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Understanding the shapers of sustainability in small businesses
1 MS in Data Science and Artificial Intelligence, Campbellsville University, USA.
2 MBA in Organization Strategy & Leadership (OSL), University of Dhaka, Bangladesh.
Research Article
International Journal of Science and Research Archive, 2024, 13(02), 3040-3054.
Article DOI: 10.30574/ijsra.2024.13.2.2500
Publication history:
Received on 07 November 2024; revised on 14 December 2024; accepted on 16 December 2024
Abstract:
Sustainability in small businesses has become an essential focus for fostering long-term economic, social, and environmental benefits. This study explores the key internal and external factors that influence sustainability in small enterprises, emphasizing the role of leadership, organizational culture, financial resources, and external market dynamics. Using a qualitative approach, the research analyzes data from interviews with small business owners and managers in Dhaka, representing diverse sectors such as food services, retail, construction, software, and packaging. Findings highlight the significance of prior professional or entrepreneurial experience of an entrepreneur, employee retention, market adaptation, and personal networks in achieving sustainability. Challenges such as resource constraints, regulatory changes, and limited innovation capacity were identified, alongside strategies including vertical integration, customer engagement, and leveraging prior knowledge to mitigate these barriers. The study contributes to the limited literature on small business sustainability by offering actionable insights for practitioners and policymakers to support sustainable practices in small enterprises.
Keywords:
Sustainability; Small businesses; Entrepreneurship; Leadership and Vision; Organizational culture; Financial constraints; Market dynamics; Resource management; Sustainable innovation; SMEs sustainability strategies
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
