In this vast and burgeoning business world where big brands take the centre stage, small businesses face the challenge of keeping up with them.
It can seem like an uphill road when you’re trying to compete with the bulk purchasing power and big marketing budgets of big businesses. It can be frustrating, making you want to give up on your ideas. While it is true that bigger brands can easily overshadow small businesses, you should also remember that small businesses have their own set of advantages that can help propel them towards greater success.
Every small business should follow certain tactics in order to stay ahead in the game and compete with the big boys. What are these smart strategies? Let’s see.
Passion - Passion takes you very far in your endeavours irrespective of how big or small the goal is. Most small businesses start with a dream, a passion to do something big, and this passion leads the business towards its goal. It keeps you motivated throughout. While the big business executives face frustration, small businesses comprise a smaller team, with leaders full of enthusiasm. So let your love and passion for your work do the talking, and see how well you progress.
Innovation - Innovative ideas will make you stand out from the crowd, so make sure to build your business on innovation and creativity. If you have an idea in mind, simply plan your next step and execute it. You don’t have to wait to get people together for a long board meeting. You are the master, you’re the driver; so use the advantage of agility and innovate even before your competitor gets there.
Esta historia es de la edición May 2019 de Small Enterprise.
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Esta historia es de la edición May 2019 de Small Enterprise.
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Job Creation: Startups Starting Up!
Do startups create jobs? This could unarguably be one of the most sought after questions in recent times. While it is out and clear that startups make way for employment opportunities, the discussion boils down to the importance of startups in creating jobs. The startup ecosystem indeed plays a major role in job creation and is touted as an economic panacea.
Importance Of Technology For SMEs
We, humans, by nature, tend to be lazy. We always try to make tools, machines, gadgets, etc., to save us time and energy and give us satisfactory results. Technology is the charisma that kept changing our way of living and our style of doing things drastically. Our way of conducting business is also not spared by the Tsunami of technology.
Importance Of Digital Economy
Economic activities that result from billions of interactions between individuals, businesses, data, devices, and processes constitute a digital economy and India is well on its path to becoming a digitally advanced economy. Driven by cheap data cost, faster connectivity, and affordable smartphones, India had over 1,160 million internet subscribers in February 2020, as per the Telecom Regulatory authority of India (TRAI), second only to China.
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ENTREPRENEURSHIP EDUCATION FOR BUDDING MINDS
In the present economic situation, having knowledge of an academic subject is no longer sufficient for a new graduate. Students are increasingly required to have skills and abilities which will increase their employability, such as: the retrieval and handling of information; communication and presentation; planning and problem solving; and social development and interaction.
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The Economic survey in 2019-20 using World Bank’s data on entrepreneurship stated that India ranks third in the number of new firms created. However, India ranks significantly lower in terms of intensity when compared with countries like UK and US.
HOW INNOVATION PLAYS AN IMPORTANT ROLE IN THE PERFORMANCE OF SMEs? WHAT ARE SOME INNOVATION FACTORS TO FOLLOW?
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ECONOMIC REFORMS THAT CAN CHANGE THE ENTREPRENEURIAL ECOSYSTEM
The year 2021 marked 30 years since economic liberalisation surfaced in India and writing on this occasion, the richest man of India; Mukesh Ambani said that bold economic reforms such as ending the license –quota raj, liberalisation of trade and industrial policies, freeing up capital markets and financial sector helped our GDP grow ten folds since 1991 and India transformed from an economy of scarcity in 1991 to an economy of sufficiency in 2021.
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As per the 2019-20 annual report of the MSME ministry, among 63.3 million MSMEs that India has, women–owned 20.4% of them up from 13.72 % in 2013-14. This data supports the fact that there has been growing acceptance of women in entrepreneurial roles but it hasn’t always been the case.
TECHNOLOGY AN ENABLER FOR SMALL BUSINESSES
Today times are such that firms operate in a dynamic environment and they must act dynamically too, at least firms should keep an eye on obsolete processes and technologies and replace them with updated versions to stay competitively ahead.
