Notwithstanding the unstable nature of Nigeria economy small business owners created approximately 32 million jobs and contribute almost 45% to the nations GDP. However, startup small businesses fail at rate over 80% the first five years. Guide by theory of constraints, the purpose of this qualitative multiple-case study was to explore survival strategies required by some small business owners to sustain business in Nigeria beyond 5 years. Data collection was through semi-structured interviews with 3 owners with up to 5 years of experience in small business management from 3 different regions of Nigeria. The 3 major themes from final data analysis were cost efficiency, informal crediting and aggressive marketing which participants said were crucial for business survival. Data analysis also revealed two critical constraints confronted by small business owners as Government Policy and capital constraints. Findings of this study contribute to social change by indicating some strategies which prospective and existing small business practitioners may use to sustain for survival beyond first five years. The findings may prove useful for small business programs and training schedules to practitioners, managers and owners.
AKAEZE, D. & AKAEZE, D. (2019). EXPLORING THE SURVIVAL STRATEGIES FOR SMALL BUSINESS OWNERSHIP IN NIGERIA. Afribary. Retrieved from https://afribary.com/works/exploring-the-survival-strategies-for-small-business-ownership-in-nigeria
AKAEZE, DR NANA, and DR CHRISTIAN AKAEZE "EXPLORING THE SURVIVAL STRATEGIES FOR SMALL BUSINESS OWNERSHIP IN NIGERIA" Afribary. Afribary, 04 Apr. 2019, https://afribary.com/works/exploring-the-survival-strategies-for-small-business-ownership-in-nigeria. Accessed 25 Nov. 2024.
AKAEZE, DR NANA, and DR CHRISTIAN AKAEZE . "EXPLORING THE SURVIVAL STRATEGIES FOR SMALL BUSINESS OWNERSHIP IN NIGERIA". Afribary, Afribary, 04 Apr. 2019. Web. 25 Nov. 2024. < https://afribary.com/works/exploring-the-survival-strategies-for-small-business-ownership-in-nigeria >.
AKAEZE, DR NANA and DR CHRISTIAN AKAEZE . "EXPLORING THE SURVIVAL STRATEGIES FOR SMALL BUSINESS OWNERSHIP IN NIGERIA" Afribary (2019). Accessed November 25, 2024. https://afribary.com/works/exploring-the-survival-strategies-for-small-business-ownership-in-nigeria