Sustainment Strategies Small Business Owners Use for More Than 5 Years

Sustainment Strategies Small Business Owners Use for More Than Five years by Son Nguyen MBA, Cameron University, 2010 BS, Georgia Institute of Technology, 2004 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University July 2017 Abstract U.S. Small Business Administration reports that small businesses are one of the pillars of the U.S. economy, providing employment, innovation, and productivity. However, these businesses are constantly faced with challenges resulting from limited resources and continuous technological advances. This qualitative multiple-case study was performed to explore the strategies that small business owners (SBOs) in Maryland use to acquireU.S. Small Business Administration reports that small businesses are one of the pillars of the U.S. economy, providing employment, innovation, and productivity. However, these businesses are constantly faced with challenges resulting from limited resources and continuous technological advances. This qualitative multiple-case study was performed to explore the strategies that small business owners (SBOs) in Maryland use to acquire capital to sustain their businesses financially for more than 5 years. The study’s framework, the strategic management theory, was applied to determine the most effective approaches for the small businesses. Face-to-face interviews with 6 recruited SBOs were performed. A qualitative thematic analysis was then used to analyze the interviews. The main strategies to sustain capital were to create a business plan focusing on long-term goals and invest in employee knowledge and skills. In the process of measuring success, participants mostly determined their success by their ability to acquire customers based on feedback and good service. The interviewees managed their cash by minimizing debt, maximizing the use of technology, and keeping track of cash flows. The SBOs also shared that the challenges in business were endured by staying debt-free, adjusting their strategies with the market changes, and conserving cash and expenses. Contributions to social change include helping small businesses sustain by leveraging strategic planning, management, and implementation in their businesses, thereby providing jobs and contributing to the overall economic vitality of the community. Sustainment Strategies Small Business Owners Use for More Than 5 Years by Son Nguyen MBA, Cameron University, 2010 BS, Georgia Institute of Technology, 2004 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University July 2017 Dedication The dedication of my doctoral study goes to my parents Long Nguyen and Sung Vo, for endlessly sacrificing their entire lives in order to send their children to school, no matter how poor we were. I also dedicate it to my son, Kennedy Nguyen; he is a reason why I want to achieve my doctoral degree. I want to set an example for him so that he can follow my guidance when he grows up as my father did for me. My father provided me with a prime example of how a father should lead his family and guide his children, and his spiritual support continuously encouraged me to complete this program. I also want to thank my wife, Tran Truong, for taking care of my son so that I have free time to focus on my studies. To my siblings who always pressed me to be better, I would not be in this position without all of you supporting me to finish my doctoral degree. Acknowledgments First, I would like to thank my parents for guiding my steps and helping me through this journey. I wish to acknowledge my committee chair, Dr. James Glenn, committee members, Dr. Peter Anthony, and Dr. Judy Blando, for their guidance and professionalism throughout this journey. Thank you to my classmates who have helped me complete my study. I would like to acknowledge my friends and family for supporting me through this journey.