Honors Projects

Abstract

This research explores the challenges and opportunities faced by small business startups, focusing on the critical factors contributing to their success or failure. More than two-thirds of small business startups fail to deliver a positive return to investors, often discouraging aspiring entrepreneurs. Through an in-depth analysis of existing literature, interviews with successful entrepreneurs, and case studies, this research identifies common patterns and underlying reasons for these failures. Key insights from Tom Eisenmann’s book "Why Start-ups Fail" and Eric Ries’ book "The Lean Startup'' highlight the importance of validated learning, strategic stakeholder management, and the need for startups to pivot or persevere based on customer feedback. Additionally, the rise of social media and e-commerce has transformed business operations, offering new avenues for growth but also presenting significant challenges. Entrepreneurs must embrace continuous learning, leverage technology, and build strong customer relationships to succeed. The practical applications of these findings are illustrated through the experiences of successful entrepreneurs like Susan Brown of Consign Home Couture, Emily Roggenburk who runs her own clothing line under her name, and Ross LaPinta of Makin’ Music. Their stories underscore the importance of resilience, adaptability, and strategic decision-making in the face of challenges. The lessons learned from these small businesses can be applied to Cle Threads, a small business specializing in custom clothing. Currently operated by a single individual, Cle Threads can benefit from lessons learned from entrepreneurs, existing research, and case studies by business analysts. Understanding the reasons behind startup failures and applying best practices from successful entrepreneurs can equip aspiring business owners with the knowledge needed to navigate the complex landscape of small business ownership. By implementing these strategies, startups can increase their chances of long-term success and growth.

Department

Business Education

Major

Business, General/Individualized

First Advisor

Steven Koppitsch

First Advisor Department

Marketing

Second Advisor

William Reed

Second Advisor Department

Management

Publication Date

Summer 7-29-2024

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