| In the United States, new small businesses have had a high failure rate in their first 5 years of operation. Small businesses create jobs and drive innovation that is critical to the U.S. economy. The purpose of this phenomenological study was to explore the factors for success required for new small businesses in the 21st century to survive beyond the first 5 years in operation. Systems theory served as the conceptual framework. A purposive sample of 20 successful business owners from Pennsylvania completed interviews and described their personal experiences. The data analysis strategies included coding keywords, phrases, and concepts into categories, which led to the identification of the following themes: (a) dynamic strategizing, (b) adaptable financial capital management, (c) market positioning and sales, and (d) human capital development. The implications for positive social change include new insights to support small business owners in their efforts towards the establishment of successful, sustainable, and resilient businesses benefitting employees, other businesses, communities, and the economy. |
