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Entrepreneurship Growth During a Recessionary Period Ralph Ndubuisi Igwedibie Walden University

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Entrepreneurship Growth During a Recessionary Period Ralph Ndubuisi Igwedibie Walden University Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2018 Entrepreneurship Growth During a Recessionary Period Ralph Ndubuisi Igwedibie Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Entrepreneurial and Small Business Operations 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 Ralph Igwedibie 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. Williams Stokes, Committee Chairperson, Doctor of Business Administration Faculty Dr. Roger Mayer, Committee Member, Doctor of Business Administration Faculty Dr. Rocky Dwyer, University Reviewer, Doctor of Business Administration Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2018 Abstract Entrepreneurship Growth During a Recessionary Period by Ralph Ndubuisi Igwedibie MPA, Jackson State University, 1985 BSB, Southern University, 1983 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University January 2018 Abstract Small business entrepreneurs in the United States often struggled or went out of business during the recession of 2007-2009. The purpose of this phenomenological study was to explore the strategies entrepreneurs needed to grow their businesses during a recessionary period. The conceptual framework for the study was effectuation theory. The population consisted of small business entrepreneurs whose businesses survived the recession of 2007-2009 in Atlanta, Georgia. Data were gathered through semistructured interviews with 20 participants. Data organization and thematic analysis involved coding interview data and using software to categorize themes and subthemes. Major themes that emerged from the study included specification of characteristics of entrepreneurs, approaches to customer acquisition and retention, and decision making strategies. The findings might contribute to social change by adding to entrepreneurship literature and potentially leading to the development of resilient and adaptive entrepreneurs. Small business entrepreneurs who can sustain profitability during economic downturns benefit the community by providing jobs. Entrepreneurship Growth During a Recessionary Period by Ralph Ndubuisi Igwedibie MPA, Jackson State University, 1985 BS, Southern University, 1983 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University January 2018 Dedication I dedicate this doctoral study to my children, Ifeatu (Ifee), Nneoma (Nne), and Kosisochukwu (Kosie). This is for you to rise to become the best you are already. Thank you for supporting me throughout the long and rigorous journey of this doctoral study. Ifeatu, thank you, especially, for your patience with me in the libraries and in my office. I dedicate this study to late Professor Ike Nwosu, my friend, mentor, and former Head of Business Department, University of Nigeria Nsukka. You initiated and drilled into my head the idea of a doctoral pursuit, when I seemed satisfied with professional licenses and memberships. Thank you Prof. Nwosu. It pains me most that you are not here to witness the realization of this project. Also, I dedicate this doctoral study to my late father, Sir Raphael Nwude Igwedibie, J.P. and my mentor, who single handedly rose to a rare height at the time as Oxford-Cambridge graduate with honors. Papa, you taught me that all things were possible with hard work, constancy, recency, and God’s grace, and to be courageous. I also dedicate this doctoral study to my mother, Grace Nonyelum Igwedibie, an indomitable and one of the hardest working and brightest women in my life. Thank you mama for imbibing in me your idea of hard work, resilience, persistence, and for praying always for your children and grandchildren. I remember that you encouraged me to emulate my father’s unmatched industry in pursuit of his goals. Lastly, I dedicate this doctoral study to my brothers and sisters for your prayers, dedication to the causes of our family, support, and assistance in making this doctoral study a reality. Acknowledgments All of a man’s abilities are by the grace of God including the achievement of this apex doctoral feat. Thank you, God, for always watching over me in the walk through this thorny life and the doctoral study. My special thanks to Dr. Bill Stokes, CFP, my dissertation Chair, whom my relationship with has grown over time as a mentor, motivator, and an invaluable friend. Without your guidance, encouragement, and timely feedbacks, I might not be here. I am grateful also to Dr. Roger Mayer, CPA, CIA, CRMA, whose eyes on detail provided additional supporting reviews and feedback. Thank you also Dr. Susan Fan, Dr. Yvette Ghormley, Dr. Gergana Velkova, and Dr. Steven Munkeby for your lectures, feedbacks, personalized advice you had offered to make this doctoral study conclude and become a reality. Without your guidance I could not have possibly be here today. I am also grateful to Dr. Freda Turner, the program Director, whose tenacity and often uneasy decisions speak volumes about her professionalism. I recognize my lifetime friends, Patrick Ejike, Osita Abana, and Humphrey Mbadugha for understanding my absences from the men’s club events. I recognize other friends, faculty members, and relatives whom I have not specifically listed in this acknowledgment, 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 ...........................................................................................1 Problem Statement .........................................................................................................2 Purpose Statement ..........................................................................................................3 Nature of the Study ........................................................................................................3 Research Question .........................................................................................................5 Interview Questions .......................................................................................................5 Conceptual Framework ..................................................................................................5 Operational Definitions ..................................................................................................6 Assumptions, Limitations, and Delimitations ................................................................7 Assumptions ............................................................................................................ 7 Limitations .............................................................................................................. 8 Delimitations ........................................................................................................... 9 Significance of the Study ...............................................................................................9 i Contribution to Business Practice ......................................................................... 10 Implications for Social Change ............................................................................. 10 A Review of the Professional and Academic Literature ..............................................11 Effectuation Theory .............................................................................................. 13 Causation and Effectuation Operationalization .................................................... 21 Effectuation and New Ventures Performance ....................................................... 25 Characteristics and Skills of Successful Entrepreneurs ........................................ 28 Entrepreneurial Orientation and New Ventures Performance .............................. 34 Contextual Factors and New Ventures Performance ............................................ 35 Entrepreneurial Growth in Recessionary Time ..................................................... 37 Opportunity Creation and Uncertainties in Entrepreneurship Actions ................. 40 Transition and Summary ..............................................................................................45 Section 2: The Project ........................................................................................................48 Purpose Statement ........................................................................................................48 Role of the Researcher .................................................................................................49
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