Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.

%( 2)1*

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Exploring Personal Finance in Small-Medium Businesses Managed by Women : from Quantitative to Qualitative
+l,- .aria .anurung1/( +li0a1eth 2iur .2( Arthur !ur1o-o*( Inge 3arlian% 1. .anage4ent 5e"t.of +cono4ics( !arah-angan 6atholic 7ni,ersit-( Aceh No. 8* 3andung( Indonesia 2. Accounting 5e"t.of +cono4ics( !arah-angan 6atholic 7ni,ersit-( 6iu41uleuit No. 9% 3dg Indonesia *. Accounting 5e"t.of +cono4ics( !arah-angan 6atholic 7ni,ersit-( 6iu41uleuit No. 9% 3dg Indonesia %. .anage4ent 5e"t.of +cono4ics( !arah-angan 6atholic 7ni,ersit-( 6iu41uleuit No.9% 3dg Indonesia /+-4ail of the corres"onding author 9 el,-4aria:un"ar.ac.id( el,-.4aria:g4ail.co4 This research is financed by Institute of Research and Community Services (Lembaga Penelitian dan Pengabdian Masyarakat) of Parahyangan Catholic niversity! bstract 2he research intends to e;"lore the 1eha,ior of se,eral entre"reneurs in 4anaging their finances in s4all4ediu4 1usinesses. .an- ha,e studied financial "ro1le4s in this t-"e of 1usiness with the <uantitati,e 4ethod( 1ut onl- few anal-se those "ro1le4s using the <ualitati,e a""roach. 2his "a"er "resents so4e o1ser,ation and inter,iews with nine wo4en entre"reneurs 1ased in =est Ja,a( Indonesia. &ut of twent- entre"reneurs onl- nine "ro,ide sufficient infor4ation( and so the research focuses on these nine entre"reneurs. 2his research continues the "re,ious one which used the <uantitati,e 4ethod. 2he "re,ious research found that econo4ic ca"ital is the significant factor for 1usiness sustaina1ilit- while ha1itus and en,iron4ent were not. >owe,er( these results do not "ro,ide an- co4"rehensi,e and co4"lete anal-sis <uantitati,el-. 2his ti4e around the research 4a?es use of the <ualitati,e a""roach whose focuses are on grou" discussion and transcri"t anal-sis. 2he transcri"t and the result of so4e o1ser,ations ha,e 1een anal-sed and inter"reted e4"lo-ing 3ourdieu@s theor- of ha1itus and ca"ital.2he research shows that des"ite the "re,ious findings( ha1itus in the for4 of entre"reneurial tacit ?nowledge is the 4ost significant 4atter for old "la-ers to get their 1enefit( while cultural ca"ital in the for4 of high education( and social ca"ital in the for4 of networ? are the 4ost significant factors for -oung entre"reneur to succeed. !ey"ords 9 wo4en entre"reneurs( "ersonal finance( ca"ital( <ualitati,e. #$ %ntroduction .ore than ninet- "ercent of Indonesian 1usiness enter"rises are found at the s4all and 4ediu4 1usiness le,el. Fro4 the national center for statistics 1ureau it is ?nown that until 2)1) 9$.9A of all enter"rises in Indonesia co4e fro4 s4all and 4ediu4 1usinesses while the re4aining 1.1A are large 1usinesses. 2his "ercentage has not changed 4uch in the "eriod 2)1) to 2)12. 2rade conditions which are do4inated 1- s4all and 4ediu4 enter"rises for al4ost 1))A ha,e 1een contri1uting greatl- to the econo4ic nationBs strength. !ersonal finances in the conte;t of financial "lanning and 4anage4ent conducted 1- entre"reneurs in their 1usiness for4 a ?e- factor needed in the de,elo"4ent of 1usiness( 1oth in the s4all and 4ediu4 enter"rises and the large ones. Regional econo4ic de,elo"4ent will de"end on the de,elo"4ent of s4all enter"rises and 4ediu4 enter"rises in the region. In order to encourage econo4ic growth in the region( there is a need to stud"ersonal finance run es"eciall- in s4all-4ediu4 1usinesses or enter"rises. So4e 1usinesses started fro4 ,er- s4all scale o"erations currentl- growing into 4iddle( or e,en large 1usinesses. 2his research tries to arri,e at a dee"er understanding of se,eral s4all-4ediu4 1usinesses in =est Ja,a. Starting fro4 twent- s4all-4ediu4 enter"rises su"er,ised 1- our uni,ersit- !arah-angan 6atholic 7ni,ersit- in 3andung#( this research is continued fro4 the "re,ious one whose "ur"ose was to assess the 1usiness sustaina1ilit-. .an- researchers ha,e studied the financial 4atters fro4 the <uantitati,e "ers"ecti,e. >owe,er( onl- few ha,e studied these 4atters fro4 the <ualitati,e "ers"ecti,e. 2his research atte4"ts to e;a4ine the o,erall factors that influence "ersonal finance in s4all-4ediu4 1usinesses to "ro,ide a 4ore co4"rehensi,e anal-sis. &$ 'iterature (evie" Cil4a0er( 2ansel and Schran?( >oll- 2)1)# conducted a literature stud- of the sustaina1ilit- of s4all-4ediu4 1usiness 4anaged 1- a fa4il- fa4il- 1usiness#. It generall- uses or 4erges financial resources 1etween 1usiness and fa4il- together. Fro4 the stud- of the e;isting literature( Cil4a0er and Schran? concluded that( in addition to the "ractice of 4i;edDinter4ingling financial resources in the 1usinesses and fa4il- as well as the $*

Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.%( 2)1*

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Bfinancial 1ootstra""ingB found 1- 3hide@s research 1992#( the use of owner@s e<uit-Dresources has ne,er 1een discussed( and further4ore that there is a ris? of 4i;ing u" the use of resources in relation with continuation of the 1usiness. It is i4"ortant to reach a thorough understanding of the use of owner@s resources. 2he "re,ious research 1- Cil4a0er and Schran? 2))6# was conducted to stud- the use of credit cards for 1usiness. &ne interesting idea "ro"osed 1- 6ole4an 2))2# in a "a"er E<uoted 1-F Cil4a0er and Schran? is that 1usinesses run 1- wo4en are not affected 1- hu4an or financial ca"ital. 6ole4an "ro"oses further research( to esta1lish the deter4inants( such as what factors influence the de,elo"4entDgrowth of a 1usiness run 1- wo4en. Further4ore( 3ird and 3rush 2))7# suggested that 1usinesses co44onl- use the fra4e of 4ind of 4en( to o1ser,e the difference 1etween 1usinesses run 1- wo4en. 2he wo4en tend to "refer "ersonal relations and 4anage4ent( rather than 4en. .arlow and !atton 2))8# also concluded that wo4en suffer fro4 loss or ina1ilit- to gain access to s"ecific funding financiall-# 1ecause of their gender. 2his research focuses on how the wo4en entre"reneurs run their s4all-4ediu4 1usinesses( and how the4anage their "ersonal finance for success. "!#! Personal $inance +,er- 1usiness needs good financial 4anage4ent and recei,es so4e financial re"ort fro4 the o"eration of their 1usiness. Se,eral 1usinesses alread- ha,e good financial re"orting( 1ut 4an- 4ore ha,e not recorded and re"orted the 1usiness transaction co4"letel- or accuratel-. .ost of it de"ends on financial "lanning and financial literac- of the owner entre"reneur# called G"ersonal financeH. !ersonal finance "lanning according to 'ic?ie 3aItels4it 2))6# is9 Jthe %rocess of develo%ing and im%lementing an integrated& com%rehensive %lan designed to meet financial decisions& such as budgeting& saving& s%ending& insurance and investment.J !ersonal finance is the a""lication of the "rinci"les of finance to the 4onetar- decisions of an indi,idual or fa4il- unit. It addresses the wa-s in which indi,iduals or fa4ilies o1tain( 1udget( sa,e( and s"end 4onetarresources o,er ti4e( ta?ing into account ,arious financial ris?s and future life e,ents. 6o4"onents of "ersonal finance and sa,ings 4ight include chec?ing accounts( credit cards and consu4er loans( in,est4ents in the stoc? 4ar?et( retire4ent "lans( social securit- 1enefits( insurance "olicies( and inco4e ta; 4anage4ent. According to SundIaIa( R. 2)1)# there are si; ste"s to 1e ta?en in 4a?ing a financial "lan K es"eciall- when so4eone starts u" a 1usiness( na4el- 9 o Lnowing the financial "osition and "erfor4ance of toda-Bs fa4ilo 5eter4ining the fa4il-Bs financial goals and classif- it according to the "eriod of ti4e o Anal-0ing the fa4il-Bs financial "ro1le4s( what@s going on at this ti4e o .a?ing a "lan to the ne;t ste"s to 1e "erfor4ed to achie,e the fa4il-Bs financial goals o I4"le4enting the fa4il-Bs financial "lan that has 1een "re"ared o Re,iewing all the ste"s that ha,e 1een ta?en in the fa4il-@s financial goals "!"! 'ourdieu(s Theory of )abitus and Ca%ital 2he wor?s of !ierre 3ourdieu 19*)-2))2# as an intellectual and sociologist fro4 France ha,e 4ade a considera1le contri1ution to the social sciences. >e tried to construct a general theor- of "ractice. 2his has 1een esta1lished through the creation of a 4ethod with which we 4a- gras" the 4an- le,els of "ractical life( using an econo4ic 4eta"hor. 2he intention of 3ourdieu@s wor? can 1e seen to transcend this o""osition 1etween two conce"tions of scientific ?nowledge( and to transfor4 the4 into a dialectical relationshi" 1etween structure and agenc-. >is 4ain ideas a1out >a1itus are as follows 9 *)abitus refers to a set of dis%ositions& created and reformulated through the con+uncture of ob+ective structures and %ersonal history! ,is%ositions are ac-uired in social %ositions .ithin a field/!0 >ar?er R.( et al( 199)# For instance( in the 1eha,ior of a "erson( such an adIust4ent is often i4"lied through the "erson@s sense of social distance or e,en in their 1od- "ostures. 2hus one@s "lace and one@s ha1itus for4 the 1asis of friendshi"( lo,e and other "ersonal relationshi"( as well as transfor4ing theoretical classes into real grou"s. 2he definition of ca"ital is ,er- wide for 3ourdieu and includes 4aterial things which can ha,e s-41olic ,alue#( as well as intangi1le things 1ut culturall- significant attri1utes such as "restige( status( and authoritreferred to as s-41olic ca"ital#( along with cultural ca"ital defined as culturall--,alued taste and consu4"tion "atterns#. 2here are four categories of ca"ital( na4el- i# 4aterial econo4ic# ii# cultural iii# social i,# s-41olic ca"ital. +ach ca"ital is also seen 1- 3ourdieu to 1e a 1asis of do4ination K although not alwa-s recogni0ed as such 1- "artici"ants. 2hese ,arious t-"es of ca"ital can 1e e;changed for other t-"es of ca"ital( and that ca"ital $%

Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.%( 2)1*

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is con,erti1le. 2he 4ost "owerful con,ersion to 1e 4ade is to s-41olic ca"ital( for it is in this for4 that the different for4s of ca"ital are "ercei,ed and recogni0ed as legiti4ate. 2o 1e seen as a "erson or class of status and "restige( is to 1e acce"ted as legiti4ate and so4eti4es as a legiti4ate authorit- >ar?er et al( 199)#. )$ (esearc* 1!#! The Previous Research !re,ious research has 1een conducted using <uantitati,e 4ethod and 4odeling such as following 9 $igure #! $inancial Performance by 2omen 3ntre%reneurs based on 'ordieu(s Theory of Practise& )abitus& and Ca%ital

Source 4 *Re%ort on "5 SM3(s $inancial Performance by 2omen 3ntre%reuneurs in 2est 6ava0 (Purboyo 7!& et al& "5#"# +;"lanation9 2he ,aria1les of !ersonal >istor- consist of 9 1# Age( 6# ha,e "artner who wor?s( 7# holida- ha1it( eating out and 1od- care $# ha1it of sa,ing( 12# 6lu1 4e41er( 1*# ha,e financial "ro1le4s. 2he ,aria1les of 6a"ital consist of 9 %# ho4e ownershi"( 11# cash "a-4ent a1ilit-( 1%# ha,e insurance( sa,ing( or in,est4ent 18# ha,e a de1t( 16# Ioint inco4e 17# he,e so4e "ro"ert- when started u"( 21# fi;ed cost. 2he +n,iron4ent ,aria1les consist of 9 2# 1usiness lifeti4e( *# educational 1ac?ground( 8# wor?ing e;"erience( 9# credit card( 1)# gadget lifest-le( 2)# a1ilit- to 4a?e financial re"ort( 2%# inco4e utili0ation. 2he ,aria1les of Financial !erfor4ance consist of 9 2*# Annual !rofit( 22# !lantDoffice e;"ansion( increase in e4"lo-ees( 19# Mrowing in Assets ( 1$# 3enefit fro4 1usiness. All ,aria1les classified a1o,e ha,e gathered during sur,e- in 2)11-2)12 at "re,ious research. =ith regard to the classification( the "rocess of inter"retation are as follow 9

$8

Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.%( 2)1* +able #$ ,lassification into -ariables %nterpretation &lder entre"reneurs understood as 4ature "la-ers and the- ha,e 1etter understanding a1out 1usiness Nong e;"erience add 4ore ?nowledge and s?ills for entre"reneurs +ntre"reneurs with good educational 1ac?ground e;"ected to 1etter 4anage4ent +ntre"reneurs who sta- in their ho4e for a long "eriod e;"ected to 1e 4ore focused in their 1usinesses +ntre"reneurs who ha,e Io1 e;"erience 1efore e;"ected to ha,e 1etter and wider insight +ntre"reneurs who@s "artners ha,e Io1s considered to ha,e "ositi,e i4"act( and this will reduce financia ris? due to their ca"ital ownershi" accu4ulation >igh lifest-le understood as 4ore "rofit and 1enefit inflow fro4 1usiness >a1it of sa,ing considered a 1etter i4"act on 1usiness finance 7sing a credit card can 1e a "ositi,e add ca"acit-# or negati,e i4"act add de1t# on 1usiness finance .=hen gadget use to increase 1usiness ca"a1ilit- it will gi,e "ositi,e i4"act( otherwise it will gi,e losses A1ilit- to "a- in cash understood considered a good li<uidit-. 6lu1 4e41er considered a good i4age of entre"reneur Financial "ro1le4s coud decrease su""lier or consu4er lo-alt6o4"an- or 1usiness ha,e ade<uate ca"ital 6o4"an- or 1usiness ha,e a good credi1iliti4age that 4eans 4ore additional ca"ital Inco4e fro4 "artner add strength in ca"ital foundation Financial "ro"ert-Downershi" when 1usiness start u" 4eans good ca"ital foundation &ther 1enefit fro4 1usiness such as good i4age and re"utation 1eside increase in annual "rofit Mood 4anage4ent on assets( "erfor4 1- assets turn o,er such as in,entor- and recei,a1les Ado"t new infor4ation technolog-( software to 4a?e financial re"orting Afforda1ilit- to 4anage fi;ed cost indicated good financial ca"ital and 1udgeting 3usiness ha,e growing( or getting 1igger

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No )1 )2 )* )%

%ndicators Age 3usiness Nifeti4e +ducational 1ac?ground >o4e &wnershi"

,lassification !ersonal >istor+n,iron4ent +n,iron4ent 6a"ital

)8 )6

=or?ing +;"erience !artner who wor?s

+n,iron4ent !ersonal >istor-

)7 )$ )9 1)

>olida- ha1it( eating out( and 1od- care >a1it of sa,ing 6redit card ownershi" Madget life st-le

!ersonal >istor!ersonal >istor+n,iron4ent +n,iron4ent

11 12 1* 1% 18 16 17 1$ 19 2) 21 22

A1ilit- to "a- in cash 6lu1 4e41er >a,e financial "ro1le4s >a,e insurance( sa,ing( or in,est4ent >a,e a de1t Joint Inco4e !ro"ert- ownershi" when 1usiness start u" 3enefit fro4 1usiness Mrowing in assets A1ilit- to 4a?e financial re"ort Fi;ed cost !lant or office e;"ansion( increase in e4"lo-ees Annual "rofit

6a"ital !ersonal >istor!ersonal >istor6a"ital 6a"ital 6a"ital 6a"ital Financial !erfor4ance Financial !erfor4ance +n,iron4ent 6a"ital

Financial !erfor4ance 2* !rofita1ilitFinancial !erfor4ance 2% Inco4e utili0ation A1ilit- to i4"ro,e 1usiness ca"a1ilities +n,iron4ent Source 4 *Re%ort on "5 SM3(s $inancial Performance by 2omen 3ntre%reuneurs in 2est 6ava0(Purboyo 7!& et al& "5#") $6

Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.%( 2)1*

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3ased on statistical data "rocessing regression anal-sis# to o1tain the results of the regression and correlation( using the a""roach of 3ourdieu@s 2heor- of !ractise E!ractise O >a1itus ; 6a"ital# P FieldF. 2he results of statistical "rocessing and correlation regression are as follow 9 (egression % 5e"endent 'aria1le9 !racticeQ .ethod9 Neast S<uaresQ date921.)8.12Q 2i4e9 12.))Q Sa4"le 1$Q Included o1ser,ation9 $ 'aria1le 6oefficient Std +rror t-statistic !ro1 +N'IR&N.+N2 -).)*686$ ).16989) -).218626 ).$*9$ 6A!I2AN ).)$172% ).1711*) ).%77887 ).6879 >A3I27S -).)7%$)6 ).12688% -).8911)% ).8$62 6 27.8$8$$ 1*.781)9 2.))6)$7 ).118* -------------------------------------------------------------------------------------------------------------------------------=ith r-SR7AR+59 ).)92%*)Q AdIusted R-s<uared9 -).8$$2%7Q S+ of regression9 $.66%%7)Q Su4 s<uared resid9 *)).2921 log li?elihood9 -28($8277Q 5ur1in-watson stat9 1.1$8199Q .ean de"endent ,ar9 26.128))Q S5 de"endent ,ar9 6.$78162Q A?ai?e info criterion9 7.%6*191Q Schar0 criterion9 7.8)2912Q F-Stat9 ).1*8792Q !ro1 Fstat#9 ).9**6%% (egression %% =ith de"endent ,aria1le9 !racticeQ .ethod9 Neast s<uaresQ 5ate9 21.)8.12Q 2i4e9 12.)8Q Sa4"le9 1$Q included o1ser,ation9 $. 'aria1el 6oefficient Std +rror t-statistic !ro1 +N'IR&N.+N2 ).))1*%8 ).1%7*1$ ).))91*1 ).99*1 >A3I27S/6A!2N -).)))%19 ).))1)2$ -).%)7691 ).7))% 6 27.888* 1).989%9 2.81%)*% ).)8*6 ----------------------------------------------------------------------------------------------------------------------------=ith r-SR7AR+59).)*2*9*Q AdIusted R-s<uared9 -).*8%6%9Q S+ of regression9 $.))196)Q Su4 s<uared resid9 *2).186$Q log li?elihood9 -26.1)$99Q 5ur1in-watson stat9 1.**)%**Q .ean de"endent ,ar9 26.128))Q S5 de"endent ,ar9 6.$78162Q A?ai?e info criterion9 7.2772%7Q Schar0 criterion9 7.*)7)*7Q F-Stat9 ).)$*698Q !ro1 Fstat#9 ).92)97* Source 4 *Re%ort on "5 SM3(s $inancial Performance by 2omen 3ntre%reuneurs in 2est 6ava0 (Purboyo 7!& et al& "5#") First regression anal-sis( calculate the "artial influence of each ,aria1le( with the conclusion that ca"ital is the significant factor "ositi,el- affect the "ractice financial "erfor4ance# of S.+@s 4anaged 1- wo4en. 2his can 1e e;"lained logicall-( that the greater the co4"an-Bs ca"ital( then its financial "erfor4ance will 1e higher and 1etter. =hile ,aria1le of ha1itus changes and negati,el- affect financial "erfor4ance. 2his is "ossi1le due to financial "erfor4ance 1- wo4en entre"reneurs cannot 1e fle;i1le deal with ,aria1les of ha1itus and en,iron4ent( so the i4"ro,ing of its "erfor4ance has not 1een achie,ed. 2a?en together these ,aria1les affect the "erfor4ance of $9*7A( 1ut not statisticall- significant when using the 8A le,el#. 2he second regression9 ta?ing into account the 4ulti"lier effect ha""ened when ha1itus 4ulti"lied 1- ca"ital( it can 1e concluded that en,iron4ent has a "ositi,e influence on the "ractice financial "erfor4ance# of S.+@s run 1- wo4en. 2his can 1e e;"lained logicall-( that the greater the changes of en,iron4ent( the 1etter "erfor4ance will achie,ed 1- wo4en entre"reneurs. It is also clear that the ha1itus could not faced fle;i1l-( so ha1itus as ,aria1es still re4ain as a negati,e i4"act e,en if ca"ital du"licated against it. 2he test results are inde"endent ,aria1les together ha,e an i4"act on the "erfor4ance of $9*7A( so 1- 91.6*A influenced 1- other factors 1ut this is not statisticall- significant when using the 8A le,el#.

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Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.%( 2)1*

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1!"! Present Research 2here are twent- s4all-4ediu4 1usinesses studied in the "re,ious research( as indicated 1elow 9 ,ompany .ame 'ocation /,ity0 Business +ype 1. L1S Ne41ang >ostelr2. L-2S Jewelr*.Lul?ith %.2L( 6o. 8. FR 6. R. 7. !hotogra"h$. 2. 3oo?store 9.5S Fashion 1). 5R 3a?er11.!J( 6o. 12. !2( 6o. 1*. .artin( 6o. 1%. 6'+6 18. I'( 6o. 16. !2 GN@@ 17. +,t4 1$. Se41a?o( 6o. 19. =edding !hotogra"h2). G.H 3a?er3andung 3andung 3andung 3andung 3andung 3andung 3andung 3andung 3andung 3andung 3andung Ja?arta 3andung Ja?arta 3andung 2angerang 3andung 3andung 3andung 2rade .anufacture and 2rading 2rade !erdagangan .anufacture and 2rading Ser,ice .anufacture and Ser,ice 2rade .anufacture and 2rade 2rade 2rade Ser,ice 2rade .anufacture and Ser,ice 2rade Ser,ice 2rade Ser,ice .anufacture and 2rade

Source 4 *Re%ort on "5 SM3(s $inancial Performance by 2omen 3ntre%reuneurs in 2est 6ava0 (Purboyo 7!& et al& "5#") Fro4 the twent- 1usinesses a1o,e there are onl- nine 1usinesses entre"reneurs# willing to 1e o1ser,ed and inter,iewed 4ore( whose data can 1e found 1elow 9 .1 1 2 ,1MP .2 . ME 5R 3a?er!J( 6o. '1, +%1. /,%+20 3andung 3andung B3S%.ESS +2PE 3a?er2rade consu4er goods#

* !2( 6o. 3andung 2rade consu4er goods# % .artin( 6o. Ja?arta =elding Sho" 8 6'+! 3andung 2rade 6 I'( 6o. Ja?arta .anufacture and Ser,ice 7 !2 GNH 3andung 2rading fa1ric( te;tiles# $ +,t4 2angerang Ser,ices I2 6onsultant# 9 Se41a?o( 6o. 3andung 2rade Source 4 *Re%ort on "5 SM3(s $inancial Performance by 2omen 3ntre%reuneurs in 2est 6ava0 (Purboyo 7!& et al& "5#")

$$

Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.%( 2)1*

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Inter,iewing nine entre"reneurs and o1taining so4e 1rief e;"lanation a1out their 1usinesses -ield the following infor4ation 1ased on 3ourdieu@s theor- of 6a"ital# 9 .o 1 ,ompany .ame4 'ocation 5R 3a?er-. 3andung 5escription 2he nu41er of e4"lo-ees has increased to *6( annual "rofit a4ounts to a""ro;. I5R %)) 4illion. Joined the 3andung 3a?er- 6lu1 networ?#. Initial ca"ital a""ro;. I5R 1) 4illion( annual "rofit I5R 7) 4illion Initial ca"ital I5R 1)) 4illion. Annual "rofit a""ro;. I5R 2)) 4illion( alread- e;"anded to 1 outlet .onthl- sales a""ro;. I5R 28) 4il.( the nu41er of e4"lo-ees has increased to *). Annual "rofit I5R 2%) 4illion 6a"ital increase I5R 8) 4illion( e4"lo-ees increased to 8 "ersons( annual "rofit a4ounts to I5R 7) 4illion. 6a"ital change to I5R 2 1illion( annual "rofit 1)) 4illion. 6a"ital change to I5R 8) 4illion( annual "rofit a""ro;. 8) 4illion. 6hanges in ca"ital a""ro;. I5R 18 4illion( annual "rofit I5R 2) 4illion( nu41er of e4"lo-ees a4ounting to 8. Annual sales a""ro;. 1 1illion. Nu41er of e4"lo-ees a4ounting to 2). Joined >I!!I networ?. Economic ,apital ,ultural ,apital Social ,apital Symbolic ,apital

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!2( 6o. 2asi?4ala-a. I'( 6o. !adang

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6'+!. 3andung

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.artin( 6o. Ja?arta

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6 7 $

!2 GNH. 3andung !J( 6o. 3andung Se41a?o( 6o. 3andung

T T T

T T T

-------

T -----

+,t4. Ja?arta

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1!1! 7nalysis 2hrough focused grou" discussion and transcri"t of inter,iews anal-sis ( se,eral significant findings indicate the following 9 All nine res"ondents ha,e econo4ic ca"ital in the for4 of 4one-( 4achines( 1uildings( and ,ehicles when the- started u" the 1usinesses. So4e ca"ital was o1tained fro4 fa4il-( so4e ha""ened to 1e their own. 2his 4eans that the- all ha,e a solid( health- financial foundation. >ere a <uote of inter,iew 9 GI already have a house and a car by myself before starting businessUH or GI only have one house and a motorcycle .hen start u% the business& after t.o years I have t.o house and a carUH Fro4 nine infor4ants there are fi,e entre"reneurs who ha,e no cultural ca"ital in the for4 of for4al and high education( 1ut the- ha,e gained e;"erience in the sha"e of tacit ?nowledge fro4 the "ast. 2hese co4"anies are9 6' +agles !ri4ar-( Re"air welding# .artin( Ni4 Stores( !elita Ja-a( and 2wo 3rothers 5ua Saudara#. .ore interesting findings o1tained fro4 the e;"lanation of Ni4 Stores( the onl- res"ondents with a fairl- 4ini4al education( 1ut ones who do ha,e econo4ic ca"ital and re"utation as "owerful s-41olic ca"ital. It is deri,ed fro4 the entre"reneurial e;"erience tacit ?nowledge# gained o,er the -ears. 2he four re4aining res"ondents rel- on e;"licit ?nowledge of for4al education at Mraduate or 5i"lo4a le,el. So4e inter,iews confir4ed this and <uote as follow 9 GI only graduated from high school! 2hen I .as a kid& I used to hel% my %arent run their business& I kno. to ho. to manage a business little by little/H said 1- old entre"reneur#

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Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.%( 2)1*

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GI decided to continue study to master degree so I can get more business kno.ledge! This kno.ledge is im%ortant for me to manage my o.n business no..H said 1- -oung entre"reneurs# Four entre"reneurs with high for4al educational 1ac?ground 5i"lo4a and 5egree# are using their cultural ca"ital to ac<uire and de,elo" networ?s. 2hese networ?s are des"eratel- needed in toda-Bs era of glo1ali0ation classified 1- Vsocial ca"ital@ in 3ourdieu@s definition. >ere are so4e <uotes of inter,iews9 GI +oin the 88 club to get more net.orkUH or GI use internet to do marketing online and make net.orkingUH 2he result fro4 the discussion a1o,e shows that the old "la-ers tend to use econo4ic ca"ital and s-41olic ca"ital in the for4 of trust( goodwill( and re"utation# in i4"ro,ing and de,elo"ing their 1usiness( while -oung "la-ersDentre"reneurs tend to use their cultural ca"ital in for4al and high education 1ac?ground e;"licit ?nowledge of for4al higher education#. Further4ore( cultural ca"ital is used to ac<uire and de,elo" a 1roader networ? of 1usinesses( which is e;"ected to "ro,ide additional 1enefits and greater ca"ital. 2his reflects a changing shift of ca"ital ownershi" and the wa- to change or add to that ca"ital now. 6$ ,onclusion 2he discussion a1o,e arri,e at se,eral significant 4eaning fro4 "resent <ualitati,e research findings as follow 9 a. +cono4ic or financial ca"ital in the for4 of 1uilding( 4achines( ,ehicle( 4one-( etc( still needed 1- all wo4en entre"reneurs 1ut this is not the onl- significant factor. Nowada-s( with ad,ance science and ?nowledge es"eciall- in the case of infor4ation technolog-( cultural ca"ital tacit and e;"licit ?nowledge# and social ca"ital networ?# K3ourdieu@s definition of ca"italWalso 1eco4e 4ore i4"ortant. Coung entre"reneurs assu4e these factor as the 4ost significant factor for the4 to 1uild and start u" their 1usinesses. 1. 2he "resent research also found that ha1itus define as "ersonal histor-# in the for4 of tacit ?nowledge is useful for entre"reneur Kes"eciall- the old one-- to co4"ete with others. 2his new finding add 4eaning to the "re,ious research which result negati,e i4"act for ha1itus. c. Rualitati,e 4ethod such as focused grou" discussion or in-de"th inter,iews( or other 4ethod( was found useful to gi,e 4ore insight and 4eaning for 1etter and co4"rehensi,e anal-sis. !ersonal finance and other financial 4atters as research to"ic could anal-sed fro4 1oth "ers"ecti,es( <uantitati,el- and <ualitati,el-.

(eferences 3atIels4it( '.( 2))6#( Personal $inance4 Skills for Life( John =ile- and Son 6ha"ter 1#. 3hide( A( 1992#( G3ootstra" Finance9 2he Art of Start-7"sH( )arvard 'usiness Revie. 3ird( 3. and 3rush( 6.( 2))2#( GA Mendered !ers"ecti,e on &rgani0ational 6reationH( 3ntre%reneurshi% Theory and Practise "9. 6ole4an( S.( 2))2#( G6onstraints faced 1- wo4en s4all 1usiness owners9 e,idence fro4 the dataH( 6ournal of ,evelo%mental 3ntre%reneurshi% : ;o! "& 7ugust. 6ole4an( S.( 2))7#( *2he Role of >u4an and Financial 6a"ital in the !rofita1ilit- and Mrowth of Fe4ales&wned S4all Fir4s0! 6ournal of Small 'usiness Management ;o! < >ar?er R( et al( 1999#( 7n Introduction to 2ork of Pierre 'ourdieu 4 The !ractice of 2heor-@( .ac.illan .arlow( S.( and !atton( 5.( 2))8#( GAll 6redit 2o .enX +ntre"reneurshi"( Finance( and MenderH( 3ntre%reneurshi% Theory and Practice "=. !ur1o-o A.( et. al( 2)12# Re"ort on 2) S.+@s Financial !erfor4ance 1- =o4en +ntre"reuneurs in =est Ja,a( N!!.( 7N!AR SundIaIa( R. and 3arlian( I( 2)1)#( $inancial Management EMana+emen >euanganF( Niterata Nintas .edia. Cil4a0er( 2. Y Schran?( >.( 2))6#. JFinancial inter4ingling in s4all fa4il- 1usinesses(J 6ournal of 'usiness ?enturing& 3lsevier Cil4a0er( 2.( and Schran?( >.( 2)1)#. J2he 7se of &wner Resources in S4all and Fa4il- &wned 3usinesses9 Niterature Re,iew and Future ResearchH( I,37S

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ut*ors Biograp*y Elvy Maria Manurung was 1orn in 3andung( Indonesia in 1969. She graduated fro4 +cono4ics Facult- of !arah-angan 6atholic 7ni,ersit- 7N!AR# 4aIor in Accounting in 199*( and recei,ed her .aster 5egree in 5e,elo"4ent Studies fro4 3andung Institute of 2echnolog- I23# in 2))$. >er s"eciali0ed sre in the area of Financial .anage4ent( !ersonal Finance( 3udgeting( and Financial State4ent Anal-sis. >er current researches focus 4ore on creati,e industries( wo4en--outh entre"reneurshi"( inno,ation( and sustaina1le de,elo"4ent. Eli7abet* +iur M was 1orn in 3andung( Indonesia in 1961. She o1tained her 5octor in Accounting fro4 !adIaIaran 7ni,ersit-( 3andung in 2))*. She is a Senior Necturer in International Accounting and Accounting 2heor-. She is also a senior 4e41er of Indonesian Accountant Association. >er research interests are in the field of 1an? li<uidit- and 1an?ru"tc-( s4all-4ediu4 enter"rise( and free cash flow. rt*ur Purboyo is a Senior Necturer in .anage4ent Accounting and Ad,anced .anage4ent Accounting. >e graduated his .aster degree in Accounting fro4 St. Nouis 7ni,ersit- 7SA in 199). >is research interests are in the field of cost( 1usiness( accounting and finance. %nge Barlian is a Senior Necturer in Financial .anage4ent. She graduated her .aster degree in Industrial .anage4ent fro4 3andung Institute of 2echnolog- in 19$8. >er research interest are in the field of finance and life st-le( fa4il- 1usiness( and -outh entre"reneurshi". She wrote a 1oo? of Financial .anage4ent.

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