Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business...
-
Upload
russell-waters -
Category
Documents
-
view
214 -
download
0
Transcript of Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business...
![Page 1: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/1.jpg)
1
Small Business Success and Social Capital:
A Multi-cultural Approach
Global Conference on Business and FinanceLas Vegas, January 2015
LILLIE M. HIBBLER-BRITT, MBA, PHDFIONA SUSSAN, MBA, PHD
CENTER FOR GLOBAL BUSINESS RESEARCHSCHOOL OF ADVANCED STUDIES
UNIVERSITY OF PHOENIX
![Page 2: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/2.jpg)
2
Thank YouMercedes Jalbert and the Conference on Business and
Finance
Center for Global Business Research, School of Advanced Studies, University of Phoenix
University of Phoenix Jersey City Campus
![Page 3: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/3.jpg)
3
Abstract HighlightsThere has been significant work concerning CSF of small businesses
Work concerning social media as a marketing means for small businesses
Nothing investigating social media on small business success from a multicultural perspective
Quantitative study
Utilize small business owner and business demographics as they impact the use of social media
Determine if social media is perceived as a CSF
Whether small business owners utilize a strategic approach to using social media
![Page 4: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/4.jpg)
4
Study DescriptionStudy seeks to determine social media as a
critical success factor of minority businesses.
Advances the knowledge as it relates to the incorporation of social media as a critical success factor.
![Page 5: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/5.jpg)
5
Importance of the Study
Understand the use of social media among small businesses.
![Page 6: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/6.jpg)
6
Just Some Numbers5.68 million employees in the United States99.7% has less than 500 employees89.8% had less than 20 employeesSmall businesses produced 46% of private nonfarm GDP in 200814.3 million jobs were from small businesses in 2013
Source: Small Business and Entrepreneurship Council
![Page 7: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/7.jpg)
7
Importance of Topic
![Page 8: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/8.jpg)
8
Importance of Topic (continued)
![Page 9: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/9.jpg)
Abandoned theatre in Camden NJ
![Page 10: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/10.jpg)
Style: Heavyweight champion of the world Joe Walcott and his wife are snapped strolling down Camden's Main Street during one of Joe's leisure days in 1951
The Daily Mail,
![Page 11: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/11.jpg)
11
Previous ResearchCritical success factor theory (Rockart, 1978)
Factors critical to e-Market success (Johnson, 2013)
Barriers to adopting social media (Michaelidou, et al., 2011)
![Page 12: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/12.jpg)
12
Previous ResearchSocial media strategy (BDC Social Media Guide,
2014)Small business benefits of using social media
(Mershon, 2011)Entrepreneur success using online social
networking (Indrupati and Henari, 2012)
![Page 13: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/13.jpg)
13
Research Hypotheses H1A: Small business entrepreneurs do not use social media to grow their business and therefore it is not perceived as a critical success factor.
H2A: The use of social media by small business entrepreneurs vary based on cultural differences
![Page 14: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/14.jpg)
14
Research Hypotheses H3A: The education level of small business entrepreneurs does impact the use of social media as a business strategy.
H4A: The number of years that a company has been in business does affect the use of social media as a business strategy.
![Page 15: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/15.jpg)
15
Research Hypotheses H5A: The incorporation of a social media strategy is perceived by small business owners as being directly tied to business success.
H6A: The age of the small business owner does affect the use of social media as a critical success factor.
![Page 16: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/16.jpg)
16
Study Description This study seeks to determine the correlation between small business success and the use of various types of social media. Six variables will be analyzed
![Page 17: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/17.jpg)
17
Research Method Sample Population: Small Business Owners in NJ
Procedure: Survey Instrument developed and distributed via Survey Monkey
Four part questionnaire◦ Owner demographics◦ Business demographics◦ Likert scale on critical success factors◦ Business strategic use of social media
![Page 18: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/18.jpg)
18
Research Method Variables considered:
◦ Age◦ Education◦ Gender◦ Years in operation◦ Use of social media◦ Ethnicity
Work of Ross (2010) Variables impact whether entrepreneurs sought advice
![Page 19: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/19.jpg)
19
ResultsData currently being collected
Results pending
![Page 20: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/20.jpg)
20
Study BenefitsInform participants of the results. Results will help SMEs to structure a strategic social media plan.
Social media marketing “boot camp”.
![Page 21: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/21.jpg)
21
Questions
?
![Page 22: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/22.jpg)
22
References BDC (2012). Social Media a Guide for Entrepreneurs. E-Book published by Business Development Bank of Canada.
Bureau of labor Statistics (2014). Retrieved from www.bls.gov on July 24, 2014.
Indrupati, J. and Henari, T. (2012). Entrepreneurial success, using online social networking: evaluation. Education, Business and Society: Contemporary Middle Eastern Issues, 5(1), pp. 47-62.
Johnson, M. (2013). Critical success factors for B2B e-markets: a strategic fit perspective. Marketing Intelligence and Planning, 31(4), pp 337-366.
![Page 23: Small Business Success and Social Capital: A Multi-cultural Approach Global Conference on Business and Finance Las Vegas, January 2015 LILLIE M. HIBBLER-BRITT,](https://reader035.fdocuments.us/reader035/viewer/2022062517/56649ee75503460f94bf8b58/html5/thumbnails/23.jpg)
23
References Michaelidou, N., Siamagka, N.T., and Christodoulides, C. (2011). Usage, barriers and measurement of social media marketing: An exploratory investigation of small and medium B2B brands. Industrial Marketing Management, 40, 1153-1159.
Rockart, J. F. (1979). "Chief Executives Define Their Own Data Needs," Harvard Business Review, 57 (2), 81-93.
Social Media: A guide for entrepreneurs (2012). Published by the Business Development Bank of Canada (BDC).