Success Factors for Minority Small Business Sustainability

Minority small business owners significantly contribute to national and local economies. Only 50% of small firm owners sustain their businesses longer than 5 years. The purpose of the multiple case study was to explore the management strategies that minority small business owners used to sustain their businesses for longer than 5 years. The study’s population consisted of 4 minority small business owners in the midwestern region of the United States to explore management strategies necessary for maintaining minority small firm operations. The conceptual framework for the study was general system theory. Data sources included semistructured interviews, social media information, company documentation, and company website information. Based on the methodological triangulation of the data sources, analytical coding, and analyzing the data using a qualitative data analysis software, 3 themes emerged: networking with other small business owners, strategic planning, and building strong customer and employee relationships. The study findings might contribute to positive social change by providing knowledge about effective management strategies to minority small firm owners, thereby creating jobs, augmenting local and national economies, and increasing profitability.

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