Date of Conferral
3-20-2025
Date of Award
March 2025
Degree
Doctor of Business Administration (D.B.A.)
School
Business Administration
Advisor
Richard Johnson
Abstract
As a result of a lack of effective risk management strategies, some minority small business owners are unable to address business challenges during changing business environments. Small business leaders who cannot mitigate challenges in changing business environments risk financial loss and business failure. Grounded in general system theory and entrepreneurship theory, the purpose of this qualitative pragmatic inquiry study was to explore effective risk management strategies of minority small business owners used to mitigate challenges of changing business environments. The participants were six minority small business owners from southwest region of the United States who successfully mitigated the challenges of changing business environments. Data were collected through semistructured interviews and review of publicly available documents about strategies used to overcome challenges of changing business environments. Using thematic analysis, four themes emerged: strategic sustainable leadership role, strategic management role, strategic customer relationship and satisfaction, and strategic financial resilience. A key recommendation is for minority small business owners to develop risk management and symbiotic customer relationship and satisfaction strategies to sustainably succeed in business growth. The implications for positive social change include enabling small business owners and leaders to potentially become more sustainable, enhance competitive advantages, increase job opportunities, and ensure better customer satisfaction.
Recommended Citation
Mohammed, Sabit Yasin, "Effective Risk Management Strategies Minority Small Business Owners Use to Address Challenges of Changing Business Environments" (2025). Walden Dissertations and Doctoral Studies. 17515.
https://scholarworks.waldenu.edu/dissertations/17515
