Business Survival Model for Sustained Socioeconomic Wellbeing: A Proposed Approach

Abstract

Emphasis is placed on innovation for business survival. However, innovation contributes only 20 percent towards survival of businesses, situation that sours socioeconomic crises. Hence, this study proposes business survival model for sustained socioeconomic wellbeing. Library based study is adopted for the research. Relationship between relevance creation and business survival was conceptually examined. The paper discovers significant predictive power of relevance creation on survival of business through competitiveness. Thus, this study recommends to both existing and prospective business to attach hallmark importance to market needs and expectations; exceed market expectations; build activities around empirical evidences of what adequately support customer satisfaction and never form business for personal gain. Further, empirical research to examine the practicability and impact of this model on surviving and failed businesses respectively, is highly suggested by this study.

Key words: Business, Model, Proposed, Socioeconomic, Survival, Wellbeing