Successful Strategies for the Survival of Business Owners in Nigeria

Successful Survival Strategies for Small Business Owners in Nigeria by Ayodeji Akinso MBA, University of Ado Ekiti, 2000 ACIB, Chartered Institute of Bankers, Lagos, 1996 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University April 2018 Abstract Small businesses remain the engine of growth in an economy such as Nigeria’s economy. The objective of this study was to explore the high failure rate of small businesses during the first 5 years of business activities in Nigeria. The research design for this study was a multiple case study. The targeted population was small-scale entrepreneurs from 3 facilities in the soybean processing industries in Ibadan, Nigeria. The cognitive theory was the conceptual framework for the study. The data collection process was semistructured in-person interviews of 3 successful soy processing business owners. The data analysis process was conducted following the Rowley 4-step process and used the within-methodical triangulation that resulted in thematic answers to the central research question. The process of analysis included: grouping data, regrouping data based on themes, evaluating the information, and recognizing emergent themes. The five themes that emerged from the data were (a) education and training, (b) effective strategies for business profitability, (c) flexible financial strategy, (d) market positioning and, (e) efficient infrastructure. The data were cleaned and transcribed using software to code the features to identify the similarities of data used in the study. From the findings of this study, the implications for positive social change include the possibility to increase the survival rates of small businesses during early years of operation, reduce unemployment, increase tax receipts for the government, and catalyze economic activities, reducing poverty levels.Small businesses remain the engine of growth in an economy such as Nigeria’s economy. The objective of this study was to explore the high failure rate of small businesses during the first 5 years of business activities in Nigeria. The research design for this study was a multiple case study. The targeted population was small-scale entrepreneurs from 3 facilities in the soybean processing industries in Ibadan, Nigeria. The cognitive theory was the conceptual framework for the study. The data collection process was semistructured in-person interviews of 3 successful soy processing business owners. The data analysis process was conducted following the Rowley 4-step process and used the within-methodical triangulation that resulted in thematic answers to the central research question. The process of analysis included: grouping data, regrouping data based on themes, evaluating the information, and recognizing emergent themes. The five themes that emerged from the data were (a) education and training, (b) effective strategies for business profitability, (c) flexible financial strategy, (d) market positioning and, (e) efficient infrastructure. The data were cleaned and transcribed using software to code the features to identify the similarities of data used in the study. From the findings of this study, the implications for positive social change include the possibility to increase the survival rates of small businesses during early years of operation, reduce unemployment, increase tax receipts for the government, and catalyze economic activities, reducing poverty levels. Successful Survival Strategies for Small Business Owners in Nigeria by Ayodeji Akinso MBA, University of Ado Ekiti, 2000 ACIB, Chartered Institute of Bankers, Lagos, 1996 Doctoral Study submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University April 2018 Dedication I bless the name of God that saw me through the course of study. There were many challenges on the journey but to them all, He made me overcome, and this is the main reason why He deserves the dedication. To my wife, Stella, and my children Oyindamola, Ayodeji, and Abiola who tolerated my quest for learning at an old age, I acknowledge and dedicate the study. Acknowledgments I wish to acknowledge the support of many people that contributed immensely to the success of this study. I single out Dr. Irene Williams, for the role you played as my Course Chair and the encouragement. Your leadership and direction remain a source of inspiration to me. You gave all the support to enable me to complete the study. I also would like to thank my second committee member, Dr. Denise Hackett, for attending promptly to the reviews. I must acknowledge Dr. Matthew Knight (University Research Reviewer) for the detailed analysis of my works and the thoroughness he brought to bear on the entire study to ensure I maintained excellent academic standards. I acknowledge the Program Director, Dr. Susan Davis. I thank my Walden colleagues for the support especially John Amaglo and my sister Funmilola Balogun. I cannot forget to thank my friend, Chief Folorunso Ogunnaike who is always there for me at the time of need.