Date of Conferral
5-16-2024
Date of Award
May 2024
Degree
Doctor of Business Administration (D.B.A.)
School
Business Administration
Advisor
Al Endres
Abstract
Small businesses are a crucial part of the economy of the United States. However, once a small business owner experiences a financially related adverse circumstance, the chances of failure increase exponentially. Grounded in the rational choice theory, the purpose of this qualitative multiple case study was to identify and explore the effective strategies small business owners use when addressing financially related adverse circumstances. The participants were four small business owners in the Washington, D.C. metropolitan area who used successful strategies to address financially related adverse circumstances. Data were collected using semistructured interviews and reviews of organizational documents and analyzed using a 5-step thematic data analysis approach. The four emerging themes were having a detailed business plan, access to capital, adaptability, and education. One major recommendation is developing a contingency plan as a part of the business plan. The implications for positive social change include the potential for small business growth, sustainability, and job creation to catalyze economic growth and development at the local and state levels.
Recommended Citation
Thomas, Shirley, "Successful Small Business Strategies Addressing Financially Related Adverse Circumstances" (2024). Walden Dissertations and Doctoral Studies. 15811.
https://scholarworks.waldenu.edu/dissertations/15811
