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.
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
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