Week 3 Assignment: Revised Problem Statement

Revised Problem Statement: Use the Writing a Problem Statement page (Links to an external site.) to revise the problem statement you submitted in Week 2, based on the feedback you got from your instructor…

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Revised Problem Statement

Paper details

Use the Writing a Problem Statement page (Links to an external site.) to revise the problem statement you submitted in Week 2, based on the feedback you got from your instructor. After revising the Problem Statement Sample (Links to an external site.), create a Word document from the information you entered into the template, AND include a reference list at the end of the document. Submit your draft problem statement by Day 7 of Week 3.

Point Value: 0 Points Weekly Learning Outcome Alignment: 1, 2, 3 Course Learning Outcome Alignment: 5

Assignment Checklist

Content Criteria

• Contain at least one or two paragraphs that convey the relevance of the over-arching topic in which the general and specific problems are grounded.
• Identify a general problem associated with the topic that supports the need for additional research.
• Identify a specific problem that is aligned with and related to the general problem, and that indicates what is problematic, how it is problematic and for whom it is problematic.
• Be thoughtfully supported with evidence from current literature that reinforces the relevance of the topic, as well as the importance of the general and specific problems.
• Conclude with a statement that explains how research could address the specific problem.

Writing and Style Criteria

• Demonstrate a writing style that is clear and concise, with academic tone appropriate for the content and assignment.
• The thesis statement should be clearly articulated, and the structure and flow of the assignment should be logical, with effective transitions.
• Rules of grammar, punctuation, and spelling should be followed.
• Adherence to APA formatting requirements should be evident.

Research Criteria

• Sources are credible (preferably peer-reviewed), varied, relevant, and current (published within past five years).
• Use of seminal work (e.g. Freud) is encouraged.
• Sources inform analysis, evaluation, problem-solving and decision-making.

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Solution

Revised Problem Statement

Relevance of the Overarching Topic

In an unprecedented manner, COVID-19 led to a widespread restructuring, liquidation, and closure of small businesses in the U.S. The World Economic Forum reported that compared to January 2020, 34% of small businesses in the U.S. were still closed due to COVID-19 (Ghosh, 2021). With small businesses accounting for 97% of all businesses in the U.S. and employing close to 47% of the nation’s private workforce, mass closures have a detrimental and long-lasting impact on the nation’s economy (Ghosh, 2021).

The negative social and economic impact of Covid-19 related disruptions on small businesses across all industries in the U.S. helped highlight the financial and operational fragility of small businesses. It is imperative to explore and understand patterns within the closure of small businesses and underline the gaps leading to mass small business closures (Bartik et al., 2020; Fairlie, 2020; Wilmoth, 2021). The analysis would provide foundational insight on the frameworks to protect and empower small businesses in the U.S.

General Problem

The economic crisis caused by the COVID-19 pandemic compelled small businesses to rethink their operational and business strategies. Wilmoth (2021) notes that COVID-19 changed patterns of consumption among consumers and forced small businesses to find innovative approaches to survive. However, there is limited information on how different strategies helped small business owners sustain businesses during the COVID-19 pandemic (Fairlie, 2020; Shouvik & Manish, 2021). With small businesses playing a critical role in the country’s economic landscape, the general problem of the research is the low survival rate among small businesses due to the social and economic crisis caused by COVID-19 related disruptions.

Thus, in examining small business closures, the research intends to determine the approaches utilized by the surviving small businesses to guarantee sustainability. These strategies played a critical role in ensuring sustainability amid an epidemic, thus providing employment opportunities, innovation, and facilitating community ecosystems (Marshall & Schrank, 2020; Shouvik & Manish, 2021; Wilmoth, 2021). Furthermore, the research explores the gaps in business knowledge, resources, and strategies among small businesses and small business owners that led to the immense mass small business closure.

Specific Problem

During the pandemic, the mass closure of small businesses highlights the specific problem that small business owners lack the strategies, resources, and knowledge to sustain their business amid the unprecedented market conditions caused by COVID-19 related disruptions. Unprecedented changes in market conditions such as restrictions and health‐ and economic‐driven demand shifts from COVID‐19 necessitate critical business strategy adjustments that can catapult the business through and help the business navigate the new normal (Marshall & Schrank, 2020).

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However, a gap in strategies, resources, and knowledge on sustaining businesses deteriorated the small businesses sector and subsequently had a long-term crippling effect on the economy. The proposed research addresses the gap in knowledge on how different strategies helped small business owners sustain their business during the COVID-19 outbreak. As such, the research intends to explore the business strategies used by small business owners to attain sustainability amid the market changes, restrictions, and health‐ and economic‐driven demand shifts caused by COVID‐19.

Wilmoth (2021) further underlines that the long-lasting impacts of the pandemic, including the possibility of a declining small business sector, partly depend on policy responses. An in-depth understanding of the different strategies utilized by small business owners to sustain their businesses during the COVID-19 pandemic would provide empirical data to guide the formulation of policies and initiatives that empower the capacities of small businesses and their owners across America.