Strategies Needed for Small Retail Businesses to Sustain Beyond 5 years;Prospectus
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This paper is critical as the previous paper had numerous problems and so I am changing the topic and starting all over again. I will upload a sample paper of which the writer will build on. It is important that the writer write this paper following the format of the sample paper. The writer will start from the problem statement and will follow how the writer in that paper develop that paper. the owner has choosing a topic similar to that of the sample paper so that the writer will use as much information as possible from that paper to build this new paper. This is a qualitative paper and the writer must pay attention to that fact. The writer must pay attention to passive voice as he write this paper. The sample paper is not in APA format, but the writer must use APA 6th edition throughout the paper. The writer must pay attention to sentence structure and grammar as he write the paper. The writer must also bare in mind that this paper is a continues paper and the reference cannot be more than 4 years old. The writer must use only but pear review articles for this paper as he will see some references from the sample paper. The writer will use the state of Maryland to writer the paper. the small business will coming from Maryland. so all the research will be from Maryland.
SAMPLE ANSWER
Prospectus: Strategies Needed for Small Retail Businesses to Sustain Beyond 5 years.
Problem Statement
Small businesses form a valuable part of the economy of the United States of America. However, they face the problem of entropy which can be defined as the closure of a business organization. Abatecola (2013) revealed that 20% of the small business operating within the American market fail within a period 5 years because of poor entrepreneurial strategies. Thus, the general business problem is that new business owners pursue their economic endeavors without referring to growth tactics or strategies. The specific business problem is that there is lack of entrepreneurial strategies among small business owners which could enable their businesses to remain in business for the first 5 years.
Purpose Statement
The purpose of this qualitative multiple case study is to investigate the strategies that small business entrepreneurs use to remain in business for the first 5 years. The participants of the study are small business entrepreneurs who operate within Annapolis, Maryland. The businesses will have had less than 50 employees and were profitable in the last 5 years. Moreover, the study may become an instigator societal development by encouraging the development of small businesses. Increasing the income that these businesses bring in can lead to the development of the community without having to depend on governmental resources. Increased employment will ensure that people are living above the poverty line.
Nature of the Study
Qualitative research can be categorized into four groups: ethnographic, phenomenological and case studies. Cronin-Gilmore (2012) defined ethnographies as qualitative research designs that entail private or open participation in the daily lives of the people endeavoring to explore their relationships, feelings, and beliefs (elements of culture). As much as this research study entails the study of businesses, there is no focus on the study of their cultures. The phenomenological is also not applicable to this research because the purpose of this study is not to consider the individual world perspectives on the subject matter. A case study, on the other hand, is most appropriate. Cumming and Li (2013) identified the case study approach as a research design that entails the investigation of a case with the sole purpose of producing similar outcomes. That type of case study that involves two or more case studies is the multiple case study approach. Determining the entrepreneurial strategies that small business owners are using to succeed in their business for more than 5 years means that this research will have to adapt to the descriptive, multiple case study design.
Research Question
What strategies are small business entrepreneurs in the American market using to sustain their businesses for more than 5 years?
Interview Questions
- Describe the barriers that you encountered when trying to incorporate entrepreneurial strategies to your business.
- Which strategies did work that have enabled you to succeed for more than 5 years?
- Which strategies did not work for your business?
- Which strategies would you recommend other business to pursue?
- Is there a specific strategy that you can identify with as one that has guaranteed your success?
- What else do you think I should know about your business that I have not asked?
Theoretical/Conceptual Framework
The theory of economic development is the conceptual framework that this research will follow. It is a theory that dates to 1939 when Peter Schumpeter presented it as the transformation through economic innovation (Acs, Audretsch, & Lehmann, 2013). Moreover, the framework has its core innovation and strategic functions centering on the solid operational basis that business achieves through decisions that ensure the continued success and profitability of the business. The theory is applicable to this research study since the study is focused primarily on the success of small businesses which are a part of the functionality of the economy.
Significance of the Study
Small businesses are an integral part of an economy because of their support to the health and wellbeing of the economy. These businesses could create a net of 62.9 percent of new jobs between 1993 and 2013 (Alkali, 2012). That revelation is significant as it displays the direct participation of small businesses in the sustenance of the economy. They are also a source of revenue for the government through taxes and a source of livelihood for the people of America (Alstete, 2014). Thus, this study incorporates the mindset of change in this industry concerning success of the small businesses. Change can be advantageous to the sector as it will allow these businesses to grow and expand. The development of these businesses means the transformation and development of the areas in which they operate.
Contribution to business practicenot APA format
The year 2012 marked the year the profits of small enterprises totaled about two- thirds of all the available enterprise jobs (SBA, 2014). Small business owners were also able to employ 50% of the workforce operating in the private sector (SBA, 2014). This was a advantageous to the small business owners with startups whose age is less than five years of their potential to create high numbers of jobs (SBA, 2014). The years 2007 and 2009 mark the financial turmoil from which many organizations are still struggling to recover (Street & Ward, 2012). Abidin et al. (2014) asserts that economic instability identifiable when over 40,000 business owners filing for personal bankruptcy. Thus, understanding the cause of the rampant bankruptcy among the business owners (which could be poor strategies) in the hope of deciphering the potential causes of economic instability is integral.
Implication for social change
Understanding the current strategies that small businesses use will result in an increase the ability of these businesses to provide employment to the members of the local community. Moreover, it will lead to the development of social amenities such as banking facilities that will favor the locals.
References
Abatecola, G. (2013). Survival or failure in the organizational life cycle. What lessons for managers? Journal of General Management, 38, 23–38. Retrieved from http://art.torver gata.it/handle/2108/75867
Abidin, R., Hasnan, N., Abdullah, C., Mohtar, S., & Zulhumadi, F. (2014). The relationship between social capital and technology transfer performance: A study on companies in the technology park. Journal of Southeast Asian Research, 3(1), 1–9. doi:10.5171/2013.11672
Acs, Z. J., Audretsch, D. B., & Lehmann, E. E. (2013). The spillover knowledge theory of entrepreneurship. Small Business Economics, 41, 757–774.doi:10.1007/s11187-013-9505-9)
Alkali, M. A. (2012). An empirical study of entrepreneur’s educational level and the performance of small business manufacturing enterprises in Bauchi State, Nigeria. Interdisciplinary. Journal of Contemporary Research in Business, 4, 914–923. Retrieved from http://www.ijcrb.com/archives.html
Alstete, J. W. (2014). Strategy choices of potential entrepreneurs. Journal of Education for Business, 89, 77–83. doi:10.1080/08832323.2012.759094
Bublak, D. R. (2013). Barriers to small business participation in federal overseas contracts and subcontracts (Doctoral Dissertation). Retrieved from Pro Quest Dissertations and Theses. (UMI No. 1473898282)
Burdin, G. (2014). Is worker managed firms more likely to fail than conventional enterprises? Evidence from Uruguay. Industrial and Labor Relations Review, 67, 203–238. Retrieved from http://www.econstor.eu
Byrd, K., Ross, L. W., & Glackin, C. E. W. (2013). A preliminary causal analysis of small business access to credit during economic expansion and contraction. Journal of Applied Finance and Banking, 3, 77–84. Retrieved from http://www.scienpress.com/journal_focus.asp?Main_Id=56
Criscuolo, C., Gal, P. N., & Menon, C. (2014). The dynamics of employment growth: Evidence from 18 countries (CEP Report No. 1274). London, England: School of Economics. Retrieved from http://eprints.lse.ac.uk/60286/1/dp1274.pdf
Cronin-Gilmore, J. (2012). Exploring marketing strategies in small businesses. Journal of Marketing Development and Competitiveness, 6, 96–107. Retrieved from http://www.na-businesspress.com/jmdcopen.html
Cumming, D., & Li, D. (2013). Public policy, entrepreneurship, and venture capital in the United States. Journal of Corporate Finance, 23, 345–367. doi:10.1016/j.jcorpfin.2013.09.005
Dahmen, P., & Rodriquez, E. (2014). Financial literacy and the success of small businesses: An observation from a small business development center. Numeracy, 7(1), 1–14. doi:10.5038/1936-4660.7.1.3
Leitch, C. M., McMullan, C., & Harrison, R. T. (2013). The development of entrepreneurial Leadership: The role of human, social and institutional capital. British Journal of Management, 24, 347–366. doi:10.1111/j.1467-8551.2011. 00808.x
Street, C. T., & Ward, K. W. (2012). Improving validity and reliability in longitudinal case study timelines. European Journal of Information Systems, 21, 160–175. doi.10.1057/eji s.2011.53
U.S. Small Business Administration. (2014). What is a small business? Retrieved from http://www.sba.gov
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