ONE of the biggest flaws that entrepreneurs make is missing business opportunities that that are presented to them.
These could be self-imposed missed opportunities due to lack of resilience. Perhaps the missed opportunities are mainly caused by a lot of evolution in terms of shifts in what customers need or want. Technology to a certain degree has driven the major transformations in this regard.
Most of the opportunities that small and medium sized enterprises (SMEs) find, are around tasks that no one loves to do. In short this creates a gap which becomes a niche for entrepreneurs that see opportunities where there is a gap or a problem.
The article for today relates to the complexities of business and how SMEs can fit considering the competition they face in the market they operate in.
Majority of SMEs are carrying out all painstaking and grubby tasks to survive preferably at the comfort of their homes to evade rental costs while maximizing their profits.
This resonates from technological advancements that have impacted heavily on changes in the business environment. Places where large companies have shunned, small and medium sized business owners have permeated in those markets to bridge the gaps that have been left. For example, the Chinese have awakened and seen opportunities in high density areas because of the high population.
Markets are getting saturated from the effects of new entrants and similar products being offered. Penetrating successfully through these markets where opportunities for limited market share is restrictive.
The problem is that when one initiates a brilliant business idea, others follow suit. While it is a good thing to try, those with good strategies often succeed while others fail to make it and eventually fall off. This unfortunate quirk provokes more innovation to keep up with the increasing competition and hence putting upward pressure to existing businesses.
It is worth noting that SMEs are becoming more innovative and now competing with large companies, however, the same smaller ones are taking on businesses in areas where the bigger companies have neglected.
Consequently, large firms that are on top of things engage smaller ones to tap into their mass market with a mutual understanding and benefits of how to share the cake.
In addition to partnership benefit, a strong rapport is created as well as customer confidence is gained. Pressure mounts when large firms refrain from engaging or collaborating with SMEs that have access in the grassroots. They fail to look at the bigger picture of exploiting markets in the grass root because of how they perceive them.
Todays’ businesses big or small embrace the eco system model which incorporate all aspects of business at all levels.
This makes businesses meaningful such that working in isolation yields little results compared to collaborating. This information can be helpful to potential entrepreneurs instead of fighting for limited market, all parties are receptive to a variety of ideas obtained from experts in similar fields.
This then changes the perspective of business in that it accelerates and scales up production ultimately increasing profits. Although the reality is that no one can really predict the future, things can change and develop very quickly.
A degree of agility is required to manage the changes which may require innovation to improve and alter the status quo. Entrepreneurs must think differently to align with the changing dynamics of business to stay in business and to remove the daunting complexities.
Having a spirit of discernment and thinking in retrospective when deciding to start a business is cardinal because not all businesses suit your skill or environment you operate in. A critical skill is needed to add to the repertoire to get a deeper understanding on what makes a business tick.
Entrepreneurs can explore and tap into businesses that are profitable by considering the innovative aspect to win more clients.

For Comments: email jeanmushala@gmail.com
Mobile: 0976132835
The author is a seasoned banker, has a Bachelor of Arts, honours degree in Business management/a Master of Business Administration from University of Sunderland (UK) and has a Doctorate in Business Administration from the Atlantic International University, United States of America (USA).