Small Business Challenges

Small Business Challenges Student’s Name Professor’s Name Institutional Affiliations Course Name and Number Due Date Small Business Challenges
Word cloud from the interview The interview conducted in this analysis involved the manager of a local family-owned apparel store in one of the neighboring shopping areas. The firm has been in operation for the last eighteen years, employing thirteen individuals, with two of these being family members of the founder. A review of the top management indicates that this business reflects family-owned enterprises, as discussed by Mthembu et al. (2023). In this context, the family oversees all primary activities and supervises the rest of the employees. As a result, this 10-minute interview was insightful about the business challenges, its relation with the people, the environment, and its continued growth as a unit. The respondent was visibly interested in discussing the whereabouts of the family business, considering that it is a popular shopping place for most locals. As the current manager, she indicated she was always willing to assist learners and other players in understanding the dynamics of running such an enterprise and its relation with society. Her account of the history revealed that the business started as a clothes store in 2006 and has since grown into a sizeable apparel entity by incorporating other items, including shoes, accessories, and jewelry. Although started by the parents, they have since retired from active participation in the daily operations and allowed her to manage it with assistance from her younger brother. Her responses demonstrated that she was conversant with the business and has transformed it significantly in the last five years amid notable challenges. Findings from this interview indicate that the family business has remained profitable, and its trajectory aligns with the established vision and mission. For instance, it has grown from a one-outlet enterprise to three locations in the state and raised its annual revenue fourfold in the last five years. Such an aspect indicates that the establishment has achieved economic sustainability through sustained productivity and efficient utilization of its resources (Khan et al., 2021). However, she noted that financial challenges have pushed the management to secure bank loans to caution the business against seasonal fluctuations, raising the debts to less than 18% of the net income. These issues emerged from the economic disrupt...