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
Buyer's Guide To HCM And Payroll Technology
An HCM platform is the foundation of your business, and choosing the technology is one of the most important decisions you'll make.
Get ExpertiseMore to Discover
3 Reasons to Invest in a Learning Culture: Recruit, Retain, Engage
Learning is a win/win for employers and employees. Learning-driven organizations tend to be more efficient, create more customer value and market leadership, and report higher customer satisfaction. Employees of all ages, especially Millennials, see re-skilling and upskilling as critically important, and often it’s the deciding factor in their decisions to take a new job or stay at their current company.In Paycor’s Guide, “3 Reasons to Invest in a Learning Culture,” you’ll learn how to invest in and build a learning culture. You’ll also learn the “why behind the what,” and see firsthand how your company’s learning impacts your ability to recruit, retain and engage talented people.Download Paycor’s Guide for actionable tips and insights...
Case Study: Shelba Johnson Trucking
After experiencing numerous implementation challenges and unreliable customer support Shelba Johnson Trucking had enough and began searching for a reliable HR and payroll provider. Read the case study below to learn how Paycor’s HCM platform helped eliminate manual processes and offer supervisors more visibility into hours worked and time off requests.
Webinar: Industry Spotlight: Higher Education - People Management and Labor Metrics that every CFO and President should know - 1/22/19 @2pm ET
Paycor reviewed proprietary data from nearly 4,000 customers to identify key metrics that uncover opportunities to lower your labor costs and increase the productivity of your people. This session will: • highlight key areas of your business operations (recruiting, labor costs, and turnover) and detail true operational costs. • Identify key metrics that can be tracked and benchmarked for improved performance. • provide a cumulative and holistic look at the financial impact to your organization. Dean Bishop, Paycor’s ABACC Relationship Manager, will analyze the critical labor and people management metrics that matter to you and your executive peers. Plus, he’ll provide some tips to start benchmarking and implementing these metrics.Paycor,...