The Alchemy of Sustaining New Business Ventures

The Alchemy of Sustaining New Business Ventures by Alicia R. Hooks MA, MidAmerica Nazarene University, 2008 BS, University of Missouri, Kansas City, 1991 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2019 Abstract The high failure rates of new business ventures (NBV) negatively affect employment and potential contributions to the economic health of communities. The high NBV failure rate is essential, as NBV sustainability influences job creation and increases employment rates in communities surrounding the NBV. The purpose of this qualitative single case study, using the effectuation conceptual framework, was to explore strategies organizationThe high failure rates of new business ventures (NBV) negatively affect employment and potential contributions to the economic health of communities. The high NBV failure rate is essential, as NBV sustainability influences job creation and increases employment rates in communities surrounding the NBV. The purpose of this qualitative single case study, using the effectuation conceptual framework, was to explore strategies organization leaders in the state of Missouri used for sustaining NBV operations beyond 5 years. The sample consisted of 6 NBV consultants from a single Missouri NBV consulting firm who have sustained NBVs beyond 5 years. The 6 NBV consultants answered standardized open-ended questions via semistructured interviews. Documentation served as a second data collection source. Data analysis included Yin’s 5-step process, a thematic analysis by coding interview text, reducing themes based on redundancies, and combining common themes. The data revealed mindset as a meta-strategy and included three subordinate themes of knowledge-based strategies, network strategies, and systems strategies. The findings from this study can benefit NBV consultants and managers to assess mindset strategies as a foundation for developing subordinate sustainability strategies. The implications for positive social change include the potential for generating tax revenues to strengthen communities and increase support of quality education, contributions to infrastructure and public service expansions, and collaborations for community partnerships. The Alchemy of Sustaining New Business Ventures by Alicia R. Hooks MA, MidAmerica Nazarene University, 2008 BS, University of Missouri, Kansas City, 1991 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2019 Dedication This dedication is first to God, whose grace, mercy, love, and strength allows me to live, move forward, and overcome obstacles. A special dedication posthumously in honor of Mary Ann Flunder whose idea it was for me to begin this journey. I am sure she is looking down from heaven with a smile. I thank my parents, Paul and Lura Deville, for their love, patience, and care throughout this process. I am especially thankful for my son, Isaac Wright, who is my biggest supporter and accountability partner, and Leonard Berryman who frequently called with quotes and uplifting phrases. I am thankful to prayer partners my sister, Tonia Chambers, my niece, Allisen Issacson, Corey Paris, Elizabeth Robinson, Marcelyn Humphery, Marshall Dominguez, and a host of other family members, extended family, and friends who supported me during this journey. To Dr. Michael Gottleib, who extended such great patience in working with me through this process while motivating and encouraging me. Finally, this is dedicated to the love of my life, who believed in me when I did not believe in myself and who pushes me beyond the limits I place on myself: Johnathan Dickens.