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Workforce Management

Barriers to Entrepreneurship: Tackle Them with Technology

Entrepreneurs have made a major impact on the US economy, even during

trying times. Since 1990, as big business eliminated 4 million jobs,

small businesses created 8 million new jobs. And the number of small

businesses has increased 49 percent since 1982.

America has been downsizing, and start-ups have stepped into that vacant

space in the economy.

Yet, according to Forbes magazine, eight of 10 entrepreneurs fail in

the first 18 months. Why such a grim statistic? Consider these new

realities for business owners:

1. Disruptive innovation

It’s not just something that happens every century anymore. It’s

happening every day. Entrepreneurs must be poised and ready to meet

the next challenge or dream up the Next Big Thing.

2. Globalization

There’s more competition for goods and services, as well as for top

talent. Not only that, but economic markets are so closely intertwined

that a blip 5,000 miles away can have a ripple effect on your business.

3. Stakeholder power

No longer do board members and shareholders have all the control. In

this hyper-connected age, employees and consumers often can—and

should—drive corporate decision-making.

4. Societal change

Environmental, economic, technological and political changes

constitute threats but also opportunities for entrepreneurs, especially

those who know how to bolster the bottom line while helping people in

the process.

Staying on top of such frequent, large-scale change is no easy task for

entrepreneurs, who commonly wear more hats at work than they have time

to count!

Successful business owners build resilient organizations that have

backups in place well beyond Plan B and employ future-oriented systems

that can change as business needs demand. That’s where technology comes

in.

Entrepreneurs can use technology to:

* Focus on strategy

* Improve efficiency

* Mitigate compliance risk

* Increase employee satisfaction and engagement

Tech can form the foundation you need to step back and think big,

developing the right strategy to power your growth. But how do you get

started?

Download the free whitepaper,

Entrepreneur’s Guide: 4 Ways to Use Technology to Grow

Your Business to learn how to overcome the barriers standing in the

way of your business.


Sources: U.S. Small Business Association, Forbes