Strategies for Ensuring Small Businesses Longevity: A Qualitative Study
This study examined the causes of small business failure and strategies that can be implemented to ensure their longevity or survivability. However, in the United States, 41% of small retail businesses fail to succeed in their first life stage. Based on entrepreneurship and innovation theories, data were collected through semi-structured face-to-face interview questions from six top small business managers in the DMV area, which include Washington, D.C., Maryland, and Virginia. The methodology employed was a qualitative multiple-case study. The results revealed that having appropriate business skills and experience, leadership skills, and a passion for doing business were strategic to prevent failure and ensure business success and longevity. The literature review also examined the sources of capital, the impact of globalization on competition, and how small businesses can be better aligned with customer needs or demands. The findings suggest small business failures can arise from inadequate starting capital, customer service, and leadership. Furthermore, strategies to ensure the longevity of small businesses include implementing innovative approaches to increase profits, establishing customer loyalty, and using adequate financial tools for business forecasting.
Keywords: small business, DMV area, entrepreneurship, etc
