Date of Conferral

4-15-2025

Date of Award

April 2025

Degree

Ph.D.

School

Management

Advisor

Karina Kasztelnik

Abstract

Due to their limited creditworthiness and growth potential, small enterprises (SEs) encounter significant challenges when securing their growth needs. SEs in Florida lack awareness, understanding, or practical guidance on cryptocurrency-based growth strategies. The purpose of the qualitative, multiple-case study was to explore the cryptocurrency-based growth strategies available to SEs in Florida. Rogers’s diffusion of innovations theory, Markowitz’s modern portfolio theory, and Thaler’s behavioral finance theory grounded the conceptual framework. Four participants identified through purposeful sampling as SEs in Florida used cryptocurrency in their enterprises. Data were collected using in-depth semistructured interviews. Five themes emerged from the six-phase thematic analysis: (a) competitive edge for business and driving innovation, (b) technological innovation for business scalability and customer base, (c) balancing risk and global expansion and market opportunities, (d) navigating legal and regulatory complexities with secured transactions, and (e) strategic risk management ventures building knowledge and networks for successful integration. SEs should embrace its innovation and essential components of a growing clientele, cutting transaction costs, entering foreign markets, and realizing cryptocurrency’s volatility. SEs’ leaders can use these identified strategies to gain a competitive edge in integrating blockchain technology into their operations, entering new markets, and positioning for long-term success. The implications for positive social change include the potential for SEs’ leaders to apply cryptocurrency as a growth strategy, increase employment to affect small businesses, allow local communities to thrive, and create contributions to fortify the U.S. economy.

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