Strategies for Growing and Sustaining Successful Small Businesses

Strategies for Growing and Sustaining Successful Small Businesses by Patrick Modilim MBA, University of Lagos, 1996 BS, University of Lagos, 1988 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2016 Abstract Small business manufacturing enterprises represent viable means of creating employment, stimulating economic growth, and accelerating development. Many newly formed small business enterprises do not continue beyond 5 years after formation. The purpose of this multiple case study was to explore the strategies used by small business manufacturing leaders in Lagos, Nigeria to sustain their businesses, using general systems theory as the conceptual framework. The sample comprised 3 small business leaders who have sustained their business enterprises beyond 5 years after formation in Lagos, Nigeria. The data collections were through semistructured, in-person interviews and the review of business feasibility and planning documents, handbills and contract documents. The results from computer-aided qualitative data analysis, methodological triangulation of the data sources, and Rowley’s 4 step analysis led to the emergence of 10 major themes: minimizing debt and overhead expenses, proper record keeping, skills, and expertise are essential for small business success. Small business leader participants in the study achieved longer-term successes by engaging in research, strategic planning, and preparation before launching their business ideas. Applications of findings from this study might influence positive social change if future and current small business leaders’ implementation of the strategies identified leads to the longer-term success of their business enterprises. Successful business enterprises provide continued employment for the business leaders and their employees, better living standards for the community by offering goods and services, and enhanced quality of life for the community because the government can now provide improved social amenities with increased tax revenues.Small business manufacturing enterprises represent viable means of creating employment, stimulating economic growth, and accelerating development. Many newly formed small business enterprises do not continue beyond 5 years after formation. The purpose of this multiple case study was to explore the strategies used by small business manufacturing leaders in Lagos, Nigeria to sustain their businesses, using general systems theory as the conceptual framework. The sample comprised 3 small business leaders who have sustained their business enterprises beyond 5 years after formation in Lagos, Nigeria. The data collections were through semistructured, in-person interviews and the review of business feasibility and planning documents, handbills and contract documents. The results from computer-aided qualitative data analysis, methodological triangulation of the data sources, and Rowley’s 4 step analysis led to the emergence of 10 major themes: minimizing debt and overhead expenses, proper record keeping, skills, and expertise are essential for small business success. Small business leader participants in the study achieved longer-term successes by engaging in research, strategic planning, and preparation before launching their business ideas. Applications of findings from this study might influence positive social change if future and current small business leaders’ implementation of the strategies identified leads to the longer-term success of their business enterprises. Successful business enterprises provide continued employment for the business leaders and their employees, better living standards for the community by offering goods and services, and enhanced quality of life for the community because the government can now provide improved social amenities with increased tax revenues. Strategies for Growing and Sustaining Successful Small Businesses by Patrick Modilim MBA, University of Lagos, 1996 BS, University of Lagos, 1988 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2016 Dedication To God Almighty, for the enablement and the successful completion of this study, in spite of the many challenges and disappointments on my journey, I am grateful and dedicate this work. To my wife, Azuka and my children Chidubem, Kenechukwu, Tochukwu, Dabeluchukwu, and Kamsiyochukwu who showed a lot of understanding and support throughout the duration of this study, I am thankful and also dedicate this study. To my parents, Mr. and Mrs. Charles Modilim, for your support and encouragement at the beginning of the study, though you passed on to greater glory before the completion of the study, I also dedicate this study. Acknowledgments In a study of this nature, it was difficult to complete it without the support of so many persons too numerous to mention who played different roles without whom this study would not have been a success. So, to those not specifically mentioned, I thank you for the role you played. However, I would like to thank the followings persons specifically. First, I thank my chair, Dr. Denise Land, for her leadership and direction over the course of this study. She gave me all the support and guidance I needed to complete this study. I had a good learning experience in her mentoring classes. I also would like to thank my second committee member, Dr. Janet Booker, for her detailed, timely reviews that ensured I maintained the academic standards and completed my study. I also acknowledge Dr. Patricia Fusch (University Research Reviewer) for her detailed review of my study to ensure I maintained academic standards. I had wonderful support from my colleagues at Walden University, under the mentorship of Dr. Land, some of whom have graduated and some about to graduate. I thank you all for your support and encouragement during this journey.