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Innovative Strategies for Small Retail Companies' Sustainability
- Source :
- International Journal of Business and Management Research. 9:330-338
- Publication Year :
- 2021
- Publisher :
- FOREX Publication, 2021.
-
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.
Details
- ISSN :
- 23474696
- Volume :
- 9
- Database :
- OpenAIRE
- Journal :
- International Journal of Business and Management Research
- Accession number :
- edsair.doi...........15c975ecc87c31ec4412bc2a66bcdae7