However, there are a few which are strictly small and medium sized business problems. Here are the top 10 challenges faced by small and medium sized businesses:
1. Leadership
No academic qualification is required to be the leader of an SME and it is suspected that if one were given most entrepreneurs longing to get started would not do it in any case. However, given the number of challenges of leading people and running a business, many owners falter as they do not posses the right skills.
Currently there are plenty of good books on leadership to depict that the apt skills can be acquired. You do not need to be like Richard Branson to be an appreciable leader in your business; simply be equipped with apt habits and skills to make a difference for the team.
In the period of economic turbulence created by coronavirus pandemic and the ensuing recession, possessing the right leadership manner becomes even more essential as this is the time when leadership qualities will be tested at max.
2. Culture
You must have observed over the past few years that obtaining the right culture has become more essential for business owners. The motive of the business must be crystal clear and from this motive, the principles of the firm can flow.
Four principlescan seemingly be the maximum anybody can keep in mind and successfully implant into a business. These are:
• Professional/ Honesty/Integrity
• Initiative/ Innovation /Self starting
• Respect
• Customer Service/ Falling Over Backwards /Going beyond
This story is from the May 2021 edition of Small Enterprise.
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This story is from the May 2021 edition of Small Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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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.
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