Strategies for Successful Small Business Ownership in an Unstable Economy

About the Book

Since early 1960s Nigeria, economy has been unstable and monolithic, centered on crude oil production and export. Instability of Nigeria economy is contributory to why only less than 20 percent small startup businesses survive the first five years. In spite of the unstable business environment, owners created approximately 17.3 million small businesses across Nigeria and employed a total of approximately thirty-two million workers with contribution of about 45 percent to the GDP. Based on theory of constraints, the purpose of this qualitative multiple-case study was to explore strategies required by some small business owners to survive Nigeria’s unstable economy beyond five years. Data were collected through semistructured interviews with three small business owners who had succeeded in business beyond the first five years from three different regions in Nigeria. The business strategies may help prospective and existing Nigerian small business owners improve profit and sustain business for survival beyond five years.

About the Author

Dr. Chris Akaeze Dr. Chris Akaeze is CEO of Standing by Your Dream Initiative Inc. and a freelance editor for academic and business manuscript. His professional work experience has been in the oil sector, sales, and management consultancy services. He holds a bachelor’s degree of engineering from AAU Ekpoma, an MBA from DeVry University, a doctorate degree in international business from Walden University, and a strategic management certificate from Harvard University. Dr. Nana Akaeze Dr. Nana Akaeze is president of Standing By Your Dream Initiative Inc., freelance editor for academic and business manuscript, and a scholar-practitioner. Her professional experience has been in banking, human resources, and consultancy services. She holds a BS in management from ABU Zaria, an MBA from DeVry University, and a doctorate degree in international business from Walden University, and has a professional certificate from Harvard University.