Exploratory Study of Financial Management Practices of Successful Women Entrepreneurs in Moshi Municipality

Abstract

This study explored the financial managemen.t techniques used by successful women entrepreneurs in Moshi Municipality, Tanzania, using in-depth study of four successful and three unsuccessful women entrepreneurs. Results of the study suggest that successful women entrepreneurs' financial management practices are radically different from those reported in the mainstream literature ab6ut small business operators in Tanzania in general. The successful women entrepreneurs were found to be principled and systematic. They keep business financial records and hire accountants to prepare financial statements. They exercise control of business through financial discipline, physical checking and supervision, controlled personal expenditure, and uphold clear business/ personal interface. They aLso make use of consultants. Researchers, governments, SME promotion agencies and training institutions are advised to value and consider women's differences in background, business experience and practices. Training institutions are advised to use the results for training.