Abstract
The main purpose of the research is to complete the observation of the phenomenon of entrepreneur resilience and collaborative innovative financial leadership in the United States. Starting a new business is a demanding, and stressful process creating significant changes in a business owner’s life (Yang & Danes, 2015). Due to the financial crisis in 2007-2008, chapter 9 bankruptcy in 2013, and the current insufficiency of jobs in Detroit, Michigan, many individuals had to start their microbusiness. Detroit, Michigan suffered the most extensive municipal bankruptcy filings in American history with a debt estimation close to twenty billion dollars (Washburn, 2015). The methodology is the observation all current and prior existing literature and facts available for the purpose of understanding the current phenomenon of entrepreneur financial innovation leadership. Many entrepreneurs did not have a choice but to start their own business in Detroit, Michigan. Today, entrepreneurs are stressed out, because of the lack of resources needed to provide for themselves and their families while striving to grow their business. If entrepreneurs are not resilient and innovative leadership, they will not survive. This research study confirms and theoretically proves that there is a strong need for microbusiness owners to gain more insight into the relationship between entrepreneur resilience and financial innovation leadership to survive and grow their business. Winterhalter et al. (2016) stated that smaller firms lack the resources of larger organizations to invest in financial innovation leadership to grow their business. Smallbone et al. (2012) stated that small businesses are commonly considered less resilient than larger businesses due to lack of resources, bargaining power, and are unable to spread risk across a large customer base. The critical review study can be useful for the entrepreneurs around the globe. Keywords: Resilience, Financial Innovation.
Highlights
At the core of strong financial leadership is the ability to understand how programmatic and administrative decisions are likely to impact the organization’s financial health
This led the researcher to the problem to what extent, if any there is a relationship between resilience and financial innovation in the microeconomics business market in the state of Michigan in the United States
In a shared space environment that promotes creativity, learning, collaboration, and financial innovation could help overcome certain hardships and adversities. The purpose of this quantitative correlational study is to determine if and to what extent there is a relationship between resilience and financial innovation in the microeconomics business market in the state of Michigan in the United States
Summary
At the core of strong financial leadership is the ability to understand how programmatic and administrative decisions are likely to impact the organization’s financial health. Their study looked at resilience as a dynamic process, not as an asset for facing difficulty They applied a different positive light for resilience as a catalyst for individuals to start the entrepreneurial process itself. There is an active call for researchers to analyze resilience in entrepreneurship literature (Shepherd, 2015; Awotoye & Singh (2017) and microbusiness growth (Gherhes, Williams, and Vorley, 2016). This led the researcher to the problem to what extent, if any there is a relationship between resilience and financial innovation in the microeconomics business market in the state of Michigan in the United States. This section expounds on the themes that emerged including entrepreneur resilience, microbusinesses, society problems, coworking spaces, business development, social capital, financial innovation, and collaborative financial leadership
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