Small Business: Leading the Challenge of Innovation?

Peter B. GiblettStarred Page By Peter B. Giblett, 5th Mar 2015 | Follow this author | RSS Feed
Posted in Wikinut>Business>Starting A Business

To a great extent the future of our society depends on innovation and entrepreneurial spirit. However small business is challenged, and often left without any support other than their friends and family, yet it should be this community where new ideas are born and start to germinate.

Innovation?

It has been said that the majority of small one person businesses are not very innovative indeed most small business owners do not see themselves as entrepreneurs or visionaries but as fulfilling a gap in the market. Their reason for being in business is not about being the next Bill Gates or Steve Jobs, they are more than likely to be just another 'ma' and 'pa' store, merely ticking along with a reasonable income but short of innovation on many fronts.

Yet it is just such a business that is less constrained when changes to market conditions occur, they are (provided they are paying attention) able to change how they do business and adapt to new conditions. This is the way they innovate.

Of course there are entrepreneurs that wish to develop a fresh innovative business concept, it is possible they lack the courage or the capital to move ahead, or perhaps both, in order to pursue the biggest of these visions. Ironically the world's current economy needs the spirit that new, start-up businesses bring, however there seems little financial support for small business owners by government, banks, or venture funds. Some small business folk must feel that they are taking on the whole world just to make a buck or two.

Your Support Systems

Whatever support systems do exist differ from location to location and may differ according to the law of the land, making the provision of general advice very complex here, yet there are some things that should help anywhere. Some of the important support systems are:

  • Create and use your network of like-minded people to spread the word
  • Leadership by selecting and using the very best of ideas
  • Know what is viable
  • Focus on where the money is best spent to get the job done
  • Create a storage place for new ideas - they may not be viable now but in the future?

The majority of innovation today should be focused on people and the needs of society rather than developing technological solutions, but Information Technology is considered normal part of doing business and access to these capabilities will always be essential to business success.

New Ideas or Approaches

The majority of new ideas available recently have focused on human need, even when they are technologically driven. All technical capabilities must be reliable and capable of being used by any member of the general population and there is today greater call for such solutions to be available wherever the business person needs them, with more mobile support at a lower cost than ever before and there are increasing demands to keep the prices low.

There is an increasing technical know-how by the population at large yet at the same time they are relying on a wider array of services and solutions for their business.

Bold New Initiatives

There are many services that can have a powerful impact on any small business and the exciting thing here is that many of them are available at the best price possible - FREE. Take a look at the following:

  • Low cost Software
  • Micro Funding
  • Crowd Funding
  • Free Advertising
  • Social Media

Low cost, or free software can frequently provide the same solutions that are used by big business yet the start-up can have free access to solutions like CRM and accounting software, knowing that you only start to pay once your business grows.

Micro funding may not be available in all parts of the globe, the idea being that businesses in the underdeveloped world are given a leg up, and the investors typically invest small sums to get these started. A similar approach is used for Crowd funding which is used to fund even massive projects by appealing to a wide set of small investors.

Sites like Craigslist lead the way when it comes to provision of free advertising, but typically local newspapers also provide free on-line advertising - seek out providers in your local area. Social media can also be a great way to 'advertise' your services without spending any precious cash.

Image Credits

  • Local business by IMSI (from royalty free image collection owned by author)
  • Gap in the Market - Peter Giblett
  • The Boss from Green Street (Royalty free image)
  • Free price tag

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Tags

Business, Crowd Funding, Entreprenerial Spirit, Entrepreneur, Free, Free Advertising, Innovation, Low Cost, Micro Funding, New Ideas, Small Business, Social Media, Software

Meet the author

author avatar Peter B. Giblett
Author of "Is your Business Ready? For the Social Media Revolution"

Social media consultant, with C-Level background.

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Comments

author avatar Retired
6th Mar 2015 (#)

Real innovation is making new things or making the same things differently. One is product innovation. The other is process innovation.

Real innovators willingly take on the enormous risk of innovating. Only one radically innovative idea out of 3,000 such ideas makes it to market, and there breaks even only years later. Returning on friends and family investments can split friendships and families apart, not to mention being the ruin of unsuccessful innovators.

Family-owned businesses are the smaller versions of innovation, but no less important for making a go of the enterprise. A sandwich store needs to make sandwiches faster and cheaper or make its sandwiches demonstrably different or better.

Such are the risks innovators face.

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author avatar Peter B. Giblett
6th Mar 2015 (#)

LeRain, In my studies it is clear that most new industries are born from small business. Much of the computer industry was born in either a garage or a barn. The same has been true of many other industries and so I predict will be the next great advance.

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author avatar M G Singh
6th Mar 2015 (#)

Excellent post. Yes, small businesses make a nation and that is the pitch of Modi's 'make in India' campaign

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author avatar Peter B. Giblett
6th Mar 2015 (#)

Thank you Madan - great point.

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author avatar Kingwell
6th Mar 2015 (#)

Excellent post. Blessings

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author avatar Carol Roach
6th Mar 2015 (#)

such an excellent article, only I do not have the entrepreneurial mindset at all.

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author avatar Peter B. Giblett
6th Mar 2015 (#)

Not everyone can have that mindset, but we should encourage those that do.

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author avatar Retired
6th Mar 2015 (#)

Inspiring article.

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author avatar Shamarie
6th Mar 2015 (#)

Epic post, Peter!!! Thanks for sharing!

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author avatar Randhir Bechoo
7th Mar 2015 (#)

Interesting article. Thanks for the share.

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author avatar Dawn143
9th Mar 2015 (#)

Some great ideas and opportunities presented here! Thanks for the informative write!

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