Successful Strategies Used by Small Business Owners for Company Sustainability
Successful Strategies Used by Small Business Owners for Company Sustainability by Robert Oppong MBA, University of Phoenix, Arizona, 2010 B Com, Walter Sisulu University of Technology and Science, South Africa, 1998 Ass. Degree in Statistics, Institute of Statistical Social and Economic ResearchISSER University of Ghana, Legon, Ghana, 1980 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2017 Abstract According to the U.S. Small Business Administration, African Americans are the fastest growing entrepreneurial minority group in the United States. However, they suffer the highest business failure rates. The research design for this study was a multiple case study to explore the strategies small business owners used to succeed in business beyond 5 years. The conceptual framework for this study was the systems theory. The population was small business owners in the Dallas Fort Worth metropolis, Texas. DataAccording to the U.S. Small Business Administration, African Americans are the fastest growing entrepreneurial minority group in the United States. However, they suffer the highest business failure rates. The research design for this study was a multiple case study to explore the strategies small business owners used to succeed in business beyond 5 years. The conceptual framework for this study was the systems theory. The population was small business owners in the Dallas Fort Worth metropolis, Texas. Data collection sources included semistructured interviews, company documents, company websites, and site visit observations. The data analysis process included data cleaning, uploading transcribed interviews into qualitative data analysis software, organizing and coding, and conducting methodological triangulation against company documents. The thematic analysis led to the identification of 6 major themes contributing to company sustainability. The predominate themes included entrepreneur qualities, adequacy or lack of collateral, financial planning, and market qualities. The consensus among participants denoted that in a business environment characterized by market differentiation, effective financial planning and unique entrepreneurial characteristics contributed to company sustainability. The findings revealed several features of the successful business owners such as education, professional background, motivation, creativity, negotiation skills, networking, risk taking, and self efficacy were critical for company sustainability. The positive social change includes increasing the rate of small business success, supporting the U.S. economy, and improving financial security for African American entrepreneurs, their families, employees, and the community. Successful Strategies Used by Small Business Owners for Company Sustainability by Robert Oppong MBA, University of Phoenix, Arizona, 2010 B Com, Walter Sisulu University of Technology and Science, South Africa, 1998 Ass. Degree in Statistics, Institute of Statistical Social and Economic ResearchISSER University of Ghana, Legon, Ghana, 1980 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2017 Dedication I dedicate this study to my parents, Robert Kwame Mensah Nkansah and Rosina Akua Nsonowaa Appiaah as well as my daughters Esther and Roselyn Oppong. I was able to make my dream a reality with the encouragement, love, support, and belief my family had in me. Acknowledgments I am very thankful for my chair, Dr. Tim Truitt whose passion for student success, unwavering patience, and guidance got me through even the most difficult of struggles. His attention to detail and keen eyes helped me to refine my thoughts and stay focused. I would also like to thank committee members Dr. Denise Hackett, Dr. Carol Anne Faint, and Dr. Judy Blando for their encouragement and valued feedback throughout the process. Finally, I thank my peer reviewer, Dr. Essam Abdalla who has been a positive, driving force and a source of motivation in this doctoral journey from the beginning.