Factors of Entrepreneurial Success: A qualitative multiple case study of new small businesses

Abstract

In most countries, small businesses represent a majority of firms providing close to fifty percent of the total employment. However, on average, more than half of new small-business start-ups usually fail within the first 5 years of operation. Therefore, learning from the success of small-business owners who have sustained in business for at least 5 years can provide helpful insights not only for individual firms, but also for the continued growth of local economies which usually rely on small business to a great extent. The purpose of this case study based article was to explore common approaches, strategies and skills of successful business founders/small business owner´s that contribute to their sustained development. The article is based on a qualitative survey of sixteen, locally operating, small, retail and service-industry firms which, having successfully survived at least 5 years in business, continue to grow. The method of the survey covered semi structured interviews led with individual entrepreneurs and focused on identifying the crucial business as well as personal approaches and skills important for their market survival.