Fast Company offered up an insightful article about small business in the recently, ?The Really Big Guide of Small Business Success Tips.? This article offers some interesting insights as well as embedded videos from some of the tipsters quoted in the article.
It?s well worth a full viewing but here are some takeaways that we had. First, it is astounding that businesses with less than 500 employees are 99.7% percent of employer firms. That?s a big number so our resident information professional took a look at the numbers.? The Small Business Administration confirms this number and the Census Bureau gives us a different view based on 2008 numbers.
The scary number comes from the Bureau of Labor Statistics, nearly half of small businesses do not make it to year five.? A few tips offered in this article include, take a risk but base it on good research.?
Perhaps the most striking advise is related to strategic plans.
?To stay nimble (and use it as a competitive advantage), Kaihan Krippendorff says new businesses in growth mode need to move away from strategic planning and concentrate on strategic thinking. There isn?t enough time or resources for such a small payoff. ?This doesn?t mean small-growth companies should fly blind. It means they should adopt an adaptive opportunistic approach to strategy. They should plan in the hallway, not the boardroom.??
And of course, they end the article on a note that resonated with us here at Workshop, the Creative Workplace. Thomas Edison?s words of encouragement should be heeded in small business. ?"Many of life?s failures are people who did not realize how close they were to success when they gave up."?
Stephanie Ringer, May 22, 2012
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