Abstract
The purpose of this qualitative multiple case study was to explore strategic managerial tools small business owners or managers use to sustain growth over time through Schumpeter’s innovation theory. Five small business owners located in North America were interviewed through face-to-face open-ended interview questions. The results from data analysis collected through interview responses indicated that small business owners or managers attested that their businesses were developed when using innovation as a strategic managerial tool. By contrast, small business owners or managers agreed that the lack of using innovation and understanding the reality of the current business context had an adverse impact on business growth. The findings of this study may also provide small business leaders or managers with critical information to ensure success and better understand strategies small businesses need for long-term growth.
Highlights
Promoting small business growth has become a big concern for owners, customers, and governments [1]
Despite the role of job creation and tax contributors, some researchers analyzed the causes of small business failure and concluded that 50% of small businesses may collapse within the first stage of their creation for lack of innovative strategies [2, 3, 4]
Patton argued that a minimum of a sample size of 5 participants is acceptable and depends on the time and resources that researchers may have for the research. 5 small business owners located in the United southeastern region of The United States who have successfully promoted their business growth for more than 5 years were the sample of this study
Summary
Promoting small business growth has become a big concern for owners, customers, and governments [1]. Small businesses create jobs and increase government income taxes. Integrating the concepts of innovation in business may contribute to providing effective strategies to promote growth. Exploring the benefits of innovation theory could lead to improve customer service, sales, and build a strong relationship among business managers, government leaders, and individuals in the local communities. According to Schumpeter, managers, investors, entrepreneurs who used innovation theory had the chance to Website: www.ijbmr.forexjournal.co.in develop their business and succeed. Factors such as technology evolution and globalization have increased business challenges for companies to remain competitive and productive [7]. Using innovation should be a strategic managerial tool to ensure long-term business growth
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