Chapter 4: Analysis and Presentation of Results

The data obtained through the interview technique from entrepreneurs to understand their working

capital management methods were discussed in the preceding chapter on study methodology. The

study aimed to identify and analyze the core of the participants' thinking on working capital in

entrepreneurial businesses using a qualitative research approach. The results of the data collecting

method are presented in this chapter, which leads to the next step of the research. It also examines

the data to determine how technology firm owners in the MENA acquire and manage working

capital. The chapter begins with a summary of the interviewees' profiles, followed by an analysis

of the various responses based on each interview question. Then, the candidate read the transcripts

several times to have a better and more comprehensive grasp of the data before coding it. The

study's findings were equally supported utilizing the literature presented in the second chapter

based on relevance. Other studies increase understanding of the subject, while others corroborate

conclusions from the literature. For ease of comparison and assessment, each time a point

concerning a specific theme was made, the point was highlighted in the same color.

Third, the replies were compared and contrasted to see whether there were any discrepancies in

how the company handles working capital. The following are the seven themes that emerged from

the data collection:

Theme 1: Hybrid entrepreneurship

Theme 2: Financing from overseas

Theme 3: Collaborative relationship with suppliers and customers

Theme 4: Revamping the legal and banking structure

Theme 5: Using public relations as a tool

Theme 6: International angel investors, and

Theme 7: Effective working capital strategies.

Demographic characteristics
Question one of the interview procedure inquired about the respondent's business experience,

business, services provided, and how the firm was financed. This information is summarized in
Table 1. The respondents operate in various entrepreneurial roles in technology-oriented businesses

of various sizes and interests, as evidenced by their background information.

Table 1
Interviewee profile

Interviewee Company Sector Business Type Age Gender Services Offered Source of

Code Finance

C1 Communication International 55 Male Data services Personal

Telecom savings

C2 Consultation Management 67 Male Personal

Consultation
consulting savings
services around
Firm
management
Area

C3 Technology 50 Male Loans

Cybersecurity Internet security

and
Technology services

Integration
C4 Healthcare, E-commerce 32 Male Technology Personal

automotive, and E- Business savings

Jewelry and Business Services and Bank
Real Estate loans
C5 Technology Consultation 53 Male Technology Personal
services implementation for financing
small and
big business
Oil and gas Technology advice Personal
C6 Petroleum services 55 Male on their financing
introduction in
the oil and gas
Industry
Contracting Linking customers Personal
C7 Technology services 60 Female on available Financing
leveraging on
Technology opportunities

using the
 Available
Technology
C8 Farming Technology and 48 Male Linking Personal
farming communities with Financing
Services

Details of Analysis and Results

Theme 1: Hybrid Entrepreneurship

The respondents were asked about the best techniques for acquiring and managing

working capital for a developing firm in the second section of the interview script. One of the

respondents' frequent themes is hybrid entrepreneurship. This is demonstrated by the fact that

most people in various companies perform full-time jobs while also working part-time to

establish a business. The majority of respondents (9 out of 10) felt it was important to

embrace certain features of hybrid entrepreneurship as a method of producing working

capital for business growth, according to an analysis of the responses. "I am presently

managing my company, which is now approximately five and a half years old, and

essentially, I began it after I left the corporate sector, which I used to work for," said

interviewee C1. "I resigned in March of 2001 because they were doing ridiculous things that

none of us understood at the time, but not thinking that it would go out of business or

anything," said respondent C2. Having the first work location offers the necessary capital for

entering into a private enterprise in this situation. In addition, respondent C4 had seen that

his father established the company while working for the government. Considering previous

studies, it has been proposed that a suitable quantity of resources or investment is required to

improve a business operation (Cohen and Hochberg, 2014; Kerzner, 2015). Hybrid

entrepreneurship has also been shown to use various networks that aid entrepreneurs in

locating resources that they may utilize as working capital to expand their businesses. C3

noted that he uses existing possibilities in the United States, such as the 4% loan, by using a

network he built while working there.

Similarly, respondent C5 mentioned that he used contacts he made at a different

 company in the United States to increase his ability to obtain business resources. "At the

time, I was working with another business in the States doing virtualization and

environmental technology, which was like a trend at the time,” said interviewee C5. When I

first arrived in Dubai, I glanced around to see the newest technological trends throughout the

world, and I quickly embraced them. The specifically developed from my experience in the

States, where I was doing, for example, data center virtualization with datacenter, and I had

the expertise but not the image; however, when you come to Dubai, you should come with a

name that no one recognizes as a small entrepreneur with a small business that they are

having a difficult time starting.”

The few respondents said they did not utilize any reference networks or their prior

workplace as a resource. Obviously, by networking and relying on resources accumulated

during their prior career, they could significantly boost their revenue. "Our difficulty is not

appropriate products, or I do not even think marketing or even marketing channels are the

issue," said interviewee C8, "it is acquiring the cash to create the items and producing the

products, which would have been better if we utilized referrals."

Theme 2: Financing from Overseas

The majority of respondents said their source of finance was from somewhere else. Mergers with

subsidiaries in other countries, friends and acquaintances in various countries, and investors were

all part of the international finance. "I tried to talk to, and I did talk to quite a lot of western

investors in Europe and America," said interviewee C1.

This indicates that partnering with foreign firms would be a key source of financial resources in

putting their plan into action." The information supplied by the respondents revealed similar

conclusions. A sufficient amount of cash flow or working capital as a fundamental aspect of a

sustainable business informs the many types of finance that companies use to fund their

operations.

Table 2

Summary of Interviewee Opinions and Strategies of Acquiring and Managing Working Capital to Grow

Business
 Interviewee Working Capital Acquisition and Management Strategies for Business Growth

C1 Using the resources accumulated from their prior profession and collaborating
with foreign partners

C2 Government institutions' collaboration and support

C3 Recruiting former coworkers and investors, as well as reinvesting earnings from

the company's original activities

C4 Using the resources gathered from their previous occupation and engaging foreign

partners.

C5 To supplement personal finances, people borrow from banks, spouses, and friends.

C6 Consolidating finances with the wife and obtaining funds from multinational

corporations.
C7 Attracting investors to join the company and encouraging entrepreneurial activities.

C8 Partnering with and involving organizations and individuals that are engaged in humanitarian duties and

plans

Theme 3: Supplier- Collaborative Customer Relation

To manage the working capital of an organization, an entrepreneur needs to engage a wide range of

stakeholders. An interview question was posed to interviewees regarding how a working relationship is

established between suppliers and customers. Most interviewees opined that a revenue-sharing mechanism

between suppliers and customers is the common denominator.

Different findings, however, established diverse views from various respondents. Most respondents, namely

C1, C2, C3, C4, C5, C6, C7, and C8, make the relationship between suppliers and customers at the top of

their priorities for managing the working capital. From this observation, most respondents share that

entrepreneurs need to actively engage both suppliers and customers as their source of goods and services.

For example, interviewee C1 agreeing with this point of view, noted that " it is important to have mature

people in business because they make the organization look bigger than other organizations in the same

industry because of the engaging relationship established with these people, we see them and we see the

chemistry established." Respondent C3 supported this point of view by stating that for customers "before

you even begin, you would have already had an account of it because we have already managed their

relationships." Regarding suppliers, the respondents opined that "I got the most help from suppliers because

I'm not only buying the products but more importantly solutions. Suppliers offer solutions to customers,

provide services then get paid after I get paid. "

C4, however, noted that there is a presence of a win-win option in which suppliers get paid by contractors

after providing the services, with C5 asserting the need to have small and big enterprises collaborate to have

a successful engagement.
From the respondents' observations, it is clear that businesses need to establish rules of engagement,

segment them, and implement models of interaction to develop and maintain a collaborative relationship.

The level of success in the IT department depends on the level of relationship between suppliers and

customers. Normally, this is not the case because issues arise between customers and suppliers, which leads

to problems in operations that drive productivity, affecting the business's growth. This is what influenced

respondent C6's point of view that customers and suppliers fail to attain win-win relations that end up

affecting successful working capital management due to their dynamic characteristics. The respondent

specifically stated that "What they did is to bring the curriculum from the Boston University to West Africa

as result of being associated with Boston University. This, in turn, led to the American University of Africa,

particularly in Equatorial Guinea, which is a rich oil and producing country in West Africa. This had a great

alignment with the American system. "The consequence of this observation is that potential clients or

customers will not be provided services well by the stakeholders from one region due to the limited nature of

the diversity and understanding they possess.

In this example, a recurring theme is the importance and desired degree of availability of stakeholders,

regardless of their responsibilities in directing a company toward its short and long-term objectives. "I

leverage other people," said interviewee C7, "so I leverage others at minimal contribution rates so that I can

go to where I want to go." This was reiterated by respondent C8, who stated, "we are working with the

individuals that are interested in financing us in terms of letting them decide." “We are working with the

individuals that are interested in supporting us in terms of letting them decide on the marketing channels and

so on.” People in this context represent suppliers and consumers who are continuously engaged with

adequate resources available to ensure their success in their role. The respondents' opinions on the

techniques used to develop a working connection with both suppliers and customers for acquisition and

working capital management were validated by the examined literature. For example, Tehseen and Ramayah

(2015) found that to achieve a competitive edge, entrepreneurs must be capable of managing relationships

with consumers and suppliers. Chen et al. (2015) agreed that allocating resources to lead an entrepreneurial

venture's interactions with suppliers and consumers is critical for successful integration of the link between

entrepreneurial abilities and business performance, which can be enhanced.

Table 3
Implemented strategies for developing a working connection with suppliers and customers in order to

acquire and manage working capital in order to expand business in MENA.

Table 3

Strategies Implemented in establishing a working relationship with suppliers and customers to acquire and

manage working capital to grow business in MENA.

Interviewee Strategies for Implementing Working Relationship with Suppliers and

Customers

C1 Suppliers are paid well if they follow the rules, and there are unique ties between
customers and stakeholders.

C2 Ensure that all possible income is actively shared with suppliers and

consumers
C3 During the financing stage, both suppliers and consumers, are actively engaged in

understanding their demands.

C4 Having detailed policies in place between suppliers and customers to guarantee that
they are both engaged in a productive atmosphere.

C5 Customers' involvement is based on the efficacy of suppliers who are unique to

the company.

C6 Customers and suppliers receive an equal share of the revenue.

C7 supplier-customer collaboration that benefits both parties

C8 For strategic ventures, timely engagement and remuneration is essential.

Theme 4: Revamping the Legal and Banking Structure

There are different aspects to success in implementing strategies to acquire and manage working capital

in the MENA region. These aspects arise from the constant evolution of market conditions, information

and types of capital, as well as the role played by the entrepreneurial ecosystem. Here, a series of

questions were used to investigate the main obstacles.

The analysis suggests that recurring themes are in need to reshape the legal and banking structures.

Interviewee C1 pointed out that there are no bankruptcy laws, so you find, for example, is this an

impediment, or do you find that even from the viewpoint of angel investors, I can give you more.

This point of view was reiterated by the interviewee C2 who noted it and then argued that "Dubai

government either that or get out and then I used to be like guys return on, and that they don't need the

tiny and medium-sized firms they assert they are doing; however, they do not.

It was also observed by C3 and c7 that somehow legal issues play a role in bureaucracy and

fear for monetary security for longtime business victimization borrowed finances at the purpose of

break-even.
Another Interviewee was C8, who pointed out an interesting situation regarding financial barriers by

saying that it is not difficult to find people to fund this, but the problem is that they are impelled by

greed, they are at least demand 65-75% of the business. And these types of obstacles can be a reason for

manipulating business lending platforms such as Kiva and PayPal, as said by Ahmed et al. too that, for

SMEs, we should eradicate the barriers connected with outmoded financing.

This argument was reverberated by interview C1 by giving an example of a friend who was playing his

role in cryptocurrencies. He noticed that, despite the finances being pronto on the market, the

documentation is gigantic, thus acting as a big hindrance to putting in place the corporate with a delay

of up to 5 years.

So the plaintiffs who brought up the presence of legitimate hindrances as the most common issue (C6

and C7) noted difficulties of being authorized to work in a particular area and high tax assessment

singular governments.

Interview C6 within this context postulated that if it's all about DMCC then they will say that they had a

DMCC license. Their point was that they want a tax-free business because there is no logic to start a

business in a place where they have to pay tax. So whatever they had done in the past was done through

Dubai.

Interviewee C7, while observing that the most important implication on cash management was

characterized by license of operation and taxation, said that, in Canada, for each finance raised

as capital, virtually an analogous quantity is taxed.

Moreover, he also said there are many other issues as well that played a vital role in establishing a

business. One of the reasons is that governments appreciate the large corporations who are more

beneficial for them rather than SMEs, which can also contribute to the success of such economies

This reasoning is ensured by the lack of long-term policies and legal structures for assisting young

entrepreneurs in terms of their endeavor, business climate, and unfair competition from major

businesses and well-funded business institutions. Moss et al., (2015) confirm these findings, stating that

companies that show competitiveness, risk-taking, and independence would benefit from a higher

likelihood of receiving funding. Small firms that demonstrate boldness, empathy, warmth, and are more

conscientious, on the other hand, are less likely to receive financing.

 The MENA area may be classified as extremely volatile. In this scenario, maintaining

an entrepreneurial firm in a high-volatility environment involves having enough cash flows

and capital. Nonetheless, based on the findings, it is clear that capital is not always readily

available, particularly for young entrepreneurs launching new business platforms. Aside from

banking and legal barriers, respondents cited a lack of willingness from potential investors,

high costs of business development and marketing, inappropriate revenue sharing with

stakeholders, and sticking to traditional business models despite a business being based on

technology as reasons for limited financing for entrepreneurs. Respondent C4 provided an

example, stating, "If a bank comes to you and says your dad took 2,000 dirham facilities

from us and you need to pay it now, I am like sue me, it is cheaper for me." To prevent such

pitfalls, respondents C6 suggested adhering to strong business ethics, maintaining a long-

term connection with investors to entice them to participate in their company, and moving

from conventional to current operational methods.

Table 4

Key Barriers to Implementing Strategies for Acquiring and Managing Working Capital in MENA

Interviewee Key Barriers to Implementing Strategies for Acquiring and Managing Working Capital in

the MENA Region

C1 Tax regulations and banking finance complexities

C2 License is a major challenge to access and legal constraints.

Bureaucracy, security for fear of people, think, lack of flexibility on bank financing and cultural issues

4 C3 Regulations by the Health Authorities regulation, lack of reliability for the

financial institutions in access to finances

C5 Financing issues regulations

C6 Banking complexities and bureaucracy in the registration of an entrepreneur

C7 Frustrations in working with different government entities tasked with

regulation roles

C8 Lack of readily available financing, unsupportive government regulations

Theme 5: Using Public Relations as a Tool

In light of the problems mentioned in the preceding question, the respondents were further

questioned about the tactics they use to overcome obstacles in obtaining working capital for

their businesses. The difficulties put enterprises in a disadvantageous position, which might

result in higher interest costs, as well as insolvency and credit risk. Using public relations as

a tool, which the respondents identified as beginning large and acting big, as well as having

a well-known brand to promote their business, were among the emerging themes from the

research on the best approach for overcoming the obstacles.

Respondents who stressed the importance of using public relations by "beginning big and

behaving big" have demonstrated that their strategy has helped them get a competitive edge

over their major corporation's competitors. To overcome the difficulties, interviewee C2

stated, “You show up with the greatest product at the best price in the appropriate amount at

the right time and location, and people will buy from you.” Respondent C3 mentioned that

"relationships are crucial as you stated the bank manager and understanding the region and

understanding how to deal with" as part of acting largely through public relations. The reply

noted, in particular, that such a technique allows such an entrepreneur to acquire capital in a

short period of time, regardless of the current financial and legal limitations. Interviewee C5

stated, "Because of being little, I cannot handle..." to show the extent to which the

respondents were willing to put up any effort to seem large. I am only capable of taking on a

limited amount of tasks at a time. "I do not overextend myself." C4 and C8, although being

controversial, both agreed that adopting another person's identity to obtain financing from

major lending companies was a good idea. The findings of the respondents are consistent

with those of Afrifa and Padachi (2016), who found that the conservative and aggressive

strategies have opposing views on the effects of working capital and levels on firm

profitability. Such methods, according to Aktaset al. (2015), may be classified as working
 management strategies that improve long-term business efficiency and success.

Theme 6: International Angel Investors

The usage of angel investors was also highlighted by the entrepreneurs as having a beneficial impact

on overcoming the hurdles. The fact that angel investors are worldwide informed their efficacy since they

are only influenced by local legal concerns and banking limitations because they may outsource from their

own countries. Additionally, angel investors have the option of investing online through equity

crowdfunding or forming networks to pool their investment resources. This is demonstrated by interviewee

C1, who stated, "I was lucky enough to locate some angel investors, and we have not received any external

financing since that time." Respondent C7 emphasized the possibility of angel investors combining their

resources through a network, saying, "I mean, there are individuals inside my network that would finance

me, but you know, the amount of stock that they would want you to know is ridiculous money."

Respondents C3, C4, and C5 echoed this sentiment, stating that they needed various ties with overseas

investors to help them obtain necessary finance for their operations.

Table 5

Strategies of Overcoming Challenges when Acquiring Working Capital for the Business in MENA

Interviewee Strategies of Overcoming challenges when acquiring working capital for business in MENA

C1 The network of operations, excellent relationship with suppliers and

transparent information to customers on available stakeholders and addressing the issue of supply and

demand

C2 Following the best practice by the American companies, knowledge and expertise management

C3 Adopting a global best practice in operations for control and minimization of financial resources,

sustainable network of relationships

C4 Relationships with all the stakeholders

C5 Using customers as the best marketing tool of their products and services, management of their

knowledge

C6 A strategic plan that zeroes in on their strengths, weaknesses, opportunities, and threats
C7 Successful relationships between all stakeholders and development of knowledge and expertise

C8 Involving a network of stakeholders from different countries and sustainable relationships.

Theme 7: Effective Working Capital Strategies

The interview concluded with assessing the most successful working capital solutions, critical for
technology company owners interested in expanding their operations in MENA. Using skills and experience
in market growth, breaching the network barrier, networking the American way, and using consumers to sell
services were some of the main elements found based on the responses. Interviewees C3 and C4 elaborated
on the importance of working experience and skills in business growth. The importance of skills and
competence, according to C2, is "today what are some of the basic approaches that you have to take as a
business owner if it's again establishing partnerships collaborating with your provider through the exercise
of knowledge and experience."
"As well as a cash flow management approach, it is one of the approaches, and I don't utilize all of the
resources on the project, that's one thing, but the projects where I have to handle knowledge and skill
acquisition for sustainable growth," said interviewee C4. "You know what one of the main skills for an
entrepreneur is the opportunity to sit and listen to your client's problems," said interviewee C6. This suggests
that to excel as an entrepreneur, you must have ample experience. Lilien (2016) backed up the results by
demonstrating that customers had personal lives. It understands that the goods and services would be
essential for them to leverage the knowledge of B2B.
In terms of breaking down the network barrier, interviewee C8 provided one of the most detailed answers.
The respondent's advice included developing an action strategy, cultivating relationships, and proving that
someone is not selfish. Respondents C4, C5, and C6 all agreed with this. "The best way for us to start is to
choose the territories where we have relationships," said respondent C6, "because you know, any company
that is starting from scratch, you need the partnership to kickstart." Interviewee C4, on the other hand,
proposed the idea of partnerships as an intangible commodity. In this instance, the respondent said, "As an
intangible commodity, relationships and your interactions with the sector, your connections with other
businesses are critical." Respondents observed that when such a relationship is formed, an organization uses
its customers' reliability in selling its product. However, this must be combined with American-style
networking. According to the respondents, networking the American way is beneficial, and they are still
effective in cost control. This is backed by Reijonen et al. (2015) study of B2B and B2C businesses
operating in emerging economies.

Summary of result
This chapter aimed to examine qualitative details regarding the methods used by technology business
owners in MENA to obtain and access working capital to expand their businesses. Several important
conclusions emerge from the study. First, it suggests that various techniques for acquiring and managing
working capital to develop a business perform better. In this situation, the organizations are most likely to
use hybrid entrepreneurship, in which they finance their cash flow problems through other programs. The
results showed that by interacting with different partners, resources essential to organizational success could
be gathered. Second, the research discovers that when it comes to establishing a working partnership with
sellers and customers, income sharing and building a network of relationships is the most successful
approach. Third, the majority of respondents cited legal and banking systems as significant obstacles in
capital management. This implies that the banking system and pre-established regulatory frameworks are
hostile to entrepreneurs.
However, using public relations and using an international agency only for angel investment can mitigate the
challenges. Finally, in terms of capital strategy, it has been determined that networks of partnerships must be
applied to achieve harmonious interaction and practical information growth by exploiting consumer desires
and their participation in the process. The results drawn from these observations are addressed in detail in
the following sections.

Table 6

Summary of Themes

Themes Summary Research questions that were answered

Hybrid Entrepreneurship Hybrid entrepreneurship is the What strategies worked best to

most effective method for acquire and manage working capital

acquiring and managing working to grow business?

capital for a growing company.

Financing from Overseas The majority of entrepreneurs get their What strategies do technology

funding from outside the country, entrepreneurs in MENA employ to

whether through mergers with acquire and manage working

companies in other countries, friends capital to expand their businesses?

and associates in other countries, or

investors.

Collaborative Relationship with
Suppliers and Customers
In revenue sharing, the majority of What techniques were used to build a
working connection with both suppliers
entrepreneurs work with their and customers in order to acquire and
manage working capital to expand
suppliers and consumers.
business in the MENA
Revamping the Legal and Banking The necessity to restructure their What were the key barriers to

Structure legal and financial structures is implementing strategies for acquiring

the major obstacle to obtaining and managing working capital in

operating capital for their MENA?

business.

Using Public Relations as a Tool The use of public relations as a What was the strategy to overcome

strategy for helping the business challenges when acquiring working

is the best for overcoming capital for business in MENA?

problems experienced in the

acquisition of working capital

for their business.

International Angel Investors The utilization of foreign angel What was the strategy to overcome

investors might also help to challenges when acquiring working

overcome the numerous obstacles capital for business in MENA?

that businesses face.

Effective Working Capital Utilizing knowledge and What are working capital strategies

Strategies experience in company growth, that are fundamental for

overcoming the network barrier, technology business owners who

networking the American way, and want to grow their business in

using customers to sell services are MENA?

among the most successful working

capital techniques.
 Chapter 5: Conclusions and Recommendations

The major goal of this qualitative multiple case research was to

examine and assess how technology business owners may enhance working

capital management and, as a result, grow their businesses at above-average

rates. This academic study, which was conducted primarily among MENA

technology entrepreneurs, is aimed at providing success practices and

strategies that can be extremely useful for business owners looking to

improve their working capital, improve financial division recruitment, and, as

a result, grow their business. The need to assist business owners in collecting

and managing working cash for their business growth prompted the study.

The comprehensive findings of the data analysis were provided in the

preceding chapter. These results support entirely new views on the techniques

used by company owners in the MENA area to obtain and manage working

capital. This chapter gives a thorough overview of the main findings, as well

as the study's limitations and recommendations for further research.

Summary of the Results

Prior study has revealed gaps in the knowledge of working capital

strategies for entrepreneurial businesses in the MENA area, according to

previous studies (AbouZaki, 2017; Byat and Sultan, 2014). Through a

literature review and analysis of the findings, the current study addressed the

gaps. It may be deduced from a research that sought to evaluate the concept of

entrepreneurship in the MENA area using working capital management

methods at various phases of economic growth. Aside from that, the

Schumpeterian method was selected, which made it obvious that every

 entrepreneur's economic success is influenced by innovation (Baumol, 2015).

In terms of this concept, it can be seen how entrepreneurs all over the world,

including those in the MENA area, may start a business on a minimal budget

and progressively grow it up. According to Jeon, Hong, Yang, and Ohm

(Jeon, Hong, Yang, and Ohm) (2016). Schumpeter's early work concentrated

on small business entrepreneurship, but he eventually expanded on this to

encompass the characteristics of huge corporations in order to encourage

innovative opportunities. According to Jeon et al. (2016), the evolution of

entrepreneurship is compatible with the Schumpeterian perspective, in which

businesses begin small and grow into established creative businesses. The

growth of entrepreneurship as a business discipline, according to Kuratko,

Morris, and Schindehutte (2015), has been very haphazard and fragmented.

Entrepreneurial concepts and theoretical frameworks were modified and

drawn from a variety of areas (Kuraotko, Morris, and Schindehutte, 2015).

Apart from looking for economic opportunities, the research effectively used

Schumpeter's theory, which said that entrepreneurs must focus on both the

cultural and social settings of the MENA area. The research looked at the

influence of Schumpeter's theory on the decision-making process of

entrepreneurs in the chosen region, as well as giving others ideas on how to

continue in the same way (Baumol, 2015).

Discussion of the Results

According to the findings of this survey, technology firm owners use a variety of

ways to obtain and efficiently manage working cash for business growth. First and

foremost, the research identified hybrid entrepreneurship as one of the most

successful techniques for obtaining and managing working cash for business

expansion (Theme 1). According to the respondents, some features of hybrid

entrepreneurship must be implemented in order to attain the above-mentioned goal.

For example, the data revealed that hybrid entrepreneurship provides aspiring

entrepreneurs with the starting cash, expertise, and resources necessary for a

business's optimal performance. Some researchers agree with this assertion, observing

that hybrid entrepreneurship allows entrepreneurs to amass sufficient capital and

resources that will ultimately support the operations and expansion of their company

establishments (Thorgren, Nordström, and Wincent, 2014; Schulz, Urbig, and

Procher, 2017).

Furthermore, as indicated in this study, Dacin and Dacin (2011) recognized hybrid

entrepreneurship as a strategy that can help entrepreneurs to utilize multiple networks

and successfully obtain resources for business growth. As a result, this study

demonstrated that networking, as well as dependence on resources (Theme 3)

obtained from previous employment, can help ensure a substantial increment of the

revenue generated in the subsequent business establishment. This is due to the fact

that networking increases a company's capacity to access and receive appropriate

resources for development and optimal performance.

According to several studies, hybrid entrepreneurship is one of the most successful

ways for collecting and managing working cash for a business's growth. For example,

Thorgrenet al. (2014) discovered that people tend to adopt hybrid entrepreneurship

because they are passionate about parallel business-employment careers. The authors

explicitly identified one element that motivates entrepreneurs to combine their

profession with a side venture as their opportunity to focus on something they truly

care about. This concept is also supported by the study's findings, which indicate the
 need of always going through the many profiles of hybrid entrepreneurs when

addressing them for both practice and research. A careful examination of some of the

replies of people who took part in this survey, for example, reveals that hybrid

entrepreneurship enables workers to gain appropriate experience and skills to become

entrepreneurs. Thorgren et al., (2014) stated that hybrid entrepreneurs who

participated in their study recognized that "becoming successful hybrid entrepreneurs

implies their jobs as workers are comparable or cross path with their businesses"

(p.315).

As previously stated, the majority of respondents in this survey believe that some parts of
hybrid entrepreneurship must be implemented in order for any business organization to
accomplish its stated goal. Indudewi (2015)'s research shed further light on this topic.
According to Indudewi (2015), hybrid entrepreneurship can enhance the adaptability of the
existing workforce, allowing one function to supplement another and vice versa. This is
feasible since every hybrid entrepreneur will require the Furthermore, the fact that one job
may complement another and vice versa indicates that one role can assist another. However,
in order for this to happen, the hybrid entrepreneurs must be passionate about their work as
employees, since they will play critical roles in running a successful business. As a strong
inner resolve and an important component of hybrid entrepreneurship, Indudewi (2015)
claimed that it is very much conceivable. It is this capacity that allows hybrid entrepreneurs
to quickly spot current business possibilities while still attempting to meet their obligations as
members of a company's workforce. These characteristics distinguish them as distinct and
distinctive.

Indudewi (2015) also discovered that hybrid entrepreneurs had a

higher risk appetite. This is beneficial since it increases their capacity to

expand their business and manage many businesses at the same time. This is

one of the key characteristics that distinguishes hybrid entrepreneurship as a

viable option for collecting and managing working capital to expand a

business. However, in order to do this successfully, external factors that might

impact a hybrid entrepreneur's capacity to sustain and expand his or her

business while performing employee tasks must be considered.

Another popular technique used by technology business owners to obtain and

 efficiently manage working cash for business growth is to borrow money from

abroad, according to the report (Theme 2). This hypothesis is supported by the

findings of this survey, as the majority of people who took part in it stated that

a significant amount of their money originates from outside sources. Overseas

finance can take several forms, from gifts from foreign-based friends and

family members to combining with other foreign-based businesses. According

to several important academic research, merging is a very successful strategic

instrument for corporate expansion, growth, and optimal performance

(Aguilera-Caracuel, Hurtado-Torres, Aragon-Correa & Rugman, 2013; Hitt,

Li, Dan & Xu 2015; Zou & Cavusgil, 2002). This is due in part to the fact that

such partnership allows locally-based businesses to get financial resources,

which are important for the implementation of their business strategies and

subsequent achievement of their stated business goals. This has been verified

by various writers, who have said unequivocally that proper working capital is

critical for every business's development, sustainability, and optimal

performance (Aguilera-Caracuel et al., 2013; Hitt et al., 2015).

As a result, international finance guarantees that businesses have enough

working capital or cash flow, both of which are critical components of long-

term sustainability.

Every business should have a collaborative connection with its customers and suppliers in order to

succeed (Afrifa and Tauringana, 2015). This is because successful working capital management

necessitates the participation of a variety of stakeholders. This academic study identified the

different techniques used to create a working connection with both suppliers and customers in order

to secure the acquisition and effective management of working capital, therefore increasing

company growth in MENA. The study's findings revealed that entrepreneurs are more likely to share
earnings with both consumers and suppliers. To put it another way, being able to communicate

actively with consumers and suppliers is critical to successfully sourcing resources. This explains why

the majority of survey respondents said that customers and suppliers were their top priorities for

working capital management (Theme 3). There are many ways to establish and maintain a

successful relationship with customers, suppliers. One way is by having set rules of

engagement that include segmenting the various companies as well as implementing the most

suitable interaction models. Companies who operate in IT will find this especially essential

because their relationships are key for business success.

It is inevitable to encounter complications in the process of building relationships with

suppliers and customers. Problems dealing with both parties may arise which can cause a

variety of issues for business operations, even potentially jeopardizing their quest to boost

productivity and promote growth. One such problem that could occur would be encountering

socio-cultural diversity within these interactions. For example, during the merger of two

different companies that are situated separately in different geographical locations, a

stakeholder from one region may lack the skills required for serving clients or other

stakeholders. Such difficulties might not be due to a lack of adequate training but rather as a

result of diversity in knowledge and understanding. The notion that suppliers are co-creating

value with their purchase is supported by Lilien (2016) who observes a considerable change

in the relationship between buyers and sellers. This strategy, however, can be harmful to an

organization's wellbeing according to her study. Collaboration is a vital strategy for the

acquisition and management of working capital. It's important to keep in mind that different

stakeholders have varying levels of importance, as well as their desired availability rate.

These two features are very important to the stakeholder's role in the mission to push the

business to the desired level in short and long run. There is a lot of research that proposes the

importance of collaborative relationships in acquiring and managing working capital for

business growth. For example, like some other studies have found, Indudewi (2015) also

points out how collaboration can be important to businesses- sometimes even more so than

just having money. One element she discusses is good communication which ensures both

establishing and maintaining relations with partners/businesses. As well as assisting with

networking, the plan also has some roles in recognizing existing opportunities for

entrepreneurs.

The study identifies the key barriers to working capital management in MENA. These include

legal and banking structures, which are why implementing such strategies is difficult for

business owners. Research and development efforts in MENA, the case study for this

research paper, have revealed that different aspects of working capital management are

facilitated by a variety of factors such as the company's types of capitals or market

conditions. The legal and banking structures are the causes of these issues.

This academic study has shown a proven negative impact on lending platforms. This proposal

also has been supported by Ahmed et al. (2016), who stated that the existing banking

structures are the major cause of disruptive traditional SMEs. For example, the current

banking structure displays how difficult it is for new entrepreneurs to avail the loan facility

despite the availability of money among major potential donors (Theme 4). This problem acts

as a major hindrance in the successful growth and inception of a new business opportunity.

The obstacles new entrepreneurs face in form of high financial structure or hindrance in

obtaining a work license to operate in a specific region count for an inadequate cash flow and

threaten the optimum flow of any business. This mentioned fact has been addressed by many

researchers before for example, Pehhrson (2009) had researched and mentioned the areas

where litigation and regulation have impacted small businesses among which health
insurance, corporate securities, employment, environmental awareness are a few to count.

The situation addressed is dealt with at a different scale at all different geographical

locations.

Moreover, this study also throws light on how some governance issues can add up to

financial and legal barriers and cannot be dismissed from the perception because of their

severe impact on the business start-ups. This is basically because governments in the MENA

region tend to support and pay attention to big investors and corporations more than SMEs.

Since the ideology has been established, the larger corporations contribute more to the

economy than the SME’s, but the truth lies that SMEs are equally important and useful in the

growth of any economy. Hence, the unawareness of the fact and lack of sustainable policies

and legal structures is still the larger issue of the sector.

The unfair policies, legal barriers, and financial structures exhibit SME’s unfair competition

from larger corporations and the financial support not to ignore. This was also stated by the

researcher Moss et al. (2015) who concluded that those corporations who actually exhibit

more competitiveness, overcoming target risks, and operating on independent levels should

be prone to acknowledge the financial assistance from banks and other relevant institutions.

Unfortunately, the service and assistance have been acknowledged only by big institutions

which rely on these characteristics. Undoubtedly, receiving such support on the regular basis

marks an edge from these institutions over smaller enterprises. These small organizations are

targeted to more diligence and avoid relying on obtaining large needed funds. But without the

appropriate cash flow, chances of competing with bigger firms are put at stake.
Additionally, the SME’s are also targeted to issues other than banking and legal barriers as

stated by the study. For instance, the study has revealed that the business environment of

MENA is highly volatile. This means that small-scale business management is characterized

by high volatility, necessitating the availability of appropriate capital and cash flows by the

business owners. However, as previously stated, the outcomes of this study and other similar

research have demonstrated that young entrepreneurs may not always have access to finance.

Another hurdle that entrepreneurs face is the high cost of business growth and marketing.

This is a particularly serious problem for entrepreneurs and small company owners who do

not have access to appropriate finance.

As a result, they frequently struggle to cope with the significant costs of business

development. This is exacerbated by potential investors' aversion to investing in such a

business. Finally, small business owners find it challenging to stick to the traditional business

model. This is evident among the enterprises that took part in this study, despite the fact that

such businesses are based on technology. Furthermore, the findings show that they are

unlikely to build and maintain a long-term connection with investors. Unfortunately, this

shortcoming is a significant impediment to their drive to function more efficiently in the

business world. For example, without the capacity to build and maintain a long-term

connection with investors, small business owners would find it difficult to obtain capital and,

as a result, transition from conventional to modern operating models. As a result, the main

hurdles to implementing methods for acquiring and managing working capital in MENA

appear to be primarily inherent in the presence and manner of business operations seen

among such institutions. The aforementioned hurdles place small-company owners in a tough

situation when it comes to accessing working capital, which is critical for establishing
competitiveness and optimizing business operations. According to this study, the challenging

position of small business owners means increasing interest payments, credit risk, and

insolvency. Nonetheless, a thorough review of the data gathered from the respondents

indicated that entrepreneurs are employing a variety of ways to address the aforementioned

obstacles. According to the study of the replies of the participants, the employment of public

relations as a tool remains the best method for dealing with the aforementioned hurdles

(Theme 5). According to the responses, this is largely about starting big and behaving big,

as well as having a well-known brand to back up their business. The findings of this

academic study indicated that entrepreneurs that capitalize on public relations by beginning

large and behaving big tend to run more competitively (Theme 5). In other words, they were

able to acquire a competitive edge over their larger opponents, despite the fact that the latter

already had significant advantages. In practice, the approach of leveraging public relations

by starting big and acting big entails offering the highest quality products and services at the

best price, in the right quantity, at the right place and at the right time. This entails using

appropriate business marketing strategies. A few authors agree with this proposition.

According to the findings of the basic investigation of the reactions, Afrifa and Padachi

(2016) discovered that the traditionalist methodology generally negates the confrontational

procedure in terms of their specific effect on the functioning capital and the levels of

organizational productivity. As a result, even though each has its own set of advantages and

disadvantages, business owners must strike a balance between the two. This is also preffered

by Aktaset al. (2015), who discovered that such a methodology could be assembled as

working administration methodologies, thereby improving long term business productivity

and accomplishment. This study also identified global private supporters as another powerful

methodology that can be used by MENA-based operations to overcome the various obstacles

impeding their individual journey to obtain turning out capital for business tasks. The

business visionaries who took part in the study agreed that utilizing private supporters could
assist limited scope entrepreneurs in overcoming obstacles. This conviction is primarily

dependent on the global standing of private backers. Because they can move to different

countries, such a position mitigates the effects of local financial constraints and legal issues.

Moreover, the collaboration of global private backers may be able to support entrepreneurs'

working capital, as these financial backers can contribute online through crowd funding or

organize themselves into networks for pooling their venture capital. As a result, the

association of global private supporters can increase business people's capacity as well as

their chances of obtaining sufficient assets. This proposition is supported by a portion of the

respondents, who discovered that having various associations with global financial backers

will assist them in obtaining essential credit for their projects.

Powerful working capital systems are critical for the optimal presentation of any business,

particularly for MENA-based firms that manage innovation.

As a result, this investigation also directed a basic assessment of working procedures that are

critical for business development, identifying the viable ones as follows: utilizing clients to

sell administrations, utilizing business knowledge and abilities advancement, as well as

overcoming network impediments. Regardless, a large portion of respondents emphasized the

importance of utilizing information and skill in business development. Each aspiring business

visionary requires adequate information to ensure a successful outcome. This hypothesis was

also supported by some significant studies. For example, Lilien (2016) notes that

understanding clients' preferences are critical because it enables entrepreneurs to offer items

and administrations that will eventually meet the needs and expectations of the clients. This

hypothesis was also supported by several significant studies. For example, Lilien (2016)

notes that understanding clients' preferences are critical because it enables entrepreneurs to
offer items and administrations that will eventually meet the needs and expectations of the

clients. Members also widely recognize overcoming organizational obstacles as a highly

profitable working capital system. According to the respondents, the systems administration

hindrance can be overcome through relationship building and the establishment of key plans.

The importance of connections and associations within the business demonstrates that both

are elusive resources. For example, having a pleasant business relationship with clients

allows organizations to sell their administrations with the help of the clients.

Enterprises may operate more cost-effectively in this manner. This

theory is openly supported by Reijonen et al. (2015) in their assessment of

B2B and B2C companies already operating in developing nations. However, it

is crucial to highlight that, in comparison to industrialized countries, the

environment for growth is favorable.

Entrepreneurship is not only on the rise, but it is also causing a major

shift in how MENA-based companies conduct business. As a result, the

argument over whether debt financing should take the role of equity financing

persists. Similarly, financial innovations such as crowdsourcing and

bootstrapping are expected to gain traction in today's business world. Small-

scale entrepreneurs are not exempted from this shifting trend, as many of them

are actively seeking vital resources to help them fund their start-ups. A hybrid

strategy involving a combination of traditional debt financing techniques,

peer-to-peer lending, venture capitalist, microfinance funding, and

international angel investors is one of the approaches used by these innovative

entrepreneurs. Even though the consequences of these financial constraints are

likely to be universal, every entrepreneur must become more innovative by

seeking a creative approach that will not only allow them to gain more refined

insights, but also improve their ability to focus on the macro, organizational,

and individual levels. This collaborative approach will eventually result in a

thorough grasp of the different financial options that may be quite helpful in

the drive to develop and strengthen entrepreneurship and start-up systems. As

a result, it is critical for academics and industry leaders to continue to assess

the use and relevance of the different existing working capital options.

Conclusions and Practical Recommendations

In this study, qualitative data was analyzed to determine the techniques

used by technology firm owners in MENA to acquire and manage working

capital in order to grow their businesses. Several important discoveries

emerged from the research. First, it indicated that different strategies work best

in the acquisition and management of working capital to grow business (Brau

et al., 2015; Reijonen et al., 2015). In this scenario, organizations typically

employ hybrid entrepreneurship (Thorgren et al., 2014), allowing them to fund

their cash flow difficulties through other ventures (Theme 1). According to the

findings of this study, certain people have been able to acquire resources that

are important for organizational success through interacting with other

stakeholders. Second, the study discovers that, in terms of the techniques used

to create a working connection with suppliers and customers, revenue sharing

and creating a network of relationships is the most effective strategy (Theme 2

& 3). Third, in response to the capital management difficulties, the majority of

participants emphasized the legal and banking structures (Theme 4). This
 implies that the financial system and legal frameworks are unfavorable to

enterprises (Henrekson&Sanandaji, 2011). Nonetheless, the difficulties can be

minimized by utilizing public relations and a foreign entity, primarily angel

investors (Lilien, 2016, Theme 5). Finally, it has been discovered that

networks of relationships must be created in order to generate a harmonic

interaction, leveraging consumer requirements and their engagement in the

process, as well as successful knowledge development.

Many strategies are there that help in acquiring and managing the working capital for business

development. Under different economical strategic choices, working capital is differently modified

and organized. The effect is evident from the influence that the working capital configuration puts

on the operational performance in business. Therefore, embracing social change is mandatory for

professionals who want to improve and recognize their entrepreneurial career. If they follow this

approach, it enables them to operate more professionally and competitively in the market.

Action-oriented working capital management can be combined effectively with social change.

Several factors such as experience, perception and attitude directly affect the working capital

management, and it is advised that an individual working with technology in business must conclude

them to grow. If well-defined tasks and systems applicable in technology business are present, this

strategy can work well. Therefore, the attitude and motivation of the person managing the business

should be increased by comprehensive knowledge management to improve the outcomes and

benefits of working capital management.

Though accepting social change is necessary for development of business, the aspiring

entrepreneurs who seek to grow their business by advanced methods should also work on startup

strategies that can sustain in the business world. Many complex procedures are involved in starting a

new business naturally. It is required by aspiring entrepreneurs that they must fulfil all the external

demands and conditions in the market that can impact the pursuit of effective business activities.
Hence, they have to adapt and implant different startup strategies to take it to an advanced level in

their new business. The academic study has revealed that different strategies work in collaboration

for the acquisition and management of working capital to develop business. Therefore, it is

recommended that a hybrid entrepreneurial approach be employed by the wannabe and existing

entrepreneurs for their business's day-to-day procedure.

Large entities and startups have another requirement of resources, and it can affect the structuring

of working capital management; this view is the foundation for using startup strategies for

advancement in business. The large entities implement the working capital management strategies

for optimizing profitability, whereas the startups implement this strategy to survive in the

competition and avoid insolvency. The difference in the large entities and startups comes due to

gaining the resources that are necessary for business development. The startups work harder than

the large entities to boost up acquiring the resources from the clients and paying the suppliers

because payments made after the due date due to delay can cause cash flow problems.

Moreover, the entrepreneurs should seek business as the variable career option because

entrepreneurship is a tool to develop. Hereafter, it is recommended to the business owners and

aspirers that before starting a new venture, obtain the resources that can enhance sustainability and

are important for the organizational steps.

In addition to this, innovative entrepreneurs should consider focusing more on startup strategies

that can work comfortably in acquiring and managing working capital to grow the business

effectively from the first day. This might also entail prioritizing market awareness of the many

benefits of using working capital management methods in the UAE. According to Brau et al. (2015),

creating awareness should begin with their existing clients of traditional management techniques

and then be passed on to other new consumers. This is because having a large customer base, and

eventually a better market share, increases the chance of generating enough money via marketing

and other management techniques (Reijonen et al., 2015). This study's findings also highlighted the
necessity for firms to improve the efficacy of their marketing strategy by building and maintaining

good working relationships with consumers, suppliers, and any other important stakeholder (Ahmed

et al., 2016) As previously stated, the findings of this study demonstrated that through interacting

with other stakeholders, businesses might gain resources critical to organizational success (Theme

3). Such an approach will assist potential entrepreneurs in developing an appropriate knowledge of

their goals, establishing constructive relationships with other stakeholders, establishing a

conversation, and influencing sources of power Shah (2012). To be effective, the marketing plan

must be implemented sequentially, beginning with establishing relationships with customers,

various suppliers, and other important stakeholders. According to Hochberg et al. (2011), market

specialization can aid in the establishment of strategic knowledge and competence, therefore

boosting the preference of companies focused on sourcing better working capital. As a result,

resources relevant to certain areas of specialization would be sourced, which is essential for the

organization's overall performance. Finally, the findings of this academic research will serve as the

foundation for the development of methods that can be employed by MENA-based start-ups to

effectively launch their businesses and, as a result, ensure their growth and survival (Civera et al.,

2017). In this scenario, the economic focus will be on the establishment of a place where

opportunities for entrepreneurial activity may be developed and successful company ownership

acknowledged, culminating in a major societal change in the MENA region.

Suggestions for Future study

The major goal of this study was to examine and assess how owners of technology firms may

effectively increase their working capital and, as a result, expand their business at above-average

rates, with the audience consisting of existing and future entrepreneurs in the MENA area. First and

foremost, future research should build on the findings of this study to give more specific insights into

how to effectively establish a business in the MENA region. Such studies should include a thorough

discussion of the best tactics to use when starting a business in the location. Second, future research
can expand on this study to give some valuable insights on start-up techniques that might assure the

long-term viability of business establishments.

Third, future research should focus on providing a clear explanation of the many variables that might

work against an entrepreneur's drive to execute start-up methods based on the findings of this

study. While it is critical to constantly analyze the contribution of further research in the field of

entrepreneurial finance, it is also vital to recognize the significance of entrepreneurship tactics in the

domain.

Therefore, further examination should focus on critical analysis of different strategies for

entrepreneurship at the individual, macro, and organisational levels. Emphasis should mainly be on

research policy related issues, which are recognised as critical programs for sustenance of

development programs for the economy, on the macro level. Therefore, prospective studies at that

magnitude will help polish the entrepreneurship ecosystem. Further studies on various strategies for

entrepreneurship, at the institutional level must focus on comparison of roles of accelerator

programs in different locations around the world. On the contrary, further investigation on

entrepreneurial tactics will aim to unwind the chief reason, as to why some entrepreneurs fail, and

some succeed. Examinations as such will help guarantee appropriate understanding of

entrepreneurial finance from an organisational, macro and individually, this will greatly enhance the

knowledge base of both scholars and business practitioners. Finally, numerous limitations were

discovered in the current study, which future research might focus on addressing. This study solely

employed interviews as part of its research approach. Despite the fact that the interview approach

yields valuable insights, the sourced findings cannot be properly generalized.

They might focus future research on improving generalization by conducting a quantitative study

with a bigger sample of responders. Second, doing a comparative study evaluation may substantially

improve the findings in this field of this research. Future research should, for example, concentrate

on the influence of the corporate environment's innovativeness. According to Belkhir (2015),

innovation is a process that contributes to the development of societal values. As a result, future

research should seek to assess if present corporate organizations are working in accordance with

this criteria. This is accomplished by a comparison study with developed businesses such as the

United States. Finally, by including additional participants in the sample set, it is possible to gain a

better knowledge of the many challenges that impact technology utilization in the context of

entrepreneurial services.