Chapel Hill, NC - November 12, 2024 - Best-selling author and business coach Mosongo Moukwa has unveiled findings from a new study showing that the financial motivation of the owner- managers of small businesses lies in survival and stability of the firm rather than growth. Conducted over the past two years amongst 60 small business owner-managers across the U.S., the findings offer a timely perspective on small business’ resilience, especially relevant amid current economic uncertainties. These small businesses had a minimum of 5 employees, with the largest employing 15.
“This research challenges the traditional economic assumptions that small business owners are solely driven by growth and profit maximization.” Moukwa explains. “Instead, they prioritize financial sustainability and control over expansion. Understanding these motivations allows us to support small businesses more effectively, especially in times of economic uncertainty.”
This fresh perspective comes at a critical time for small businesses. According to the Bureau of Labor Statistics, around 20% of U.S. small businesses fail within their first year, and nearly half fail by their fifth. Additionally, the 2024 report from Fit Small Business estimates that approximately 550,000 small businesses in the U.S. close each year, with inflation and labor shortages among the primary pressures.
The findings suggest that policymakers should reconsider growth-focused assumptions and create financial strategies that better address small business needs. Moukwa's findings highlight the need for alternative strategies that address small business needs, as this sector is vital to the U.S. economy.
Moukwa's findings point to a larger need for resources, policy, and financial advice to be tailored to stability, particularly as the small business sector looks for strategies to manage economic instability without concentrating only on growth. This flexible strategy meets the fundamental beliefs of small business owners and enables more solid, long-lasting success.
About Mosongo Moukwa
Mosongo Moukwa is a best-selling author and a leading business coach who specializes in helping small business owners uncover additional six-figure revenue without increased advertising spend. Through personalized coaching, Moukwa empowers entrepreneurs to focus on financial sustainability and resilience, enabling them to achieve lasting success, free up their time, and prioritize time with loved ones, leading to renewed energy and purpose.
Visit https://mosongomoukwa.coach to know more.
For inquiries, contact: info@mosongomoukwa.coach
Media Contact
Company Name: Mosongo Moukwa
Contact Person: Media Relations
Email: Send Email
City: Chapel Hill
State: NC
Country: United States
Website: https://mosongomoukwa.coach
