Strategies for Successful Small Business Ownership in an Unstable Economy

Business & Finance, Business Reference, Business Communication
Cover of the book Strategies for Successful Small Business Ownership in an Unstable Economy by Dr. Chris Akaeze, Dr. Nana Akaeze, Xlibris US
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Author: Dr. Chris Akaeze, Dr. Nana Akaeze ISBN: 9781524567163
Publisher: Xlibris US Publication: December 9, 2016
Imprint: Xlibris US Language: English
Author: Dr. Chris Akaeze, Dr. Nana Akaeze
ISBN: 9781524567163
Publisher: Xlibris US
Publication: December 9, 2016
Imprint: Xlibris US
Language: English

Since early 1960s Nigeria, economy has been unstable and monolithic, centered on crude oil production and export. Instability of Nigeria economy is contributory to why only less than 20 percent small startup businesses survive the first five years. In spite of the unstable business environment, owners created approximately 17.3 million small businesses across Nigeria and employed a total of approximately thirty-two million workers with contribution of about 45 percent to the GDP. Based on theory of constraints, the purpose of this qualitative multiple-case study was to explore strategies required by some small business owners to survive Nigerias unstable economy beyond five years. Data were collected through semistructured interviews with three small business owners who had succeeded in business beyond the first five years from three different regions in Nigeria. The business strategies may help prospective and existing Nigerian small business owners improve profit and sustain business for survival beyond five years.

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Since early 1960s Nigeria, economy has been unstable and monolithic, centered on crude oil production and export. Instability of Nigeria economy is contributory to why only less than 20 percent small startup businesses survive the first five years. In spite of the unstable business environment, owners created approximately 17.3 million small businesses across Nigeria and employed a total of approximately thirty-two million workers with contribution of about 45 percent to the GDP. Based on theory of constraints, the purpose of this qualitative multiple-case study was to explore strategies required by some small business owners to survive Nigerias unstable economy beyond five years. Data were collected through semistructured interviews with three small business owners who had succeeded in business beyond the first five years from three different regions in Nigeria. The business strategies may help prospective and existing Nigerian small business owners improve profit and sustain business for survival beyond five years.

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