Entrepreneurship and Small Businesses Management; Growing and sustaining successful small businesses: strategies and case studies

Abstract

Background: Entrepreneurship boosts economic growth by introducing innovative technologies, products, and services. Lebanese entrepreneurs face many challenges when starting their ventures, especially in the pharmaceutical field. It’s important to understand these challenges to provide adequate strategies for small business development and maintain the sustainability and growth of such businesses. Objectives: The study was done during the COVID-19 pandemic and the Lebanese economic crisis in 2020. The aim was to address the entrepreneurs in Lebanon's pharmaceutical sector and evaluate the strategies they adopt before and after launching their small businesses and the skills they should have and develop to maintain their businesses. Methods: A descriptive study based on qualitative research was conducted in Lebanon over one month. An online survey collected data from Lebanese pharmapreneurs owning small businesses. Data collection and analysis were performed on Microsoft Excel. Results: Most entrepreneurs were interested in the field they invested in. They learned new skills, adopted new strategies, invested effectively in the available resources, and developed leadership skills to sustain their businesses during the economic crisis and COVID-19 pandemic. Besides, most participants did SWOT, market, and feasibility analyses before starting their business. To induce business growth, entrepreneurs followed many strategies to grow their business: planning and management, market research, taking risks, choosing the proper business model, and applying digital marketing strategies. Many personal skills, such as trustworthiness, patience, dedication, and hard work, guarantee an entrepreneur’s success. Conclusion & recommendations: The pharmaceutical field in Lebanon is facing many challenges. The Lebanese government and the Lebanese order of pharmacists must take serious steps to support small businesses. Pharmapreneurs must be aware of the challenges they face and adopt appropriate strategies to support their businesses.