfect fit between my personal interests and the topic for my final assignment.
While attending the "2010: A Changing Europe combating poverty, supporting
enterprise" conference in London, I learned about the many different views people
have about how to make the microfinance sector sustainable and realized that a
clear focus was needed.
Some people reach the highest top of the ladder and only then
discover that it stands against the wrong wall (Covey, 2009)
I have experienced my thesis project as an opportunity to apply and extend all my
previously acquired knowledge and to gain better insight into my stronger and
weaker personal assets. Any potential mistakes made are the results of my individual
efforts; for the good parts, I thank those at my side during the course of the thesis
project. I sincerely thank Maria Franco and the other members of the European
Microfinance Network for allowing me to attend the conference. I owe special thanks
to all respondents for their time and the valuable information they provided during the
interviews. I would like to thank Michael Bier for his effort in guiding me through this
process. I feel that with his help I was able to guide my thesis into making it a useful
piece of paper that can be used for further research and aid starting entrepreneurs in
their search for a sustainable enterprise. I am grateful for the final proof reading done
by Mary Schoon. Furthermore, I would like to thank my fellow student Dominik Katz
for helping me in keeping my focus on the important aspects and clear up any
confusion that may have arisen. Lastly, I would like to thank my girlfriend Marleen
Overgaag and all other friends and family for their support during the previous year.
Elmar Hoogendoorn, Amsterdam, 23 September 2010
Elmar Hoogendoorn #=!
Sustainable Microfinance