What Entrepreneurs And Small Business Owners Can Do To Increase Their Chances Of Success In The Global Economy

Date Added: Nov 2009
Format: PDF

Entrepreneurs and small business owners are motivated to solve problems or deliver services better, faster, cheaper than others in the market. Entrepreneurs harness creativity and innovation to seize opportunities and offer alternatives in the marketplace. Successful entrepreneurs manage risk by closely monitoring business processes and financial obligations, as well as by focusing intently on their market and the challenges of building market share. Adopting a global strategy can enable a small company to enhance its growth in the face of increased competition. Small and Medium-size Enterprises (SMEs) must recognize that doing business internationally involves added dimensions of uncertainty and risk, such as fluctuation in world currencies, global (regional) economic and political unrest, and inconsistencies in the global supply chain.