STARTUP SUCCESS: A PHENOMENOLOGICAL STUDY ON SMALL BUSINESS STARTUPS

Business

The research sheds light on the significance of the real-world experiences of Cateel's small-business owners. This study took a phenomenological approach to its data collection. The data collection process included the utilization of a recorded in-depth interview. In addition to that, thematic analysis was performed. Results showed that successful small business owners initiate a series of activities to provide for themselves and their families. They ensure that the business activities are profitable to sustain their daily needs and prevent the business from failing, and they resort to successful business transactions. Furthermore, the selected successful small business owners revealed their ways of changing business behaviors and practices in light of failure. Accordingly, business owners should not resort to giving up, even amid a failing business. If there are failures in business, they should not be discouraged. Instead, they should continue to pursue business success while remaining humble. They must refrain from overspending money and constantly monitor business transactions as they are the ones in possession of the business money. The following are the key factors affecting the success or failure of the business: lack of adequate capital, establishing a business location, obtaining human resources; and competing with other businesses. This study advises dealing with problems and challenges when starting a business. This will help start-ups avoid failure in the early stages.

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