Small Business Sustainability Strategies in Competitive Environments

Owners of small businesses contribute approximately 39% of the gross domestic product and create 2 out of every 3 new jobs, however, startup businesses fail at a high rate up to 75% within 5 years. Using resource-based view theory of the firm, the purpose of this multiple case study was to explore strategies small auto dealership business owners use to sustain businesses in New York City. Data were collected through semistructured interviews from 3 participants who owned small auto dealership businesses and succeeded beyond 5 years. Data analysis entailed using coding techniques. Member checking was used to strengthen the credibility and trustworthiness of participants' responses. The 3 themes that emerged related to Owners strategies for success, influence of customer satisfaction on small business survival, and influence of prior industrial experience on small business success. Findings from this study may contribute to social change by indicating some strategies that business owners use to sustain business and mitigate harmful effects of job loss. Data from this study may contribute to prosperity of business owners, employees, policy makers, and local community.

Autorentext

Dr. Chris Akaeze is CEO of Standing by Your Dream Initiative Inc New York. Professional work experience has been in the Oil sector, Sales, and management consultancy services. He holds a B.eng from AAU Ekpoma, MBA DeVry University, doctorate degree international Business Walden University, and a Strategic Mgt Certificate from Harvard University.