The Road to Success: A Multi Case Study on Navigating Challenges and Opportunities of Millennial Entrepreneurs
DOI:
https://doi.org/10.5281/zenodo.21831152Keywords:
millennial entrepreneurs, entrepreneurial resilience, effectuation, financial challenges, market adaptation, multi-case studyAbstract
This qualitative multi-case study explored how millennial entrepreneurs in New Corella, Davao del Norte navigated the challenges and opportunities involved in managing, sustaining, and growing local retail businesses. Guided by Entrepreneurial Resilience Theory and Effectuation Theory, the study involved three purposively selected female millennial entrepreneurs who had operated food-and-beverage retail ventures for 8 to 15 years. Data were gathered through validated semi-structured, in-depth interviews, recordings, field notes, and transcripts and were analyzed using reflexive thematic analysis and cross-case comparison. Trustworthiness was strengthened through member checking, audit trails, reflective notes, and careful verification of transcripts. The findings showed that entrepreneurial experience was shaped by family-driven determination, practice-based business competence, and strategic business transformation. Major financial challenges involved cash-flow constraints from informal customer credit, rising operational costs, risky financial decisions, and vulnerability to floods, earthquakes, and other disruptions. Participants responded through market adaptation and diversification, disciplined cost management, digital transactions, inventory adjustments, and customer trust-building. The study concludes that business success in the local retail context developed through practical learning, resilience, strategic flexibility, and relational capital rather than through a single uniform pathway. The findings provide practical guidance for aspiring entrepreneurs and a basis for locally responsive training, financing, digitalization, and business-continuity support.
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