Date of Conferral



Doctor of Business Administration (D.B.A.)




James Glenn


Some small and medium enterprise (SME) owners are challenged with sourcing adequate funds to start and continue in business. Financing SMEs is critical to their owners to ensure they can remain financially viable and continue contributing to Nigeria’s gross domestic product and economic growth. Grounded in the pecking order theory and the financial growth cycle theory, the purpose of this qualitative multiple case study was to explore strategies owners of startup SMEs in Federal Capital Territory (FCT), Nigeria, can adopt to source funds required to start and sustain a business beyond 5 years. Data were collected through semistructured interviews from eight business owners in the fashion, food, photography, and printing press industries who successfully operated their businesses for 6–10 years in Abuja, FCT. Data were analyzed using Yin’s five phases of analysis, and four themes emerged: (a) starting small and building up capital, (b) cash and working capital management, (c) concentric diversification and counter cyclical businesses, and (d) adapted crowdfunding. A key recommendation is for SME owners to start small and build up capital from business proceeds and retained earnings. The potential implications for positive social change include reducing business failure rate, increasing job retention, creating new jobs, increasing government taxation revenue, enabling the government to provide social infrastructure for its citizens, and reducing insecurity and crime rates in the community.