Small Business Survivability Beyond Five Years

Small Business Survivability Beyond Five Years by Koyandome Freddy Koyagialo MBA, University of Phoenix, 2009 BS, University of Central Florida, 2004 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University July 2016 Abstract The United States has a high failure rate of small businesses, with 30% of small business failing within the first 2 years. The objective of this case study was to explore strategies successful small business owners use to achieve profitability beyond 5 years. The purposive sample for this study included 4 owners of successful small businesses in Atlanta, Georgia, who have been in business for at least 5 years. The conceptualThe United States has a high failure rate of small businesses, with 30% of small business failing within the first 2 years. The objective of this case study was to explore strategies successful small business owners use to achieve profitability beyond 5 years. The purposive sample for this study included 4 owners of successful small businesses in Atlanta, Georgia, who have been in business for at least 5 years. The conceptual framework was built upon disruptive innovation and susceptibility theory. Data were collected through semistructured interviews and company documents. The analysis revealed 3 themes, market research, passion and determination, and innovation. Successful small business leaders use market research to understand the business environment and customers’ needs. Entrepreneurs should conduct market research to develop strategies to remain successful. Innovation is essential for business success and successful entrepreneurs innovate to adapt to new business trends. Small business owners who innovate remain competitive and profitable. Business leaders will benefit from this study’s findings by gaining insight into how the leaders of successful organizations implement strategies to stay profitable and competitive. Small business leaders may use the findings to enable economic development in various communities, and create valuable jobs for local residents. Social implications include the improved local and state economy and the standard of living in communities. Small business owners will be able to sustain their businesses and contribute to the prosperity of their employees, their families, health of the community, and the local economy. Small Business Survivability Beyond Five Years by Koyandome Freddy Koyagialo MBA, University of Phoenix, 2009 BS, University of Central Florida, 2004 Doctoral Study Submitted in Partial Fulfillment Of the Requirements for the Degree of Doctor of Business Administration Walden University July 2016 Dedication This is dedicated to my parents Louis Koyagialo and Maliabo Kelege. Thank you for all your love and caring. This is also dedicated to my wife Nzota Nsona Koyagialo, my Son Yani Nawezi Koyagialo, and my niece Simone Umba. I could not have done it without you, your love and prayers. Acknowledgments Thank you to my chair, Dr. Brodie Johnson, for supporting and guiding me throughout this long journey. I would like also to thank my committee members, Dr. Mohamad Hammoud, and Dr. Judith Blando for their valuable feedback. Thank you to my entire family for their support. Finally, thank you to God who made all this possible.