Staying up to date in today’s constantly shifting business world is not easy, but being aware of SME trends as they are happening can put small business owners ahead of the curve. Spotcap, the fastest online credit platform, reveals the six most important global trends which entrepreneurs need to follow to stay on the ball with industry challenges.
- The bigger, the better
Big data is not just for big businesses anymore and will have a significant impact on the pace-setters of the small business sector. Entrepreneurs can seek to leverage large amounts of data across multiple delivery channels to uncover patterns in consumer behavior. Analyzing big data can help organizations to change the way they make decisions. According to a survey from IBM, 75 percent of all small business owners are increasing their investments in data analysis tools. These shrewd investors will reap the benefits of news features that allow them to sift easily through masses of valuable data and plan their next move accordingly.
In the challenging cut and thrust world of the entrepreneur, it’s all too easy to let the mundane aspects of life slip by. Making a Will is one of those things. We all think we have plenty of time, with more important or pressing things to do right now in launching or growing the business.
Given the uncertainty of the future, this can prove a costly mistake should the worst happen. Are you sure your hard-won business assets will land in the right hands when you’re gone? Entrepreneurs work long, hard hours to build their businesses, yet it can vanish in a flash if you don’t make your wishes plain by writing a Will.
We asked members of the Entrepreneurs’ Organization (EO) to share their thoughts on what it takes to be a great entrepreneur. Here’s what they had to say.
“One characteristic which separates good entrepreneurs from great ones is grit. Being an entrepreneur isn’t easy and you won’t always make perfect decisions. However, the leaders who can persevere through both the good and bad times have what it takes to be a great entrepreneur.”
Jeff Martin, EO Minnesota
CEO and Founder, Collective Genius
Entrepreneurs are frequently thought of as national assets to be cultivated, motivated and remunerated to the greatest possible extent.
Entrepreneurs can change the way we live and work. If successful, their innovations may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society.
The following are six reasons why entrepreneurs are important to the economy.
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Ravaging through the rough, grunting and seeking out the next victim….Scavenging anyone and anything that comes in the way…
No, we aren’t describing the latest wildlife channel special about predatory beasts in the jungle. We are referring to the angry, stressed, tense new entrepreneurs on a tight deadline. At this stage in the startup journey, fresh-faced founders may get a little anxious, as the viability of their new startups is dependent on each deadline. Sure, you could argue that it is just the passion coming through, but this attitude could cost a new entrepreneur his/her business.
If your actions are making your employees cower in fear of being the next stop in your slaughter trail, these are a few pointers to help you:
The ultimate goal of every entrepreneur is to succeed – and to be happy doing it. But not every entrepreneur gets to achieve it. Indeed, hundreds of new businesses are launched every year but success eludes most of them.
One reason is that entrepreneurs are faced with some of the most difficult questions on a daily basis – and how they answer them could depend on if the startup sinks or swims.
To ensure success, here are the three most important questions entrepreneurs must answer.
1. What are my goals as an entrepreneur? Most entrepreneurs find it difficult to separate their personal goals from their business goals. And that makes sense. Think about it, entrepreneurs are often trying to turn their personal passion into a business – and just need to find others to help achieve their goals. While I get that sometimes they are linked, the ability to separate your goals can help you focus your personal growth and the success of your business at the same time. So set goals.