Research Article |
Innovative Strategies for Small Retail Companies' Sustainability
Author(s) : Dr. Desire S. Luamba1, Dr. Marvin L. J. Blye2, Dr. Irene A. Williams3 and Joel Chagadama4
Publisher : FOREX Publication
Published : 10 September 2021
e-ISSN : 2347-4696
Page(s) : 330-338
Abstract
Forty-one percent of small American retail companies fail to succeed beyond 5 years. The purpose of this multiple case study is to explore strategies small retail business owners need for sustainability beyond 5 years. This study's data were collected through face-to-face interviews with 4 small successful retail business owners located in the United States southeastern region. Based on the conceptual framework of Schumpeter’s innovation theory, the paper provides 3 strategies that may prevent failure and lead to small business sustainability: passion and determination, market development and customer satisfaction, and business model innovation.
Keywords: Innovative strategies
, Business sustainability
, small business owners
Dr. Desire S. Luamba,Adjunct Faculty, Trevecca Nazarene University, Nashville, TN, USA ; Email: luambade@gmail.com
Dr. Marvin L. J. Blye ,Deputy Chief Financial Officer, City of Baltimore-Department of Housing and Community Development, USA
Dr. Irene A. Williams ,Senior Contributing Faculty, College of Management and Technology, Minneapolis, Walden University, USA
Joel Chagadama ,Chief Financial Officer, Suburban Kitchen Company, Virginia, USA
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Dr. Desire S. Luamba, Dr. Marvin L. J. Blye, Dr. Irene A. Williams and Joel Chagadama (2021), Innovative Strategies for Small Retail Companies' Sustainability. IJBMR 9(3), 330-338. DOI: 10.37391/IJBMR.090311.