African American small consulting business sustaining strategies

Abstract

More than 80% of small consulting businesses fail within the first 5 years of operation. Small consulting company owners are concerned about failing within the first five years because they lack innovative strategies. Grounded in the resource-based view theory, this qualitative multiple case study aimed to explore strategies African American consulting company owners use for longevity beyond 5 years. The participants comprised African American owners of three consulting businesses located in the northeast region of the United States who successfully sustained their business beyond 5 years. Data collection included semi-structured interviews with consulting company owners and reviewing company documents. A key recommendation includes conducting feasibility screening and designing and using a strategy canvas to identify opportunities.