With the exception of the more than 30 years of research conducted by Black Enterprise magazine on the largest and most successful African American owned companies in the United States, the majority of studies on these types of firms mostly deal with the lack of startup capital, failure rates, and other obstacles to success. In addition, with the recent recession, which has caused several large mainstream companies to downsize, merge, or close, how is it that the largest and most successful African American owned businesses are still thriving? Given this question, the primary objective for this qualitative study was to find the overall strategies, successful strategies, and any shared strategies for Black Enterprise magazine's 2007 BE 100s, the largest and most successful African American owned businesses in the United States. The results showed that the companies in this study used strategy as outlined by Thompson and Strickland in 2005 in their five components: please customers, compete successfully, grow business, conduct operations, and achieve targeted objectives. The companies also incorporated components from Drucker's business model, viable system model, strategic intent, contingency theory, and sustainable family business theory in order to remain viable during turbulence. The data made it possible to identify a new theoretical framework for the successful strategies used by the participants during turbulence, and, as a result, African American and minority-owned businesses and practitioners will have a tool by which to remain viable during business turbulence.
|Subjects||African American studies; Black studies; Management|
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