Challenges Faced by SMEs
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Essay
AI Summary
This assignment delves into the challenges faced by small and medium-sized enterprises (SMEs) particularly concerning their access to financial resources. It requires students to analyze research on SME performance, finance access, and support services. The analysis should draw upon provided academic sources and online articles to shed light on the difficulties SMEs encounter in securing funding and managing their finances effectively.
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RESEARCH PROPOSAL
1
1
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Executive summary
In the modern era, selection of suitable sources of finance can be termed as one of the most
important decision which needs to be taken by organizations. Finance is also considered as very
important for carrying out smooth flow of all operations and activities of a business enterprise. The
present research highlights the different sources of finances which are used by companies. Along
with this, it also reflects the sources which are actually being taken into consideration among all the
various options available. It can be also explained that there are wide range of issues and challenges
faced by organizations at the time of selecting suitable source of finance. This includes factors such
as issues related to collection of debt capital and regarding the process which needs to be selected
for raising finance. In terms of research methodologies, qualitative research technique, inductive
research approach will be used by the researcher with a purpose to accomplish all aim and
objectives. Apart from this, random sampling method will be used to collect primary data regarding
the topic under investigation. The researcher has selected the best and most appropriate
methodology in order to carry out the present research within available resources such as time and
money.
2
In the modern era, selection of suitable sources of finance can be termed as one of the most
important decision which needs to be taken by organizations. Finance is also considered as very
important for carrying out smooth flow of all operations and activities of a business enterprise. The
present research highlights the different sources of finances which are used by companies. Along
with this, it also reflects the sources which are actually being taken into consideration among all the
various options available. It can be also explained that there are wide range of issues and challenges
faced by organizations at the time of selecting suitable source of finance. This includes factors such
as issues related to collection of debt capital and regarding the process which needs to be selected
for raising finance. In terms of research methodologies, qualitative research technique, inductive
research approach will be used by the researcher with a purpose to accomplish all aim and
objectives. Apart from this, random sampling method will be used to collect primary data regarding
the topic under investigation. The researcher has selected the best and most appropriate
methodology in order to carry out the present research within available resources such as time and
money.
2
TABLE OF CONTENTS
Introduction and background of the study ...........................................................................................3
Research aim and objectives................................................................................................................3
Research questions...............................................................................................................................3
Rationale of the study ..........................................................................................................................4
LITERATURE REVIEW ....................................................................................................................4
Theme 2: Challenges faced by small sized businesses in UK..............................................................4
RESEARCH METHODOLOGY.........................................................................................................5
Research Type ......................................................................................................................................5
Research approach................................................................................................................................5
Research philosophy.............................................................................................................................5
Sampling...............................................................................................................................................6
Data collection methods.......................................................................................................................6
Data analysis technique .......................................................................................................................6
Time-scale ............................................................................................................................................6
Resources .............................................................................................................................................7
REFERENCES.....................................................................................................................................8
3
Introduction and background of the study ...........................................................................................3
Research aim and objectives................................................................................................................3
Research questions...............................................................................................................................3
Rationale of the study ..........................................................................................................................4
LITERATURE REVIEW ....................................................................................................................4
Theme 2: Challenges faced by small sized businesses in UK..............................................................4
RESEARCH METHODOLOGY.........................................................................................................5
Research Type ......................................................................................................................................5
Research approach................................................................................................................................5
Research philosophy.............................................................................................................................5
Sampling...............................................................................................................................................6
Data collection methods.......................................................................................................................6
Data analysis technique .......................................................................................................................6
Time-scale ............................................................................................................................................6
Resources .............................................................................................................................................7
REFERENCES.....................................................................................................................................8
3
TITLE: What options of financing for small companies are available for them and which are
actually being used"?
Introduction and background of the study
In the present era, small sized business organizations are growing at a fast pace. Besides this,
now government also encourages entrepreneur to come up with the new ideas which help in the
economic growth and development of nation. In the past years, due to lack of availability of
financial resources, entrepreneurs faced difficulty in implementing their unique ideas. However,
now a wide variety of financing options are available to the small sized firm which they can use to
execute the business projects (Adams and et.al., 2010). Further, now government also offers
financial assistance to the small sized business organizations at concessional rates. This in turn
encourages them to think in a highly innovative manner and implement their ideas. Along with this
bank loan, leasing and venture capital are the most effectual sources which can be used by the small
sized firm to meet financial requirements. The present dissertation is based on small sized
companies such as NISA retail store UK. It is one of the leading organizations of UK in the small
sector which offers high quality retail products to the customers at affordable prices. In this regard,
it will discuss various types of financing options which are available to the small sized business
enterprise. Besides this, it will also shed light on the challenges which such kind of business
organizations face to generate funds.
Research aim and objectives
Aim of the researcher behind conducting such investigation is to evaluate the options which
are available to small companies for raising finance. On the basis of this, following objectives have
been drafted by the scholar with an aim to carry out further investigation more effectively and
efficiently:
ï‚· To develop the understanding about several financing options which are available to
organization
ï‚· To assess the financing options those are used by small sized companies.
ï‚· To analyse the impact of financing options on the growth and profitability of small sized
business organization.
ï‚· To identify the challenges which are being faced by small sized companies in getting
financial assistance.
Research questions
In order to conduct study in the right direction, following questions have been prepared by
4
actually being used"?
Introduction and background of the study
In the present era, small sized business organizations are growing at a fast pace. Besides this,
now government also encourages entrepreneur to come up with the new ideas which help in the
economic growth and development of nation. In the past years, due to lack of availability of
financial resources, entrepreneurs faced difficulty in implementing their unique ideas. However,
now a wide variety of financing options are available to the small sized firm which they can use to
execute the business projects (Adams and et.al., 2010). Further, now government also offers
financial assistance to the small sized business organizations at concessional rates. This in turn
encourages them to think in a highly innovative manner and implement their ideas. Along with this
bank loan, leasing and venture capital are the most effectual sources which can be used by the small
sized firm to meet financial requirements. The present dissertation is based on small sized
companies such as NISA retail store UK. It is one of the leading organizations of UK in the small
sector which offers high quality retail products to the customers at affordable prices. In this regard,
it will discuss various types of financing options which are available to the small sized business
enterprise. Besides this, it will also shed light on the challenges which such kind of business
organizations face to generate funds.
Research aim and objectives
Aim of the researcher behind conducting such investigation is to evaluate the options which
are available to small companies for raising finance. On the basis of this, following objectives have
been drafted by the scholar with an aim to carry out further investigation more effectively and
efficiently:
ï‚· To develop the understanding about several financing options which are available to
organization
ï‚· To assess the financing options those are used by small sized companies.
ï‚· To analyse the impact of financing options on the growth and profitability of small sized
business organization.
ï‚· To identify the challenges which are being faced by small sized companies in getting
financial assistance.
Research questions
In order to conduct study in the right direction, following questions have been prepared by
4
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the scholar according to research aim and objectives:
Q 1. Which kind of financing option is available to small sized business unit?
Q 2. Which type of financial source is used by the scholar for generating fund?
Q 3. What is the impact of financing options on financial performance and position of firm?
Q 4. What are the challenges that are being faced by business enterprise operated at small level?
Rationale of the study
Main reason behind conducting this study is to identify various sources of finance that are
available to the UK-based small sized entities to meet their capital needs. It is essential for the
entities as without gaining proper money, none of the business can survive in market. Detailed and
critical evaluation of various finance sources will outline the main implications and cost of different
sources to organization. Another reason for conducting this investigation is to determine the
challenges and difficulties that are being faced by small – sized entrepreneurs in accessing enough
capital from difference sources.
LITERATURE REVIEW
Theme 1: Sources of finance
In the modern era, there is a wide range of sources of finance available in front of business
enterprise. Furthermore, it is very important for a company to select appropriate sources of finance
in order to attain long term growth. As per the views of Beck, Levine and Loayza, (2010), at the
time of starting a business, it is required by an entrepreneur to determine and select suitable sources
of finance. It can also be stated that selection of sources of finance also affect the success and
failure of a business enterprise to a great extent (Ellis and Kiely, 2015). One of the major and most
important sources which is available in front of business is bank loan. In order to get long term
funds, companies can acquire funds from bank. However, Bougheas, Mizen and Yalcin, (2006) have
argued that taking loan from bank cannot be considered as the most effective source as sometimes,
businesses are required to pay high amount of interest on the money which has been acquired.
For a newly opened company, venture capital is another major source of finance which is
available. Here, the required amount of money can be easily capitalized in the form of venture
capital (Blackburn, Hart and Wainwright, 2013). Small businesses are usually the one which operate
as a small scale and has employee strength up to 250. Therefore, small businesses can also raise
required amount of finance with the help of owner’s capital (Siano and et.al., 2010). According to
the main benefit of using owners capital as a source of finance which is that the business is not
required to pay any kind of interest rate on the money which has been invested (Broadbent and
5
Q 1. Which kind of financing option is available to small sized business unit?
Q 2. Which type of financial source is used by the scholar for generating fund?
Q 3. What is the impact of financing options on financial performance and position of firm?
Q 4. What are the challenges that are being faced by business enterprise operated at small level?
Rationale of the study
Main reason behind conducting this study is to identify various sources of finance that are
available to the UK-based small sized entities to meet their capital needs. It is essential for the
entities as without gaining proper money, none of the business can survive in market. Detailed and
critical evaluation of various finance sources will outline the main implications and cost of different
sources to organization. Another reason for conducting this investigation is to determine the
challenges and difficulties that are being faced by small – sized entrepreneurs in accessing enough
capital from difference sources.
LITERATURE REVIEW
Theme 1: Sources of finance
In the modern era, there is a wide range of sources of finance available in front of business
enterprise. Furthermore, it is very important for a company to select appropriate sources of finance
in order to attain long term growth. As per the views of Beck, Levine and Loayza, (2010), at the
time of starting a business, it is required by an entrepreneur to determine and select suitable sources
of finance. It can also be stated that selection of sources of finance also affect the success and
failure of a business enterprise to a great extent (Ellis and Kiely, 2015). One of the major and most
important sources which is available in front of business is bank loan. In order to get long term
funds, companies can acquire funds from bank. However, Bougheas, Mizen and Yalcin, (2006) have
argued that taking loan from bank cannot be considered as the most effective source as sometimes,
businesses are required to pay high amount of interest on the money which has been acquired.
For a newly opened company, venture capital is another major source of finance which is
available. Here, the required amount of money can be easily capitalized in the form of venture
capital (Blackburn, Hart and Wainwright, 2013). Small businesses are usually the one which operate
as a small scale and has employee strength up to 250. Therefore, small businesses can also raise
required amount of finance with the help of owner’s capital (Siano and et.al., 2010). According to
the main benefit of using owners capital as a source of finance which is that the business is not
required to pay any kind of interest rate on the money which has been invested (Broadbent and
5
et.al., 2012). Other sources of finance include share capital, business angels, bank overdraft, etc.
On contrary to this, it can be argued that it becomes complicated for business enterprise to select the
most appropriate sources among all the sources available.
Theme 2: Challenges faced by small sized businesses in UK
According to Brian, (2014), it is essential for every small business entrepreneur to obtain
sufficient quantum of money for their routine functioning. However, in the process of gathering
money, entities faced a wide range of challenges especially in the collection of debt capital. It is
because; although financial institutions like commercial banks lend money to the businesses for
different purposes, but still, small – sized companies are not able to meet their lending requirement
(Carraher and Carraher, 2015). For instance, collateral security, loan guarantee, high rate of interest
and short repayment period are the main challenges faced by establishments in accessing sufficient
funds. Small business enterprises face problem in relation to raising money because they do not
have enough assets to give bank as collateral. The reason behind this bank usually prefers to give
secured loan rather than others. Further, interest rate which is charged by bank for unsecured loan is
comparatively higher.
Contrary to this, Lovstal, (2011), argued that difficulties in tighter control over cash flows and
accounts receivables are the major constraints that are being faced by entities in obtaining required
amount of capital. Further, small sized entrepreneurs faced numerous challenges at the time of new
start-up and expansion because financial intermediaries are not very much interested to supply
credit because of high risk, transaction cost and small portfolio. Similarly, Mason (2006) said that
the capital requirement of small businesses is very less. Besides this, cost of loan and long
processing creates difficulties in front of the small business enterprise in raising finance. Moreover,
venture capitalists are also willing to put their money in growing businesses and in case of new
start-up (Obeng and Blundel, 2015). Hence, by taking assistance from such capitalist small business
organizations can fulfil their need.
In accordance with the views of Adams and et.al., (2010) small sized business organization
can generate funds by taking loan from the financial institutions. Moreover, now banks are ready to
offer financial support to the entrepreneur whose business plan is sound. Further, government also
encourages bank to offer highly secured loan to the banking institutions. For instance, by
accomplishing the documentary formalities Nisa UK can easily get financial assistance from
banking institution. However, Siano and et.al., (2010) argued that in the case of bank loan business
entity has to make payment of interest which in turn imposes fixed financial burden. Along with
this, sometimes bank grants less amount of money to the business unit as compared to demand. In
6
On contrary to this, it can be argued that it becomes complicated for business enterprise to select the
most appropriate sources among all the sources available.
Theme 2: Challenges faced by small sized businesses in UK
According to Brian, (2014), it is essential for every small business entrepreneur to obtain
sufficient quantum of money for their routine functioning. However, in the process of gathering
money, entities faced a wide range of challenges especially in the collection of debt capital. It is
because; although financial institutions like commercial banks lend money to the businesses for
different purposes, but still, small – sized companies are not able to meet their lending requirement
(Carraher and Carraher, 2015). For instance, collateral security, loan guarantee, high rate of interest
and short repayment period are the main challenges faced by establishments in accessing sufficient
funds. Small business enterprises face problem in relation to raising money because they do not
have enough assets to give bank as collateral. The reason behind this bank usually prefers to give
secured loan rather than others. Further, interest rate which is charged by bank for unsecured loan is
comparatively higher.
Contrary to this, Lovstal, (2011), argued that difficulties in tighter control over cash flows and
accounts receivables are the major constraints that are being faced by entities in obtaining required
amount of capital. Further, small sized entrepreneurs faced numerous challenges at the time of new
start-up and expansion because financial intermediaries are not very much interested to supply
credit because of high risk, transaction cost and small portfolio. Similarly, Mason (2006) said that
the capital requirement of small businesses is very less. Besides this, cost of loan and long
processing creates difficulties in front of the small business enterprise in raising finance. Moreover,
venture capitalists are also willing to put their money in growing businesses and in case of new
start-up (Obeng and Blundel, 2015). Hence, by taking assistance from such capitalist small business
organizations can fulfil their need.
In accordance with the views of Adams and et.al., (2010) small sized business organization
can generate funds by taking loan from the financial institutions. Moreover, now banks are ready to
offer financial support to the entrepreneur whose business plan is sound. Further, government also
encourages bank to offer highly secured loan to the banking institutions. For instance, by
accomplishing the documentary formalities Nisa UK can easily get financial assistance from
banking institution. However, Siano and et.al., (2010) argued that in the case of bank loan business
entity has to make payment of interest which in turn imposes fixed financial burden. Along with
this, sometimes bank grants less amount of money to the business unit as compared to demand. In
6
this way, bank loan creates some kind of issues for the entrepreneur in terms of both financial and
non-financial. Thus, by undertaking leasing source business unit can meet its financial need and
requirements. Moreover, it offers opportunity to the entity to make use of asset by making payment
of rent. Along with this, such source also offers tax benefits and thereby places positive impact on
profitability aspect.
RESEARCH METHODOLOGY
Research Type
Research type can be distinguished into two categories, that is, qualitative and quantitative.
In this, qualitative investigation will be conducted by scholar to derive suitable outcomes of the
research issue.
Research approach
Inductive and deductive are two main approaches which can be used by the scholar to assess
suitable solution of research issue (Rasinger, 2008). In present study, researcher will use inductive
approach to evaluate options that are used by small companies to meet the financial requirement.
Moreover, inductive approach is the most effectual source that will assist researcher in conducting
qualitative investigation in the best possible manner.
Research philosophy
Interpretivism and positivism are two main philosophies that can be used by the researcher
to gather, analyse and interpret data. Such philosophies are highly different according to the type of
investigation conducted (Bryman and Bell, 2011). Hence, in this, researcher will use interpretivism
philosophy to evaluate the qualitative facts and figures in an effectual manner.
Sampling
Sample for survey purpose can be selected by scholar through the means of probabilistic and
non-probabilistic techniques (Olsen, 2011). In this, 50 entrepreneurs of small sized companies of
UK will be selected by the scholar by taking into consideration random sampling technique.
Data collection methods
Specifically, primary and secondary are two major types of the data collection methods
which researcher can use to gather sufficient and required information according to research issue
or purpose (Punch, 2009). In the present study, researcher will gather information from both the
sources, that is, primary and secondary. Hence, survey will be conducted by the scholar on
7
non-financial. Thus, by undertaking leasing source business unit can meet its financial need and
requirements. Moreover, it offers opportunity to the entity to make use of asset by making payment
of rent. Along with this, such source also offers tax benefits and thereby places positive impact on
profitability aspect.
RESEARCH METHODOLOGY
Research Type
Research type can be distinguished into two categories, that is, qualitative and quantitative.
In this, qualitative investigation will be conducted by scholar to derive suitable outcomes of the
research issue.
Research approach
Inductive and deductive are two main approaches which can be used by the scholar to assess
suitable solution of research issue (Rasinger, 2008). In present study, researcher will use inductive
approach to evaluate options that are used by small companies to meet the financial requirement.
Moreover, inductive approach is the most effectual source that will assist researcher in conducting
qualitative investigation in the best possible manner.
Research philosophy
Interpretivism and positivism are two main philosophies that can be used by the researcher
to gather, analyse and interpret data. Such philosophies are highly different according to the type of
investigation conducted (Bryman and Bell, 2011). Hence, in this, researcher will use interpretivism
philosophy to evaluate the qualitative facts and figures in an effectual manner.
Sampling
Sample for survey purpose can be selected by scholar through the means of probabilistic and
non-probabilistic techniques (Olsen, 2011). In this, 50 entrepreneurs of small sized companies of
UK will be selected by the scholar by taking into consideration random sampling technique.
Data collection methods
Specifically, primary and secondary are two major types of the data collection methods
which researcher can use to gather sufficient and required information according to research issue
or purpose (Punch, 2009). In the present study, researcher will gather information from both the
sources, that is, primary and secondary. Hence, survey will be conducted by the scholar on
7
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entrepreneur of small sized business units to collect primary data. Besides this, secondary data will
be gathered by the scholar from books, journals and articles.
Data analysis technique
Researcher will make use of thematic perception test technique to analyse the qualitative
data more effectively and efficiently.
Time-scale
ACTIVITY/ WEEKS 1 2 3 4 5 6 7 8 9 10 11 12
Getting understanding about the aspects of
research project
Doing literature review for developing thesis
for the investigation
Drafting aim and objectives of research
Outlining the research proposal
Setting research methodology
Designing questionnaire
Collection of primary data through the means
of questionnaire
Analysing data by using thematic perception
test technique
Determination of findings, drawing conclusion
and providing recommendations
Preparing a report in a structured format
Submission of the report
Resources
To conduct the present investigation, researcher will require adequate amount of financial
resources. Along with this, researcher will also need secondary data sources such as books and other
scholarly articles to resolve the issue of study.
8
be gathered by the scholar from books, journals and articles.
Data analysis technique
Researcher will make use of thematic perception test technique to analyse the qualitative
data more effectively and efficiently.
Time-scale
ACTIVITY/ WEEKS 1 2 3 4 5 6 7 8 9 10 11 12
Getting understanding about the aspects of
research project
Doing literature review for developing thesis
for the investigation
Drafting aim and objectives of research
Outlining the research proposal
Setting research methodology
Designing questionnaire
Collection of primary data through the means
of questionnaire
Analysing data by using thematic perception
test technique
Determination of findings, drawing conclusion
and providing recommendations
Preparing a report in a structured format
Submission of the report
Resources
To conduct the present investigation, researcher will require adequate amount of financial
resources. Along with this, researcher will also need secondary data sources such as books and other
scholarly articles to resolve the issue of study.
8
REFERENCES
Books and Journals
Adams, C. F. and et.al., 2010. Managing Financial and Corporate Distress: Lessons from Asia.
Brookings Institution Press.
Beck, T., Levine, R. and Loayza, N., 2010. Finance and the Sources of Growth. Journal of financial
economics. 58(1). pp.261-300.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development, 20(1), pp.8-27.
Bougheas, S., Mizen, P. and Yalcin, C., 2006. Access to external finance: Theory and evidence on
the impact of monetary policy and firm-specific characteristics. Journal of Banking &
Finance. 30(1). pp.199-227.
Broadbent, M. and et.al., 2012. Managing financial resources. Routledge.
Bryman, A. and Bell, E., 2011. Business research methods 3e. Oxford university press.
Carraher, S.M. and Carraher, S.C., 2015. Felt Fair Pay of Small to Medium-sized Enterprise Owners
in Finland and Lavia: An Examination of Jaques' Equality Construct. Journal of Small
Business Strategy, 16(1), pp.1-8.
Ellis, J.H. and Kiely, J.A., 2015. Small Business Enterprise and Development: Consultation Modes.
Journal of Small Business Strategy, 11(2), pp.48-59.
Mason, C. M., 2006. Informal sources of venture finance. In The life cycle of entrepreneurial
ventures. Springer US. pp. 259-299.
Obeng, B.A. and Blundel, R.K., 2015. Evaluating enterprise policy interventions in Africa: A
critical review of Ghanaian small business support services. Journal of Small Business
Management, 53(2), pp.416-435.
Olsen, W., 2011. Data Collection: Key Debates and Methods in Social Research. SAGE.
Punch, F. K., 2009. Introduction to Research Methods in Education. SAGE.
Rasinger, M.S., 2008. Quantitative Research in Linguistics: An Introduction. SAGE
Siano, A. and et.al., 2010. Financial resources and corporate reputation: Toward common
management principles for managing corporate reputation. Corporate Communications: An
International Journal. 15(1). pp.68-82.
Online
Brian, F., 2014. Challenges faced by small to medium scale enterprises. Available through:
<http://gjournals.org/GJMBS/Publication/2014/August/PDF/102113910%20Gombarume
%20and%20Mavhundutse.pdf>. [Accessed on 12th October 2016].
9
Books and Journals
Adams, C. F. and et.al., 2010. Managing Financial and Corporate Distress: Lessons from Asia.
Brookings Institution Press.
Beck, T., Levine, R. and Loayza, N., 2010. Finance and the Sources of Growth. Journal of financial
economics. 58(1). pp.261-300.
Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development, 20(1), pp.8-27.
Bougheas, S., Mizen, P. and Yalcin, C., 2006. Access to external finance: Theory and evidence on
the impact of monetary policy and firm-specific characteristics. Journal of Banking &
Finance. 30(1). pp.199-227.
Broadbent, M. and et.al., 2012. Managing financial resources. Routledge.
Bryman, A. and Bell, E., 2011. Business research methods 3e. Oxford university press.
Carraher, S.M. and Carraher, S.C., 2015. Felt Fair Pay of Small to Medium-sized Enterprise Owners
in Finland and Lavia: An Examination of Jaques' Equality Construct. Journal of Small
Business Strategy, 16(1), pp.1-8.
Ellis, J.H. and Kiely, J.A., 2015. Small Business Enterprise and Development: Consultation Modes.
Journal of Small Business Strategy, 11(2), pp.48-59.
Mason, C. M., 2006. Informal sources of venture finance. In The life cycle of entrepreneurial
ventures. Springer US. pp. 259-299.
Obeng, B.A. and Blundel, R.K., 2015. Evaluating enterprise policy interventions in Africa: A
critical review of Ghanaian small business support services. Journal of Small Business
Management, 53(2), pp.416-435.
Olsen, W., 2011. Data Collection: Key Debates and Methods in Social Research. SAGE.
Punch, F. K., 2009. Introduction to Research Methods in Education. SAGE.
Rasinger, M.S., 2008. Quantitative Research in Linguistics: An Introduction. SAGE
Siano, A. and et.al., 2010. Financial resources and corporate reputation: Toward common
management principles for managing corporate reputation. Corporate Communications: An
International Journal. 15(1). pp.68-82.
Online
Brian, F., 2014. Challenges faced by small to medium scale enterprises. Available through:
<http://gjournals.org/GJMBS/Publication/2014/August/PDF/102113910%20Gombarume
%20and%20Mavhundutse.pdf>. [Accessed on 12th October 2016].
9
Lovstal, E., 2011. Challenges faced by small and medium enterprises in obtaining credit. [pdf].
Available through:
<https://www.diva-portal.org/smash/get/diva2:829684/FULLTEXT01.pdf. [Accessed on
12th October 2016].
10
Available through:
<https://www.diva-portal.org/smash/get/diva2:829684/FULLTEXT01.pdf. [Accessed on
12th October 2016].
10
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