THE RELATIONAL CAPITAL IN FEMALE SMEs Paola Paoloni, Unicusano Telematica Roma, Italy Paola Demartini, University Roma

Tre, Italy

ABSTRACT It is widely believed that the experience of women is characterized by an entrepreneurial approach "to network" in which great importance is given to the relational dimension. The survey may be able to identify the nature of the needs expressed predominantly by women entrepreneurs at this stage from the life cycle of the business and investigate how these needs are met, including for the purpose of identifying alternative solutions and more effective. Given that female entrepreneurship is regarded everywhere as central to the development and welfare of economies, the deepening of knowledge of how women entrepreneurs manage the start-up of his business can contribute to improve the effectiveness policies aimed at promoting the participation of women in the economy. Keywords: female entrepreneurs, social capital, networking, qualitative research method

1. INTRODUCTION

The participation of women in labour force, especially in entrepreneurial positions, has, in our country, a significantly lower rate than the European average (38.7% vs. 53.1%) (data Presidency of the Council Minister's Office, Department of Equal Opportunity, 2009). However, some studies (SFC - TRAINING SYSTEMS CONFINDUSTRIA ScpA and Ecoteam Ltd., 2010) show that, despite the fact that these indicators are among the lowest in Europe and workfamily services are limited, women show an interesting dynamism towards business. This has been seen also in the last two years of deep economic crisis. Therefore, supporting the development of women is important; it can be seen as a strategy to encourage both, employment growth and local development. Moreover, many studies show that the under-use of women "labour force" (both as employees and entrepreneurs) is a high cost for the productive system. Over the past few years, the positive economic effects of the women labour force have been demonstrated. Therefore, actions to enhance the development of women enterprises are important mainly in the current period of crisis. In fact, woman entrepreneurs are important for both the family, because they can contribute to the family income, and the economic development. Even if appear that women dont do an accurate analysis of the risks when they want to start a business. For these reasons we decided to focus on start-up businesses of women in order to understand the factors which facilitate and / or hinder this phase. More precisely, we focus on the relational aspect which includes the relations of different nature that an entrepreneur engages to manage his business. It is widely believed that women entrepreneurship is characterized by a networking approach, with big attention to the relational aspect (Aldrich, 1989; Aldrich And Dubin, 1991; Cannon And Carter 1988, Cuba, Decency And Anish, 1983; Hoang And Antonie, 2003). There is a trend for women to integrate professional life with private life, while men tend to separate them (Brush, 1984; Dolinsky-1998 Caputo, David 2006, Donati. Prandini-2009). However in researches concerning women's entrepreneurship and its approach to "network", attention is mainly paid to the study of how the networks look like. Less attention is paid to both, the motivations to build a certain kind of network and the impact it can have for the management and performance of the business. Because of this we think it is necessary to further investigate the relational capital of women businesses as a means of creating economic value. It is known that relational capital is a determinant of business success, because it consists of a set of formal and informal, temporary and permanent relationships, which can help to develop the business. It is

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believed (D'Egidio, 2001), that the quality of the relationship between the entrepreneurs and customers, suppliers, retailers, producers and other business partners, as well as the value of reputation in the market and among investors , are intangible factors that can greatly affect the results of the company. This work aims at extending previous research on this topic, reflecting on the role of relational capital in women business. The focus is on micro-enterprises, which are characterized by a different organizational, managerial and informative approach. In the micro-enterprises the creation of a network which supports customization in the production, creativity, talent and personal skills is crucial for their survival and growth. Our focus is on the start-up phase of women businesses in order to understand: 1. the nature of the relationships built by women entrepreneurs during the start up of their business and to know the identity of members of the network by identifying whether formal or informal relationships prevail; 2. which are the factors influencing the relationships; 3. how these relationships can contribute to the success of the start up phase and, consequently, how they can be supported. From a methodological point of view, it is believed that these objectives can be successfully achieved by adopting a qualitative research based on case study (Yin 1982, Welsh-Young 1982). The case study looks at the meaning of the experiences of people; it is a research strategy suitable to situations in which the object is to examine in depth current events of real life. This research contributes to increase the knowledge in the field of networking and relational capital in women's businesses. More precisely, by exploring the characteristics of the relations developed by women entrepreneurs in start-ups, the aim is to understand the rationale below the activation of these relations and the selection of whom is involved. Second, the in-depth analysis of women's experiences should help to more deeply understand in which ways these relationships can support and facilitate the business in the start-up phase. The relational aspect (Costabile 2001, Edvinsson 1997, Edvinsson-1997 Malone, Zambon 2004) has so far been recognized as a distinct feature of "doing business". However, this research will focus on the understanding of the effects of the relationships in the start-up phase. Women entrepreneurship is seen to be fundamental to the development and welfare of the economy. Thus, a deeper knowledge of both, networks and the supports the entrepreneur needs in the start-up phase, can help to improve the effectiveness of policies that promote the participation of women in the process of economic development. This paper is structured as follows: in the second section the relevant literature will be analysed, in the third paragraph the case studies are presented and in the fourth paragraph the relationships and networks used by entrepreneurs are identified. The following table shows the data collection and interpretation of the concluding remarks. 2. ANALYSIS OF THE LITERATURE The literatures considered for the research are: - Literature about the relational capital as intangible assets - Literature about women-owned businesses and networks existing within them. The value of an enterprise is increasingly linked to its intangible elements (Von-Vicars Krog, 1992). Despite the fact to be intangible, these resources contribute to the production of economic value (SVEIBY, 1997). According to this assumption there are three kinds of intangible resources: human resources (human capital); organizational resources (structural capital); relational resources (relational capital).

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This classification (Edvinsson Malone MS-1997) is the most used in national and international studies and it seems to be the most suitable for this research, which will focus on the third kind of resources: the relational resources. Relational capital is (Costabile 2001) the stock of trust, fidelity and loyalty that the company must increase in order to be competitive over time. Therefore, it is given by the relationships of various kinds, which are developed with a plurality of external entities. These relations are considered to be assets to the extent that they contribute to the creation of value for the enterprise (Putnam, 1995; Pirovano, Gilodi 2003, Granovetter, 1973). The relational capital has been studied considering different aspects: - The economic impact of the relations of an enterprise which acts in a specific context (Bordieau, 1986; Gleaser 2000; Paldam, 2000;. Putnam, 2000); - The communicative and relational processes of the subjects who are in a specific network (Coleman, 1990; The Valley 2000; Peas, 2000); - The variables that characterize business relationships (Gui, 2000). However, the relational capital is, for two main reasons, a concept that is complex to define: 1. it is an intangible asset 2. it has some variables which are unpredictable, unmeasurable and cannot be standardized such as trust, reliability, expertise, the connection of objectives and interests. The main reasons to investigate the use of this intangible asset by entrepreneurs are: - the importance of relational capital as a factor able to increase the economic value of a business - the increasing importance that women's entrepreneurship has in the economic and social contest, they can be a resource in the current period of crisis "Strategy of improvisation," "relational leadership", "transactional organization" are specific of women and they highlight the importance of the network. Women prefer a cooperative approach and they tend to encourage the employees to share information and to interact. This model of governance is successful (Arcari-Pistons - Songini, 2008). In the business run by women, mainly in the small business, the relational capital has a strategic role. Culture, tradition and know-how of women create an "active learning", ie a form of learning in action that enable the firm to make changes and go over the tradition, through the production of new competitive tools (Bernard-Rullani, 1994), such as relations. However, only a few empirical studies show interest on the relationships created by entrepreneurs and they focus only on some specific aspects. Some authors (Carsrud, Rennet, Olm, 1986; Ronstadt, Hornaday, Peterson, Vesper, 1986; Rodriguez, Santos, 2007) have focused on differences between the gender of the entrepreneur who start the relation. Networks built by women have a major proportion of female and tend to be smaller in size. However, it is difficult to identify a standardized model for the network. However, people agree (Gillian, 1982) that women businesses are characterized by a more frequent use of relationships, during all phases of the life cycle of the company (cooperative vision). Women-owned businesses differ from those of men for the marked tendency to constantly seek to link family, social and working life. This difference is based on the different way of living between men and women. The idea of the network for the woman derives from the desire and the need to create a connection between work, family and community (Aldrich, 1989) and obtain, thereby, the needed support. 3. CASE STUDIES Nine cases of business run by women are analysed, focusing on the management of the start-up phase in order to investigate the nature and role of the relationships that are activated by the entrepreneurs. Data collection is based on direct interview (McKenzie, 2007) to the entrepreneurs, through a semistructured questionnaire. The questionnaire has been tailored depending on the characteristics of the person interviewed. The interviews were analysed through "narrative reports" focused on the factors that influence the creation of business relationships.

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The choice of the cases was done according to the following factors: a) territorial proximity of the interviewer (same province), familiarity with the case (known SMEs) and access to information (ability to visit the company several times, collaborative approach by companies). b) Dimensional, small companies that tend to rely more on network; c) Territorial, micro enterprises set in the same territory and therefore with a similar business mentality, so they have the same starting positions. We have not considered relevant to determine the number of cases to study, but we focused on the different characteristics that these cases should have (industry, legal form, age of the company, entrepreneur age, marital status, educational level, previous work experience, etc.. ). Nine case studies involving women micro enterprises in the province of Viterbo, Italy. The interviewer's attention is focused on both verbal and non-verbal communication. The interviews were divided in parts representing the factors that determine the relationships: personal characteristics, environment, organization and start-ups. Each of these factors was then coded in units for a specific interpretation. 4. THE BUSINESS RELATIONS AND THE DIFFERENT KINDS OF NETWORK The study of business relations, within the existing literature, focuses mainly on the links between company and customer because the level of trust among these is considered to add value to the business. However, all stakeholders, not just customers, have relations with the company. In the small and medium-sized enterprises, the relations between the environment and the entrepreneurowner are basic (network of friends, family, professional ,). Relations have been classified in formal and informal. Formal relations are characterized by the presence of a need or an obligation, which can be of different kinds: - Legal - Managerial - Economic Informal relations create by indirectly providing support to the enterprise. They are determined by personal choices, they involve people who are, for various reasons, linked to the entrepreneur and her business. They are for example relations with relatives, family, friends, neighbours, colleagues. Relations can be classified also basing on their frequency: permanent and temporary. Permanent relations imply the existence of a lasting relationship based on trust. The level of strength of a permanent relation is a proof of the appreciation of the relation and its advantages, it leads to a process generating a lifetime value (Rifkin, 2000) with the stakeholder. On the other hand, temporary relations are casual and they arent followed by trust. Both, permanent and temporary relations, can arise with formal and informal stakeholders and they are based on a trust which can have either a personal or a professional nature. The "matrix of relations" Figure 1 considers both, the kind and intensity of the relations. The matrix identifies four kinds of network that a company can have. This matrix shows on the horizontal axis the "intensity of the relation" (permanent or temporary) and on the vertical axis the "type of relation" (formal and informal).

FIG. 1- MATRIX OF RELATION

B D Temporary

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The matrix shows that there are four patterns of network: Type A: Permanent use of formal relations Type B: Temporary use of formal relations Type C: Permanent use of informal relations Type D: Temporary use of informal relations The kinds of network can change during the business life cycle. The kind of network also differ depending on the size and / or the company legal status. For instance, a large public company with many legal constraints will more likely have a type A or D network. A medium enterprise, with the main power on the entrepreneur, will have a adopt type B or C networks because they are more easily to manage for that kind of business. 5. THE MODEL First, data have been collected and processed through narratives; then a case study analysis of evidences has been done in order to direct the research, according to its objectives (Yin 1982). Analysing the evidence of a case study is very difficult and there are not defined techniques and strategies. The strategy we use is the construction of a theoretical explanation derived from the collected information. Explaining a phenomenon means to establish a set of causal links about it, these links are difficult to evaluate and demonstrate, but they have with certain correlations. The understanding of the links is done through the use of a model (C.A.O.S.) which was created in order to link all the identified determinants of a network. These determinants are: 1. personal characteristics of the entrepreneur (C); 2. environment in which the company operates (A); 3. organizational and managerial aspects (O); 4. start-ups and motivations of starting a new business (S). These determinants have already been singularly investigated by several studies, in order to identify the differences between men and women entrepreneurs which relate to the individual sphere (Schwartz, 1976; De-carlo. Lyons, 1979; Geoffee - Scase, 1983; Hisrich, 1983, Scott, 1986; MasterMeier, 1988;-Dugan-Feeser Plaschka, 1990), the environmental sphere (Bttner-Rosen, 1988; Bttner-Rosen, 1989; Riding-Swift, 1990) the organizational sphere (Pilgrim-Reece, 1982; CubaDecency-Anish, 1983; Chaganti, 1986; kemp, 1988; Brush , 1990;-Leicht Kalleberg, 1991) and the process (Sexton-Bowman, 1986; Nelson, 1987; Chrome-Hayes, 1988; Arora-Stoner-Hartman, 1990; Thompson-Hood, 1991). In this research the same determinants are investigated emphasising attitude of women to develop relations. In the model (Figure 2) the identified determinants, can be seen as mutually linked relations which influence each other. The four factors can be represented in a diagram, the "C.A.O.S. rectangle". The angles represent the four factors, which identify the characteristics of a business and that influence the relations.

FIGURE 2: THE RECTANGLE OF C.A.O.S. OF WOMEN'S BUSINESSES

Personal characteristics of the entrepreneur

Environment

Start-up

Organization

-------- "cardinal links" _____ "secondary links",

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The networks activated in a company are dynamic and constantly changing over time. Because of this dynamism, the time in which the relations are observed and analysed is important. Looking at the C.A.O.S. model we can read, moving clockwise, the logic of the process of an entrepreneur when deciding to start a new business. The process identified in the CAOS model, requires a careful analysis of the four elements. The personal factor relate to the question "Who is the entrepreneur?", it relates to the person who manages the company with its personal characteristics (C) which can influence the number and type of relations. The macro business factor relates to the question "Where does the entrepreneur operate?. It involves a deep analysis of the habitat in which the entrepreneur set her company (A) which is its local, social and economic context. The business factor (O) relate to the question "How does the entrepreneur manage the company?". This factor is linked to the previous ones, it depends on the organizational structure of the company, the objectives of the entrepreneur and the activities to achieve them. The last factor relates to the question "When is the company observed?" which is the period chosen to observe and analyse the relations. It is known that the relations are dynamic and different depending on the phase of the business life (start-up, growth, maturity and decline). In this research great attention has been paid to the start-up phase of the women enterprises, the aim is to understand the nature of the relations that women enable at this stage and to know the people to whom they address; to identify the type of contribution that these relations give to the company and recognize its impact on the opportunities for success. Linking these factors, different types of connections can be classified and, within them, it is possible to identify the kind of existing relations. Starting from (S), we first focus on the connections marked with the dotted line, which link the start-up phase with the personal (S-C), business (S-O) and macro business (S-A) factors. We will call the connections that link the point S with points C, O and A, "cardinal links" because they represent the cornerstone of all business relations, as they are active by the entrepreneur in the startup phase. Within these connections there will be different kinds of relations: formal, informal, temporary or permanent. The "cardinal links" can summarise the type of network that the entrepreneur activates depending on her personal characteristics, the environment in which she operates, the organization she develops during the start-up phase. The "cardinal links" are classified in: 1. first kind (S-C/C-S); 2. second kind (S-O/O-S); 3. third kind (S-A/A-S). The "cardinal links of the first kind" identify all contacts that the entrepreneur actives to start her business; they depend on her personal characteristics, her needs, her motivations. The "cardinal links of the second kind" are those relations that the entrepreneur activates to organise the enterprise and to clearly define the roles, tasks and responsibilities associated with it, as well as the relations between the various governing bodies (lines of influence). The "cardinal links of the third kind" during the start-up phase concern the company and the environment in which the enterprise is set. These relations come from outside the enterprise. In addition to these links there are also "secondary links", shown in Figure 2 with the line. We will call these links "secondary" because they are not necessarily related to the start-up phase so they are not the object of this research. 6. CONCLUSIONS According to some authors (Scott 1986, Brodzinsky Scherer-1991-Wiebe, Shane Collins-Locke-2003) the way of doing business of a woman is closely linked to its network, how it is used and how it looks like.

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We found that the kind of network, consisting of temporary rather than permanent relations and formal rather than informal, is linked to the entrepreneurs needs to find ways to overcome the difficulties of the start-up phase. However, these relations are not always useful. Thus, it is important to understand how the networks support the enterprise in order to identify their contribution and to highlight the gaps of unmet needs for which some policies to assist and support the enterprise can be implemented. These policies may improve the management efficiency and reduce the mortality rate of businesses in start-up phase. The information can be useful to both, the entrepreneur and the socio-economic and political context in which the enterprise operates. From the case studies analysis we found a predominant use of networks kind C which are characterized by informal and permanent relations that support the need to reconcile work and family and to involve relatives and friends in the network. This aspect often emphasizes the lack of strategy in the women small enterprises. The C.A.O.S. model, Figure 3, helps to deeply understand the factors that characterize the enterprise and the entrepreneur and that need to be considered in order to understand how and why a particular relational capital is built, if this is related to the needs of entrepreneur and whether or not it is able to satisfy them. FIGURE 3: C.A.O.S. MODEL
NETWORK (A,B,C,D)

RELATIONS (F,I,T,P)

C.A.O.S. NEEDS

POLITICAL SUPPORT

Often the use of a certain type of network is not the conclusive solution for the fulfilment of a need, but it is necessary only in a particular moment of the business life. An example is the need in the start-up phase, to raise funds. The frequent use of informal and permanent relations may not be a solution for the problem. For example, a relative can help providing money but he cant advice about the financial management, which may not be efficient and effective and then the liquidity problem would arise again. However, if the entrepreneur would be assisted by a trade union or a consultant, able to advise and support her with the financial management, then she could solve, through a temporary and formal relation, her problem looking strategically at the long term. The strategic component is not common in the small businesses. Through the analysis of the C.A.O.S. model, the entrepreneur might gain a greater awareness of her needs and related difficulties, and at the same time, she might better consider the factors (C.A.O.S.) that affect the relations. Monitoring these factors she would strengthen the competitiveness of the

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business, the strategic dimension, the success, and then chose the relations depending on the needs so to guarantee a more efficient and effective business management. The knowledge of the needs that the network may be unable to fill is important information also for the socio-economic and political context in which the enterprise is set, and: - in enabling services such as kindergartens, support centres for businesses, increased links with the trade unions - support for the development of businesses (financing, strategic management advice, strategic development of the governance and effective economic and financial communication) To investigate the importance of the size of the network, it would be interesting to develop the same research focusing on men entrepreneurs to better understand the influence that gender has on the network in the start-up phase. The research shows that in the start-up phase there are several kind of financial problems, related to the lack of information and to bureaucratic problems. Women entrepreneurs tend to overcome all these problems through the use of a network kind C. This network is composed by informal and permanent relations. Generally, women entrepreneurs agree there are not significant gender differences between men and women, nevertheless during the interviews there was a distinctive feature of women related to the dual role that they play in family and business. This feature, which has been often highlighted as a difficulty, can be overcome and seen as a competitive advantage through: the inclusion of the family as the main element of the network; the articulation of the network based on the collaborative principles of a family. Thus, doing business and having a supportive family becomes easier and even winning from the strategic point of view, when the family is part of the network based on the same values and ways of management. This phenomenon, start from the "conciliation" between family and work, family and work are deeply linked: The family, because the working conditions are increasingly important to give a satisfactory level and quality of life; - the company, because the conciliation is one of the factors that facilitate competitiveness, which generates value. This is confirmed by our investigation which shows the leadership of the woman entrepreneur as a new model of governance based on the use of the network as a connection between work and family. REFERENCES: Aldric h., Networking among women entrepreneurs, in Hagan O.- Rivchun C.-Sexton D., Womenowned businesses, Preger, New York, 1989. Aldrich H.-Dubini P., Personal and extended networks are central to the entrepreneurial process, Journal of Business Venturing, vol. 6, 1991. Alrich H. - Reece P.R. - Dubini P., Women on the verge of breakthrough?: Networking among entrepreneurs in the U.S. and Italy, Entrepreneurship And Regional development, n. 1, 1989; Arcari A.-Pistoni A.-Songini L., Corporate social responsability nelle imprese femminili: Gli impatti sui sistemi manageriali, Paper presented at AIDEA, Napoli, 2008. Bordieau P., Forms of capital, in J. Richardson, Handbook of theory of research for the sociology of Education, Greenwood Press, Westport, 1986. Brush C. G., Women and enterprise creation: barriers and opportunities, in S. Gould-J. Parzen, Enterprising women: Local initiatives for job creation, OECD, Paris, 1990. Brush C.G, The woman entrepreneur: Management skills and Business problems, Journal of Small Business Management, n. 22, 1984. Buttner E. H. - Rosen B., Bank loan officers perceptions of the characteristic of men, women and successful entrepreneurs, Journal of Business Venturing, n. 3, 1988. Buttner E. H. - Rosen B., Funding new business ventures: Are decision-makers biased against women entrepreneurs?, Journal of Business Venturing, n. 4, 1989.

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Pellegrino E.T. - Reece B.L., Perceived normative and operational problems encountered by female entrepreneurs in retail and service firms, Journal of Small Business Management, April, 1982. Pirovano M.-Gilodi C. (a cura di), Il capitale relazionale delle associazioni di impresa, Angelo Guerrini e associati spa, Milano, 2003. Piselli F., Social capital as situational and dynamic concept, Paper presentato al convegno -Workshop on Social Capital-, Trento 19 ottobre 2000. Ponticelli M. P. Limpresa della differenza. Imprenditoria femminile e sviluppo locale: la risorsa incubatore, Il Sole-24Ore Libri, Milano, 1996. Putnam R., Bowling alone, Simon and Schuster, New York, 2000. Riding A.L. - Swift C.S., Women Business owner and terms of credit: Some empirical findings of the Canadian experience, Journal of Business Venturing, n. 5, 1990. Rifkin J., Lera dellaccesso, Mondadori, Milano, 2000. Rodriguez M. J.-Santos F.J., Woman nascent entrepreneurs and social capital in the process of firm creation, International Entrepreneurship and Management Journal, Vol.5, n. 1, March, 2009. Ronstadt R.-Hornaday J. A.-Peterson R.-Vesper K. H., Frontiers of entrepreneurship research, Babson College, Wellesley M.A., 1986. Schrier J.W., The female entrepreneur. A Pilot study, The centre for Venture management, Milwaukee,1975. Schwartz E.B., Entrepreneurship: A new female frontier, Journal of Contemporary business, Winter, 1976. Scott C.E., Why more women are becoming entrepreneurs, Journal of Small Business Management, n. 24, 1986. Sexton D. L. - Bowman N., Validation of a personality index: Comparative psychological characteristics analysis of female entrepreneurs, manager, entrepreneurship students, and business students, Frontiers of entrepreneurship research, Babson College, Wellesley M. A., 1986. SFC SISTEMI FORMATIVI CONFINDUSTRIA S.c.p.A e ECOTEAM s.r.l, Studio limprenditorialita femminile e gli strumenti di supporto alle donne per la creazione di impresa , dicembre 2010. Stoner C.R. - Hartman R.I. - Arora R., Work-home conflict in female owners of small business: An exploratory study, Journal of Small Business Management, n. 28, 1990. Sveiby K.E., The Intangible Asset Monitor, Journal of Human Resource Costing & Accounting, Vol. 2, n. 1, Spring 1997. Thompson J.K. - Hood J.N., A comparison of social performance in female owned, small business, Presented in the Annual Academy of Management Meeting, Entrepreneurship Division, Miami, Florida, August 1991. Vicari S. - Von Krogh G., Lapproccio autopoietico allapprendimento strategico sperimentale, Economia e politica industriale, n. 74/76, 1992. Welsh H.B.-Young E.C., Comparative analysis of male and female entrepreneurs whit respect to personality characteristics, small business problems, and information source preferences, in Proceedings-International council for Small business, 1982. Yin K.R., Studying the implementation of public programs, in W.Williams et. al., Studying implementation: Methodological administrative issue, Chatam, NJ, 1982. Zambon S., Intangibles and Intellectual Capital: An Overview of the Reporting Issues and Some Measurement Models, in P. Bianchi-S. Labory , The Economics of Intangibles, Ashgate, London, 2004.

AUTHOR PROFILES: Dr. Paola Paoloni, PhD, is Assistant Professor at the University of Human Sciences N. Cusano, in Rome. Her research interest includes general management, financial reporting and intellectual-based management Professor Paola Demartini is a Full Professor for Management and Accounting at The University of Rome3 (Italy). In the period 1991- 2010 she was at the University of Urbino (Italy). Her research interest includes general management, small business management, financial reporting and intellectual-based management. She is the Executive Editor of the Review Piccola Impresa/Small Business.

JOURNAL OF ACADEMY OF BUSINESS AND ECONOMICS, Volume 12, Number 1, 2012

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