The Application of Social Exchange Theory by Entrepreneurs Leading Small Businesses in Appalachia

Billy Stone Posted on
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DOI: https://doi.org/10.64010/WKEW7646

Abstract

Entrepreneurs are the backbone of the U.S. economy and their small businesses represent the primary job source for American workers. Research exists on small business at a national and an international scale but a limited amount of region specific information exists in the literature. The purpose of the research is to explore the relationship between social capital and the failure or success of entrepreneurs who own businesses in Beckley, West Virginia, a small Appalachian town. The theoretical framework for this study is social exchange theory. This qualitative study used interpretive phenomenological analysis as the chosen research design because of the capability to query their lived experiences. The purposive sampling method was used. The twelve participants were divided into two groups consisting of failed businesses and successful businesses. The successful business has existed for more than five years. The failed business opened within the past five years but has closed. The answers provided by the participants addressed the problem of the high fail rate of small businesses in Appalachia. The findings of the study are important because the application of social exchanges by entrepreneurs was shown to increase the longevity of small businesses.

Introduction

Small businesses are the backbone of the U.S. economy and represent the primary job source for American workers (Small Business, 2012, p.1). In 2012, over 2.1 million new jobs were created by small businesses, with the largest increase in the smallest firm size category of businesses with 1-4 employees (U.S. Small Business Association, 2015, p.1). In 2010, small businesses in the U.S. generated over 95% of the nation’s export value (U.S. Small Business Association, 2015, p.1). While the small business sector is of vital importance to the U.S. economy, there is ample room for improvement in the areas of firm survival. However, in the first quarter of 2014, the number of small businesses that closed almost equaled the number of new businesses that opened, with 382,000 firms opening and 364,000 firms closing (U.S. Small Business Administration, 2015, p. 4).

Although numerous fiscal and social policies have been instituted to promote and support small business in the United States, these have yet to reduce the failure rate of small businesses. Additionally, while a great deal of research exists on small business at a national and an international scale, a limited amount of region-specific information exists in the literature. Included in the research that does exist, both the questions posed and the conclusions reached are often of little relevance to the actual practice of managing a business (Perry & Zuber-Skerritt, 1992; Hurst, Pugsley, Anger & Looney, 2011).

Statement of the Problem

Entrepreneurial ventures have a high fail rate, with less than half surviving more than five years and these survival rates have persisted in a relatively stable fashion for at least a decade, with various policies appearing unable to increase the longevity of new businesses (Lamie, 2011). Additionally, most research to date has relied on overall survival rates to measure the rate of business failure, neglecting to distinguish between successful closures and failed business attempts. The general problem is that the failure rate of small businesses in the southeastern United States is not well documented (Ransom, Jensen, Bailey, & Rural, 2014).

The development of effective policies for supporting small business longevity is stymied by the lack of a comprehensive understanding about the specific factors that contribute to the success of owner-operated small businesses (Ransom, et al., 2014). Additionally, most research produced by institutions has been conducted in a top-down fashion on questions that interest researchers, but often fail to address the problems that entrepreneurs find important (Hurst et al., 2011).

Purpose of the Study

The purpose of the research was to explore the relationship between social capital and the failure or success of twelve owner-operated businesses in Beckley, West Virginia. The results of this research project include personal stories collected through semi-structured interviews with twelve entrepreneurs in Beckley, West Virginia. The interviews consisted of open-ended questions through which the participants shared unfiltered stories of their experiences and perceptions as entrepreneurs. Living management theory was used to address practical problems faced by entrepreneurs by integrating professional readings, reflections, and critical conversations with the data collected and engaging in an ongoing process of self-reflection. Twelve small businesses in Beckley, West Virginia were interviewed. The study was conducted by a lifelong resident of Beckley who personally observed his family’s struggles as entrepreneurs. A myriad of small businesses has opened and closed in Beckley over the past five years. Why some were successful while others failed is the nexus of the research. Six businesses opened between 2006 and 2016 and were in operation for more than two years. Six additional small businesses had closed within their first two years of business between 2006 and 2016.

In this purposive sampling, the entrepreneurs were expected to share common experiences. The alignment, or lack, of social capital for each business were compared. A pattern emerged which reveals a common roadmap to longevity (in operation for more than two years) or failure (closure before reaching two years in business). The data collected in the study focused on the development of an understanding of the ways in which social capital contributes to the longevity of businesses in Beckley, WV.

Research Questions

The purpose was to understand the relationship between social capital and success of small business in Beckley, WV by increasing understanding of the effects of social exchange theory on business longevity. The following question directly addressed the stated problem and purpose of this research.

Question: How does social capital affect the longevity of owner-operated small businesses in Beckley, WV?

a.) How does the research improve the organizational practice of small businesses?

b.) How can the knowledge from this research reach and influence small business operators in Beckley, WV?

c.) How can the research improve the economic prospects of small business operating in Beckley, WV by extending the longevity of owner-operated small businesses?

Theoretical Framework

The theoretical framework for this study is social exchange theory. Historically, social exchange theory has provided a theoretical foundation to entrepreneurs’ need to adapt to changing practices. “Social exchange theory is a broad theory that provides a common explanatory account for a variety of outcomes that can emerge from interactions between, individuals or organizations. These social exchange outcomes include the emergence of trust in interpersonal and interorganizational exchanges” (Lioukas & Reuer, 2015, p. 1832). The theory focuses on trust established by the societal norms of reciprocity and equity which are based on emotional bonds of friendship or kinship.

According to Rusbult’s (1983) investment model of social exchange theory applies to this study. Relationships between the entrepreneur and its customer are stabilized when that investment is made in the relationship. The same investment concept is beneficial for rural entrepreneurs to apply to their marketing activity. The diversity of customer needs and alignment with targeted marketing is improved by investing in a database that informs marketing decisions. The owner can customize their marketing to individual customer preferences. The investment model application is one in which the entrepreneur views the customer as an investment. When customers have invested their patronage in the small business, it creates a perceived social cost to abandon the relationship. The exchange of value is a central component of the framework of relational exchanges between rural businesses and their clientele. Entrepreneurs evaluate success based on what they feel they deserve in exchange for their investment in the customer. Investment model of social exchange theory demonstrates that the first business transaction between the customer and the business actuates the potential for future transactions or if the relations will end after the intimal sale (Hadden, 2015).

The investment model of commitment provides a theoretical framework for understanding the underlying aspects of commitment in rural small business relationships (Rusbult, 1983). The investment model defines commitment as the intention to maintain psychological attachment the extent to which one needs a given relationship or to which one’s desired outcomes are contingent on a given relationship (Hansen, et.al., 1982).

The investment model states that commitment is achieved by three factors that are thought to function by increased dependence. First, feelings of satisfaction in one’s relationship increase commitment. Research has found that satisfaction results from perceiving that the rewards received from the relationship are worth more the costs (Lin, 1995). Second, commitment comes from considering lower quality alternatives to the relationship. That is, considering one’s options as resulting in less desirable outcomes when compared to the current relationship results in higher commitment. Third, one’s degree of investment in the relationship-the financial and emotional capital inserted into a relationship that was sacrificed if the relationship ended-increased one’s commitment. Investments can be tangible (e.g., money) or intangible (e.g., emotional) and may include the past and future plans (Goodfriend & Agnew, 2008). In the investment model, commitment is promoted by investments that create dependence (Rusbult et al., 1998). Satisfaction is the strongest predictor of commitment with alternatives and investments explaining a smaller amount of differences (Le & Agnew, 2008).

In the study, the researcher used social exchange theory to evaluate whether investment in a small business is reciprocal. The clientele in the study area expects small business to support local interest, such as sponsoring local sports teams and purchasing business supplies from local vendors. When there is an exchange of financial and socioemotional sources, the customer feels committed to patronize the business and to advocate for its success. The more engaged the business is in its community, the amount of cognitive, emotional and physical capital is returned in kind by its clientele. Should the small business not invest its financial or emotional capital in local interests, the clientele in rural communities are likely to withdraw from the patronage of the business. This could be due to the perception of the clientele that the owner is taking from the community and not rewarding the community in turn for their patronage. Missing from the study is the evaluation of social exchange theory and its influence on Appalachian entrepreneurs operating a small business. The research attempted to fill this gap.

Method

Interpretative Phenomenological Analysis (IPA) was used as the guiding research design. The research queried the consciousness of entrepreneurs and their perception of things and experiences. Its objective was the analyses of specific experiences of entrepreneurs within the context of failing or succeeding in the operation of their small businesses. This was accomplished by using small sample size, in person interviews with an inductive approach allowing the participants time for reflection.

The purposive sampling method was used. The twelve participants were divided into two groups consisting of failed businesses and successful businesses. The successful business was based on the criteria that the business existed for more than five years, and the owner is the manager of the business. The failed business was opened within the past five years but had closed.

Lastly, the research adhered to the principles of confidentiality, voluntary participation and informed consent. The research studied human subjects in that it included interviews with successful and failed entrepreneurs. The willing participants were guaranteed confidentiality by letter of informed consent. The participants were potentially vulnerable research subjects. The data collection process promoted confidentiality by removing identifiable information such as names of businesses and individuals from notes and the manuscript. The names of the businesses and the entrepreneurs were concealed by using neutral identifiers. The F1 for failed business number one and S1 for successful business number one. Access to interview materials was restricted to the researcher. These efforts reduced the possibility of anyone from connecting the businesses or individuals to the data to questions. The audio of the interviews was recorded for the purpose of fully synthesizing the narrative data and collecting the data to binary questions. Transcribed data was coded in the software program ATLAS.ti. The software uses integrated strategies, which align with theoretical foundations of qualitative research. A manual review of the coded data and its analysis was conducted to interpret the phenomena.

Findings

The modified van Kamm method of phenomenological analysis was applied to collected data. The researcher transcribed the data into Microsoft Word files which were then exported into ATLAS.ti qualitative software project files. The lived experiences were grouped by the ATLAS software into a document file which listed the invariant constituents.

Trustworthiness of the Data

A pilot test was completed prior to data collection. The purpose was so the researcher could evaluate the clarity of the interview questions, and the quality of the audio recorded on the iPhone voice recording application. The researcher discovered the best location to place the iPhone to capture clear audio for the interviews. Also, the time allotted for introductory comments was taken into consideration to schedule sufficient time for the entire interview session so each participant could reflect upon the questions and provide responses.

The list of failed small businesses in Beck-ley that have ceased operations within the past five years was established by the researcher by using the advanced search function on the West Virginia Secretary of State business organization online portal (West Virginia Secretary of State, 2017). The businesses, which do not appear as a licensed business in in 2017, have ceased operation and coded as F for a failed business. The remaining businesses maintained continuous business operations since 2012 and were coded as an S for a successful business. The contact information for the businesses was obtained from the Beckley Chamber of Commerce annual member directory.

There was a total of 27 successful businesses and 38 failed businesses identified. The contact information, and applicable coding for each business was included on the list. As each entrepreneur was identified from the sample, the researcher telephoned the prospect to invite him or her to participate in the study. The researcher verified, via telephone introductions, that the person was the owner of the business and confirmed their eligibility to participate in the study as specified in the eligibility criteria found in the informed consent form.

Six businesses from each sample population were invited to take part in the interviews. From the successful businesses contacted: two did not answer at the contact phone number, and three did not want to participate in the interviews. Six individuals from the successful business population agreed to participate in the interviews. From the failed businesses contacted: four did not answer at the contact phone number, 12 phone numbers were disconnected, and one did not want to participate in the interviews. Six individuals from the failed business population agreed to participate in the interviews.

The participants were scheduled for interviews in person. Each successful business participant was interviewed in their office in their place of business. Each failed business participant was interviewed in the private meeting room located in the public library in Beckley, WV. The door was closed in each venue in effort to maximize privacy. There was no difference observed by the researcher in the responses of the participants between the venues.

The researcher interviewed the participants in various locations in Beckley, WV. The locations included the meeting room in the public library and the office of each participant in their individual place of business. The average length of each interview was 45 minutes. All interview questions received a reply from all participants. The reply length varied in time and technical detail. The shortest interview was 39 minutes. The longest interview was 63 minutes. Seven participants expressed their hope that their replies were providing relevant information. The researcher reassured the individuals that there was no right or wrong reply and all information is beneficial to informing the study. The venue of the interviews had minimal disruptions, which included telephones ringing and the sound of traffic outside. Ambient noise included the sound of cooling systems operating in the venues. A clear digital audio recording of each interview was captured on the iPhone and stored securely in the iCloud of the researcher. There was very little background noise. There was no technical issue encountered.

Interview questions 1, 2, 3, and 4 asked of the participants provided demographic data for each of the businesses. The following table provides demographic data about each business type (Successful or Failed), number of employees, years in operation and the average annual sales at time of data collection.

The researcher analyzed the interview transcripts by using the modified van Kaam method of data analysis. Using the analysis steps, as described by Moustakas (1994), the researcher created a descriptive summary of the phenomenon, which represented the entire population of successful business participants in contrast to the failed business participants.

Results

The phenomenological analysis process provided a method to capture the individual textural-descriptions of each participant and to apply equal value to the relevant statements addressing the interview questions. The interview transcript documents were entered into ATLAS.ti project files and then coded by inVivo. The data was interrogated by codes across documents in the project files.

To facilitate triangulation, field notes were made by the researcher during each interview. The notes included the personal observations of the researcher of each participant as they answered each question. Triangulation resulted from comparison of field notes taken of these observations and the interview transcripts. Trustworthiness of the data was accomplished via triangulation of field notes and the interview transcripts. The field notes were compared with the interview transcripts to identify emerging themes that existed in the data collected from both methods.

The phenomenological reduction was achieved through Microsoft Excel and Atlast-ti software. A file was created for each participant with coded information. Coding allowed similar answers from the participants to be grouped for analysis. Throughout the interviews, biases were set aside to enable participants to feelcomfortable sharing their lived experiences of the phenomenon during which Moustakas defined as the epoche (1994).

Clustering enabled the researcher to group the participants’ answers to interview questions into clusters of related themes. This reduced the lived experiences to essential invariant structures or the nuance of the experience of owning a small business in Beckley, WV. Elimination and reduction allowed the researcher to identify whether answers were relevant to the lived experience. The researcher assembled, for each participant, the textual descriptions of the experience to reveal nuance and meaning.

From the textural descriptions, the invariant constituents provided the emerging theme of community involvement, and participation. The interview questions were focused on the lived experiences of each participant and how they may have contributed to failure or success in small business. Below are the three research questions, which guided the study and supported the central research question: How does social capital affect the longevity of owner-operated small businesses in Beckley, West Virginia?

Research Questions

Question 1 asks How does the research improve the organizational practice of small business? In this question, the objective was to bring the participant back to the lived experience of the opening and operating their business. The preparedness of owners to be successful in managing a small business was evaluated by asking interview questions related to education, perceived strengths, weakness, threats, and opportunities. The interview questions 5, 6, 9, 10, 11, and 12 tie back to research question 1 by collecting data pertaining to how each participant organized the practice of operating their small business. All successful businesses felt they possessed adequate education to operate their business. For the successful businesses, 100% of the owners felt they possessed sufficient experience to be successful in their business. Also, the majority of failed business participants (67%) felt they lacked the necessary education and experience to navigate the challenges of their business. No common pattern was identified between industries in relation to the perception of preparedness.

Question 2 asks How can the knowledge from this research reach and influence entrepreneurs in Beckley, WV? In this question, the objective was to determine how the influence of the lived experiences of the participants can be applied to other businesses in Beckley, WV. The participants to were asked interview questions related to how they would have done things differently during the first year of operating their business; reasons why their business closed or has remained a success, and the feeling of why small businesses are either successful or not successful in Beckley. The interview questions 17, 19, and 20 tie back to research question 2 by collecting data related to the recommendations and reflections from each participant on achieving success in small business. The majority of both successful and failed businesses provided similar responses to interview question 17 which indicated they sought but did not find published information on operating a successful rural business prior to opening their business. The responses indicated that the knowledge gained from this research could have influenced entrepreneurs in Beckley, WV. Less than 50% of the failed businesses felt additional knowledge could be gained from this study. No common pattern was identified between industries in relation to the influence of this study.

Question 3 asks How can the research improve the economic prospects of small businesses operating in Beckley, WV by increasing the longevity of owner-operated small business? This question challenged the participants to reveal their knowledge of social exchange and the perceived contribution to small business success. The interview questions 7, 8, 13, 14, 15, 16, and 18 tie back to research question 3 by collecting data related to the participant’s understanding of and utilization of social capital to enhance their success. The majority of successful business participants indicated that social exchange is important to longevity. No majority resulted among the failed business participants (50%). No common pattern was identified between industries in relation to the influence of this study.

Evaluation of the Findings

The systematic techniques of qualitative research were applied, which were described by Lewins and Silver (2014). The manual review was compared by the researcher to the software output. The comparison enabled the researcher to address any jargon used by the participants which the software may have misinterpreted. Similar themes and words were grouped into clusters by the researcher by employing three processes: using the modified van Kamm method of analysis (Moustakas, 1994), output from ATLAS.ti software and a manual study of the transcripts. The resulting lived experience stories of the participants were clustered and provided the theme surrounding the phenomenon of social exchange theory. By review and comparison of recorded interviews and transcripts, the researcher confirmed consistency between the two. The textural-structural descriptions of the participants provide a “composite description of the meanings and essences of the experience, representing the group as a whole” (Moustakas, 1994, p. 121). Three emerging themes resulted from the qualitative analysis and provided the composite descriptions for this study. In chapter 5, an analysis and discussion of the three emergent themes are provided. The composite descriptions of the three themes are as follows:

1. Successful business participants used social capital and exchanged value with their customers: Small businesses in Beckley, WV that have operated continuously since 2012 indicated in their interviews that they engaged their communities by a variety of activities and they fostered an exchange of value between the customer, community and the business.

2. Dominance in local industry: In contrast to the failed business participants, successful business participants indicated they had little or no local competition.

3. Preparedness for small business: The failed business participants indicated that they lacked the experience to be successful in their business. The successful business participants indicated that they continued to seek out information to improve their businesses.

Implications, Recommendations, and Conclusions

The majority of successful business participants indicated that social exchange is important to longevity. The owners of successful businesses were leveraging social capital even though they had not assigned that label to their activity prior to the interview. Each business invested in their community by sponsoring the sports teams of local schools, donating goods or services to local charities, and participating in local initiatives such as United Way. All owners shared that they received local media coverage of their investment in the community, which they felt important to maintaining existing social relationships with customers, and they also felt created new business. Their answers relate to the existing literature which contains a study published by Wei-Hin et al. (2014). The conclusion of that study was that not all small businesses fail to use strategic planning tools. For example, the successful owners of small businesses exhibited a form of strategic planning with environmental scanning.

There was no consensus among the failed business participants. Less than half of the owners of the failed businesses had participated in local events or charities. They did not mention receiving media coverage for their participation. The remaining owners provided answers which inferred they felt they could not spare time or money to sponsor local teams, or to donate goods or services to charities. Their answers contract with the existing literature which contains a study published by Warfield & Glover (2011) in which they conclude that the lack of planning leads to loss of customers and failure to match up to competition. Furthermore, the small businesses that lack organizational goals have the likelihood of existing for only two to three years (Valdiserri & Wilson, 2010).

The answers of all participants developed the emerging theme of – successful business participants used social capital and exchanged value with their customers. Small businesses in Beckley, WV that have operated continuously since 2012 indicated in their interviews that they engaged their communities by a variety of activities and they fostered an exchange of value between the customer, community and the business.

Recommendations for Practice

The study of management theory continues throughout the world. However, there exists a gap in existing literature on how best to position a small business for success in rural America. Much of the literature reviewed for this study was from rural communities in countries outside of the United States. This is due to the relative lack of existing literature on rural small business success in America.

The focus of this research, social exchange theory, may be applied to small businesses in rural settings. The successful businesses in this study were able to effectively leverage social capital to enhance their longevity. Urban businesses serve a mobile population aided by mass transit and larger numbers of alternative businesses. For example, the sponsorship of a little league team has a compelling impact on social exchanges in a rural setting when compared with the urban setting.

Entrepreneurs would benefit from the findings of this study on the topic of preparedness. It was discovered that successful small businesses sought published information on rural business success prior to embarking on their new businesses. Most of the owners of successful businesses also received training on their particular industry prior to opening their businesses. The successful owners also conducted informal environmental scans to assess their strengths, weaknesses, opportunities and threats.

Recommendations for Future Research

This study focused on small businesses in Beckley, WV and how social exchange theory contributed to their longevity. Additional research on small, American rural businesses could better inform future entrepreneurs by providing them with documented success and failure stories which can be applied to their small business. Future researches may improve upon this study by engaging in a quantitative study of rural small business and applying it to other existing management theories.

Conclusions

The purpose of this qualitative study was to to explore the relationship between social capital and the failure or success of twelve owner-operated businesses in Beckley, WV. Participants were sourced from the local business community. The answers provided by the participants addressed the problem of the high fail rate of small businesses. The findings of the study are important because the application of social exchanges is shown to increase the longevity of small businesses in Beckley, WV.

With respect to previous research, the results of this study add to the existing framework for social exchange which is defined as the theoretical approaches which place emphasis on resource exchanges between people. The social exchange framework is of importance to the understanding of the development of relationships, satisfaction derived from the relationship and its future stability (Yanamandrama & White, 2012).

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