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Student Research Forum

Jazmin Jernigan-Coleman: "Exploring the Components of a Successful Startup"

 Jazmin Jernigan-Coleman's research poster

Research Category

 Secondary-Data Research

Research Purpose

The purpose of this research is to examine and define various components that aid entrepreneurs in starting a business venture. This research seeks to identify useful strategies for starting a business while compiling a resource of networks available for interested entrepreneurs.

Research Methodology

Research was conducted through the analysis of multiple secondary sources such as books, articles, and statistics. Surveys of several local small business owners across varying industries were also conducted to gain a more accurate impression of the entrepreneurial experience.

Research Conclusion

There are numerous strategies that can improve the longevity and sustainability of a new business. Utilizing available support systems and resources can help entrepreneurs lay a solid foundation for any business venture. After conducting several interviews with local business owners, I found that all current owners utilized some form of consultation service and/or networking group to organize and manage the structure of their business. These findings are congruent with my research, which shows that "two-thirds of establishments survive at least two years (SBA)." The new statistics reflect the fact that entrepreneurs are educating themselves about the pitfalls of poor management, are taking advantage of viable social networking, and are investing in the construction of solid business plans.

Research/Practical/
Social Implications

 Utilizing available knowledge resources can lead to a positive change in multiple arenas. By encouraging entrepreneurs to start new businesses, the local economy benefits in increased revenue and a stronger, more supportive business community.