Date of Conferral
5-22-2024
Date of Award
May 2024
Degree
Doctor of Business Administration (D.B.A.)
School
Business Administration
Advisor
Inez Black
Abstract
Small businesses play a big role in the global economy, but business survival beyond the initial 5 years is often challenging. Small business owners are concerned about surviving beyond 5 years because, in the first 5 years, they face numerous obstacles that threaten their sustainability. Grounded in entrepreneurship theory, the purpose of this qualitative pragmatic inquiry was to explore strategies small business owners use to extend organizational life beyond 5 years. The participants were three small business owners in North Louisiana with a successful business beyond 5 years. Data were collected using semistructured interviews, company public documents, and company websites. Through thematic analysis, four themes were identified: (a) adapting to change, (b) strategic planning, (c) customer relationship, and (d) financial planning. A key recommendation for small business owners is to ensure that business knowledge, resources, and financial plans are implemented before starting the business to achieve success beyond 5 years. The implications for positive social change include the potential for small business owners to improve their chances of success and economic growth for the community.
Recommended Citation
Miley, Terrance Lamar, "Strategies Small Business Owners Use to Extend Organization Life Beyond 5 Years" (2024). Walden Dissertations and Doctoral Studies. 15836.
https://scholarworks.waldenu.edu/dissertations/15836
