Our world’s entrepreneurial economy is centered around small businesses. They inspire and change lives fundamentally.
We continue to nurture the entrepreneurial spirit in the United States – a force that helped build America – and people around the world are imitating us, instead of criticizing.
You must be doing something good!
Take a look at the 12 global trends for small businesses to watch in 2008. These are trends that any culture can embrace and add value to any country.
Take the world in your arms
Globalization will be a reality for small businesses. If there’s nowhere else to grow, expanding globally can offer a wealth and opportunity.
Export like a madman
Small businesses will find that a weak US Dollar offers a fantastic, exciting and challenging opportunity to export. All American products will be given a special blue light. Small businesses will export in droves as a result. In 2008, their mandate will be “Go forth and Export!”
Whatever it takes
In good times and bad, small businesses will do anything to survive. Going global is the key to success. Most entrepreneurs will make decisions quickly and live with the consequences.
Globalization 3.0 is not driven by people in India or China, but by entrepreneurs who are “born globals” and small business owners taking their businesses globally from anywhere.
Adopt an outsider’s lens
Small businesses excel at using an insider’s lens to make judgments when immersed in the situation. Small businesses are likely to adopt an outsider’s perspective soon, involving removing oneself from the situation and understanding the risks.
This lens is cleaner and more useful when doing business around the world.
Disturbing the status quo
They will not accept the norm or rules because they are busy achieving their goals. They will disrupt the status quo and break rules to overcome obstacles.
Lead the way
The global economy will be led by small businesses. Small businesses account for 29 percent of US exports in any given year. In 2005, they generated nearly $300 billion out of $906 billion in exports by the entire US industry.
Even if the analysis points to a different direction, small businesses can stay on track with international expansion by doing what is right.
Prove that global small business can be trusted
Small businesses that are truly global will continue to produce results, leaving people and businesses in a better position than before.
They promote and profit off of ideas that are authentic, based on genuine consumer needs and wants.
Prioritise your priorities
Small businesses will align the goals they have for global expansion with their passion. They will have a few goals (one of which is to go global) and they will keep going until the results are achieved. They will become the world’s most productive company.
Invest in collaborative innovation
Small businesses will recognize that innovation is a fundamental driver for economic opportunity, globalization, increased job creation, competitiveness and thriving.
Media and social networking are just the tip of a very large iceberg. Anyone with an idea can launch it anywhere in the globe in a flash and at a relatively low cost thanks to technology.
This year will see more collaborative innovation, with a greater emphasis on coordinating resources, reaching out to other organizations for new ideas and encouraging interaction.
Small businesses will strive to engage their organization and constituents passionately, but will also pay attention to the pull-and-push of interactions. We will have little control in this area. You will have to get used to it.
Use the Internet to increase your company’s visibility and get others to talk about it. Instead of mindshare, focus on building Internet share. This is crucial for success.
Size is not everything
It does not matter (unless it is an entrepreneur’s dream, in which case dream big). Small businesses can compete with larger companies by using powerful software and outsourcing processes.
Smaller businesses have an advantage over larger companies. They are more adaptable, flexible and resilient. They can also be more agile.
Knowledge sharing is essential
The small business owner will start to encourage knowledge sharing across disciplines. This will make the ups-and-downs of an organization more transparent for all. The best results are usually achieved through collaboration and the sharing of ideas. This belief will encourage high achievement and continuous improvement in 2008.