In 2014, there were 75% new small businesses failed within the first 3 years of operation in Cameroon. Small businesses contribute to generate jobs and drive innovation that is vital to the Cameroon economy. The purpose of this multiple exploratory case study was to explore the financial strategies and resources that small lodging business owners use to help their businesses survive beyond 3 years. Fiedler's strategic contingency theory was the conceptual framework. There were 5 owners from 5 separate successful small lodging businesses in Kumba, Cameroon, who participated in the face-to-face interviews. The results from computer-aided qualitative data analysis, methodological triangulation of the interview data and company document analysis, following Yin's 5 step analysis led to the emergence of 3 major themes: passion and dedication of the owner, preparing for the seasonality of the business, and hiring the right employees. These findings could be of interest to small business owners interested in improving financial strategies to avert future failures. This study promotes positive social change as improved business success may lead to a decrease of unemployment and improve living conditions in Cameroon and other local communities.
| Identifer | oai:union.ndltd.org:waldenu.edu/oai:scholarworks.waldenu.edu:dissertations-4240 |
| Date | 01 January 2016 |
| Creators | Awasume, Ngalle Joseph |
| Publisher | ScholarWorks |
| Source Sets | Walden University |
| Language | English |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | Walden Dissertations and Doctoral Studies |
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