Rathogwa, Kediboni Belinda2025-03-042024Rathogwa, Kediboni Belinda. (2024). The Cognitive Process of Entrepreneurs Seeking Access to External Finance to Drive SMME Growth [PhD thesis, University of the Witwatersrand, Johannesburg].WireDSpace.https://hdl.handle.net/10539/44083A thesis submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy (PhD) to the Faculty of Commerce, Law and Management, Wits Business School, University of the Witwatersrand, Johannesburg, February 2024Small, micro and medium enterprises (SMME) need access to external finance to grow. Entrepreneurs’ financing decisions play an important role in enabling SMME access to external finance. Existing research does not adequately capture the complexity and dynamics involved when entrepreneurs make decisions. This study explored the cognitive process of entrepreneurs seeking external finance through which entrepreneurs’ financing decisions promote or limit SMME access to external finance. The study collected qualitative data through 14 in-depth interviews with entrepreneurs who operated businesses in South Africa. The data was analysed using reflexive thematic analysis to generate themes. Based on its findings, the study proposes a model of entrepreneurs’ process of choosing a course of action (MEPCCA). In addition, the study proposes an integrated model of the cognitive process of entrepreneurs seeking external finance to drive SMME growth (MCPESEF). The proposed MCPESEF provides a temporal account of the complex and dynamic process of seeking external finance. The study proffers that growth aspirations promote entrepreneurs applying for external finance by increasing its desirability, which positively influences their intention to apply. In contrast, the study proposes that discouragement limits entrepreneurs applying for external finance through its negative influence on entrepreneurs’ intention to apply. Further research is required to test the effect of perceived desirability and feasibility on entrepreneurs’ intention to apply for external finance. An in-depth understanding of the cognitive process of entrepreneurs seeking external finance supports efforts to improve SMME access to the external finance needed to drive growth.en© 2025 University of the Witwatersrand, Johannesburg. All rights reserved. The copyright in this work vests in the University of the Witwatersrand, Johannesburg. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of University of the Witwatersrand, Johannesburg.SMMEAccess to FinanceCognitive ProcessIntention to ApplyExternal FinanceEntrepreneursFinancing DecisionsGrowth AspirationsDiscouragementGrowthSDG-8: Decent work and economic growthDissertationUniversity of the Witwatersrand, Johannesburg