Exploring Strategies Required for Small Business Sustainability in Competitive Environments

Exploring Strategies Required for Small Business Sustainability in Competitive Environments by Christian Akaeze MBA, Devry University, 2010 BS, Ambrose Alli University, 1994 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University January 2016 Abstract Owners of small businesses contribute approximately 39% of the gross domestic product and create 2 out of every 3 new jobs, but only 25% of startup small businesses stay afloat after 5 years. Guided by the resource-based view theory of the firm, the purpose of this multiple case study was to explore strategies small auto dealership business owners use to sustain businesses in New York City. Data were collected through semistructured interviews from 3 participants who owned small auto dealership businesses and succeeded beyond 5 years. Data analysis entailed using coding techniques and cluster analysis. Member checking was used to strengthen the credibility and trustworthiness of the interpretation of participants’ responses. The 3 themes that emerged in the final report related to small business owners’ strategies for success, influence of customer satisfaction on small business survival, and influence of prior industrial experience on small business owners’ success. Findings from this study may contribute to social change by indicating some strategies that business owners use to sustain business and mitigate harmful effects of job loss. Data from this study may contribute to the prosperity of small business owners, their employees, and local community. The beneficiaries of this research include small business owners, practitioners, and policy makers.Owners of small businesses contribute approximately 39% of the gross domestic product and create 2 out of every 3 new jobs, but only 25% of startup small businesses stay afloat after 5 years. Guided by the resource-based view theory of the firm, the purpose of this multiple case study was to explore strategies small auto dealership business owners use to sustain businesses in New York City. Data were collected through semistructured interviews from 3 participants who owned small auto dealership businesses and succeeded beyond 5 years. Data analysis entailed using coding techniques and cluster analysis. Member checking was used to strengthen the credibility and trustworthiness of the interpretation of participants’ responses. The 3 themes that emerged in the final report related to small business owners’ strategies for success, influence of customer satisfaction on small business survival, and influence of prior industrial experience on small business owners’ success. Findings from this study may contribute to social change by indicating some strategies that business owners use to sustain business and mitigate harmful effects of job loss. Data from this study may contribute to the prosperity of small business owners, their employees, and local community. The beneficiaries of this research include small business owners, practitioners, and policy makers. Exploring Strategies Required for Small Business Sustainability in Competitive Environments by Christian Akaeze MBA, Devry University, 2010 BS, Ambrose Alli University, 1994 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University January 2016 Dedication I dedicate this study to my wonderful wife, Nana, for her boundless love and support throughout the doctoral journey. I also dedicate this study to my children, Chris Jr, Solomon, and Samuel, for all the sacrifices, prayers, and missed vacations during my stormy periods of this journey. This doctoral study is for my wife and children as a reminder that God is able to do all things. My hope is that this achievement will be a source of inspiration to future generations of my family and symbolize that success is a result of discipline, commitment, hard work, and perseverance. Acknowledgments I would like to thank God for the grace, strength, and resources to complete this doctoral study. I want to thank my research committee chairman, Dr. Charles Needham, personally, who graciously extended me a life raft after my earlier terrible experience in the early stage of my effort. Dr. Needham was always willing and ready to help, encourage, and advise me through the successful conclusion of this doctoral journey. I doff my hat in salute to you for your mentoring. I also wish to thank committee members Dr. Robert Miller, my second committee member, and Dr. Alexandra Larzo, university research reviewer (URR) for their guidance and support. My special acknowledgement goes to Dr. Gene Fusch, for his inputs and guidance through teleconference that contributed to the knowledge to complete this doctoral research study. The last acknowledgment is to Dr. Freda Turner, Director of the Doctor of Business Administration program, for her teachings, leadership, and encouragement.