Millennial Business Owners\u27 Strategies To Survive in Business

Individuals in the millennial generation, born from 1980 to 1996, have many entrepreneurial opportunities; however, many people in the millennial generation lack the skills, motivation, and business strategies to survive in business. Because of the influx of competition, lack of experience, and lack of business-world strategies, entrepreneurs can miss opportunities and fail within the first few years of business operations. Grounded in the systems theory, the purpose of this multiple case study was to explore the strategies that business owners in the millennial generation used to survive in business longer than 6 years. Participants consisted of 5 business owners in the millennial generation in 5 businesses in northern Virginia with successful experience in implementing strategies to survive in business longer than 6 years. Data were collected through semistructured interviews and a review of relevant company documents. Data were analyzed using Yin\u27s 5-step process of compiling, disassembling, reassembling, interpreting, and concluding data. The 4 key themes derived from data analysis were marketing, support, lessons learned, and passion. The findings of this study might be beneficial to business owners who seek to survive in business longer than 6 years by demonstrating the need for using effective marketing strategies, recognizing the need for adequate support, learning from past mistakes, and having passion for operating the business. The implications of this study for positive social change include the potential for business owners to improve local job opportunities, increase the economic prosperity of their communities, and increase local community services through their contribution to the local tax base