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Exploring Skills That Liberian Small-Business Entrepreneurs Use to Succeed in Business Mars Mellish Walden University

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Exploring Skills That Liberian Small-Business Entrepreneurs Use to Succeed in Business Mars Mellish Walden University Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2016 Exploring Skills That Liberian Small-Business Entrepreneurs Use to Succeed in Business Mars Mellish Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Business Commons, and the Other Education Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden University College of Management and Technology This is to certify that the doctoral study by Mars Mellish has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Scott Burrus, Committee Chairperson, Doctor of Business Administration Faculty Dr. Alexandre Lazo, Committee Member, Doctor of Business Administration Faculty Dr. Denise Land, University Reviewer, Doctor of Business Administration Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2016 Abstract Exploring Skills That Liberian Small-Business Entrepreneurs Use to Succeed in Business by Mars Mellish MBA, New Jersey Institute of Technology, 2003 BA, Manhattan College, 2001 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University June 2016 Abstract Over 35 years of gross economic mismanagement and business failures led Liberia’s gross domestic product to collapse by 90% in less than two decades. As a result of a general lack of business skills, up to 80% of Liberian small-business entrepreneurs fail in business beyond the first year. Based on the theory of constraints, the purpose of this exploratory multiple case study was to explore the business skills that Liberian small- business entrepreneurs used to succeed in business beyond the first year. Data came from semistructured face-to-face interviews with 5 central regional Liberian small-business entrepreneurs who had succeeded in business beyond the first year. Participant observation, the use of company documents, and the use of member checking allowed for methodological triangulation and verification of the themes. Analysis of data involved using pattern-matching technique and date coding to evaluate, organize, code, and analyze the raw data. There were 3 prominent themes that emerged among entrepreneurs during data analysis: business knowledge, bookkeeping, and pricing skills. The data from the results indicated, within this particular context, Liberian small-business entrepreneurs used business skills for knowledge, finance, and marketing. Focusing on these practices may lead to increased profit and business success beyond the first year for other Liberian small-business entrepreneurs. The findings from the study could provide mechanisms for social change by giving Liberian small-business entrepreneurs additional ideas for using their business skills in their businesses. Furthermore, the findings may aid the Liberian communities to create training programs and curriculums for numerous Liberian colleges and institutions for future Liberian small-business owners. Exploring Skills That Liberian Small-Business Entrepreneurs Use to Succeed in Business by Mars Mellish MBA, New Jersey Institute of Technology, 2003 BA, Manhattan College, 2001 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University June 2016 Dedication The dedication of my doctoral study goes to my grandmother, Tetee Sinoe, for providing me with a prime example of how a mother should lead her family and guide her children. Her spiritual support continuously encouraged me to complete this program. I will never forget the day I turned 7, when I stood in our house in Liberia, and she told me that I would be someone one day. I thank her for being so hard on me. To my whole family who always pressed me to be better. I would not be in this position without all of you supporting me to finish my doctoral degree and advocating for me in all of my entrepreneurial efforts. This dedication also goes to all small-business leaders and entrepreneurs who continuously work to improve their lives and create jobs for others and to all the people in Liberia who need the help that this study can provide. Acknowledgments I would like first to thank God for guiding my steps and helping me through this journey. I wish to acknowledge my committee chair, Dr. Scott Burrus, and committee members, Dr. Alexandre Lazo and Dr. Denise Land, for their guidance and professionalism throughout this entire process. A special thank you to Dr. Freda Turner for all her leadership and support. Thank you to my classmates that have helped me so much during the process. I would like to acknowledge my friends and family for supporting me through this journey. Finally, there are many others too numerous to name, who have contributed to my success, and I want to thank you as well, and you know who you are. Table of Contents List of Tables .......................................................................................................................v List of Figures .................................................................................................................... vi Section 1: Foundation of the Study ......................................................................................1 Background of the Problem ...........................................................................................2 Problem Statement .........................................................................................................3 Purpose Statement ..........................................................................................................3 Nature of the Study ........................................................................................................4 Research Question .........................................................................................................5 Interview Questions .......................................................................................................5 Conceptual Framework ..................................................................................................6 Operational Definition ...................................................................................................7 Assumptions, Limitations, and Delimitations ................................................................8 Assumptions ............................................................................................................ 8 Limitations .............................................................................................................. 9 Delimitations ........................................................................................................... 9 Significance of the Study .............................................................................................10 Contribution to Business Practice ......................................................................... 10 Implications for Social Change ............................................................................. 11 A Review of the Professional and Academic Literature ..............................................11 Theory of Constraints ........................................................................................... 15 i Factors Affecting Small-Business Success and Failure in Developing Countries ................................................................................................... 20 Liberia Civil War .................................................................................................. 29 Conflicted Environments and Entrepreneurs Success .......................................... 33 Business Management Skills ................................................................................ 36 Knowledge Management Skills ............................................................................ 38 Financial Management Skills ................................................................................ 47 Marketing Management Skills .............................................................................. 54 New Business Standards Effectiveness ................................................................ 57 Synthesis and Conclusion of the Literature Review. ............................................ 60 Transition .....................................................................................................................68 Section 2: The Project ........................................................................................................71 Purpose Statement ........................................................................................................71 Role of the Researcher .................................................................................................71 Participants ...................................................................................................................74 Research Method and Design ......................................................................................78 Method .................................................................................................................
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