The Microeconomics Study of the Relationship Between Resilience and the Strategic Management With the Financial Innovation Process in the United States

Abstract

Microbusiness owners are one of the major keys to turn around cities and states from economic ruin. However, microbusiness owners have a difficult task of coping with operating their companies while striving to become more innovative to survive and grow with a lack of resources. The purpose of this quantitative correlational study is to determine if and to what extent there is a relationship between resilience and financial innovation in the microeconomics business market in the state of Michigan in the United States. The research design is a correlational analysis. The researcher used the Connor and Davidson Resilience Framework as the theoretical outline which led the research question for this study. The researcher collected primary data via an electronic survey administered to a convenience sample from 84 entrepreneurs renting spaces at TechTown. The researcher used the nonparametric Spearman’s rho correlation to analyze the relationship between resilience and financial innovation. Microbusiness owners will benefit from the insight gained from this study to make more informed decisions to become more innovative.