Each year entrepreneurs start many new businesses, and some of these businesses will fail within the first 2 years. In addition, many owners will cite lack of adequate financial resources as a contributory factor to the failure. The purpose of this multiple case study was to identify the strategies that some small business owners used to obtain financial resources needed to operate a financially sustainable business. The population consisted of machine shops in South Central Kansas. A resource-based view theory served as the conceptual framework that grounded the study. The data collection process consisted of 9 interview questions. The data analysis process entailed using coding techniques to identify keywords, phrases, and concepts. Member checking ensured the credibility and trustworthiness of the data interpretation and analysis. The process led to the following 4 themes: (a) the role of access to financial resources in business success, (b) strategies used when external funding is not available or desirable, (c) strategies used to obtain external financing, and (d) challenges faced in obtaining external financing. The implications for positive social change include the potential to provide new insights to support existing and prospective entrepreneurs in their efforts to obtain financial resources needed to operate a financially sustainable business. The findings from the study may contribute to the prosperity and benefit of the owners, their employees, the local community, and the U.S. economy.
| Identifer | oai:union.ndltd.org:waldenu.edu/oai:scholarworks.waldenu.edu:dissertations-3922 |
| Date | 01 January 2016 |
| Creators | Godwin-Opara, Margaret N. |
| Publisher | ScholarWorks |
| Source Sets | Walden University |
| Language | English |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | Walden Dissertations and Doctoral Studies |
Page generated in 0.0018 seconds