Exploring Strategies Required for Small Business Sustainability in Competitive Environments

Owners of small businesses contribute approximately 39% of the gross domestic product and create 2 out of every 3 new jobs, but only 25% of startup small businesses stay afloat after 5 years. Guided by the resource-based view theory of the firm, the purpose of this multiple case study was to explore strategies small auto dealership business owners use to sustain businesses in New York City. Data were collected through semistructured interviews from 3 participants who owned small auto dealership businesses and succeeded beyond 5 years. Data analysis entailed using coding techniques and cluster analysis. Member checking was used to strengthen the credibility and trustworthiness of the interpretation of participants\u27 responses. The 3 themes that emerged in the final report related to small business owners\u27 strategies for success, influence of customer satisfaction on small business survival, and influence of prior industrial experience on small business owners\u27 success. Findings from this study may contribute to social change by indicating some strategies that business owners use to sustain business and mitigate harmful effects of job loss. Data from this study may contribute to the prosperity of small business owners, their employees, and local community. The beneficiaries of this research include small business owners, practitioners, and policy makers