Success Strategies of Small and Medium-Sized Retail Enterprises in North Dakota
Abstract
Entrepreneurial organizations are an integral part of the United States economy. Despite the importance of sustainable businesses operations, nearly 50% of entrepreneurial ventures fail within the first 5 years of operation. The purpose of this multiple case study was to determine the effective strategies that some owners of small and medium-sized retail firms in North Dakota used to maintain profitable business operations for more than 5 years. General systems theory was the conceptual framework for this study. The population was 5 owners of profitable small and medium-sized retail firms in North Dakota who have been in operation for a minimum of 5 years and are at least 18 years old. Data were collected from semistructured interviews and review of documentation such as training manuals, financial statements, strength-weakness-opportunities- threat analyses, industry periodicals, and ordering materials to support data triangulation. The data were analyzed according to Yin's process of evaluating, categorizing, organizing, analyzing, and rearranging research data. Five themes emerged from data analysis: leadership strategies, financial strategies, marketing strategies, inventory strategies, and customer-centricity strategies. The findings of this study may help small and medium-sized retail enterprises owners increase business sustainability rates. Increased retail business sustainability rates may contribute to positive social change by employing more people, improving the standard of living for employees, and increasing tax revenues for local, state and federal governments.
