Success Strategies for Small Business Owners in Philadelphia
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Out of necessity, African immigrants in the United States have turned to small business ownership to provide for their families. African immigrant business owners create jobs and often stimulate economic growth in distressed inner-city areas, yet they continue to experience barriers obtaining financial support in the United States when trying to gain entrance into the broader economy. According to the United States Small Business Administration, half of small businesses fail within five years of start-up. African immigrant business owners are among the minorities who owned 13.2% of the enterpr...
Out of necessity, African immigrants in the United States have turned to small business ownership to provide for their families. African immigrant business owners create jobs and often stimulate economic growth in distressed inner-city areas, yet they continue to experience barriers obtaining financial support in the United States when trying to gain entrance into the broader economy. According to the United States Small Business Administration, half of small businesses fail within five years of start-up. African immigrant business owners are among the minorities who owned 13.2% of the enterprises in the United States; yet, these business owners account for only 11.4% of gross earnings. The problem was some business owners embark on small business initiatives out of necessity without adequate preparation and strategies for business success. Moreover, some small business owners lack the strategies necessary to succeed in small business beyond 5 years. African immigrants who own small businesses in western Philadelphia, Pennsylvania, comprised the target population for this study. Hence, I strove to gain a deeper understanding of the phenomenon of small business failures.
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