Saturday, April 11, 2009

SMEs - more tips on surviving the recession

The truth is that many businesses are started as a flash of entrepreneurial endeavour. However, once the entreprenreur is living comfortably, the fear of losing it all is deemed to be too high a risk, and so the entrepreneur simply resorts to managing the business rather than by seeking continous entrepreneurial opportunities.

It is simply required that the business owner recognise that the owning/managing of a business is not an entrepreneurial event. Entrepreneurship is an action not a state of being.

Small business owners need to find and rekindle the entrepreneurial spark that got them going. They need to understand that the risk associated with doing nothing is much higher for the business, than the introduction of entrepreneurial activities would be.

Growth and new ideas do carry risk, but the more experience you have the lower this risk is, and it is definitely a lower level risk than doing nothing represents.

In a word, surviving the recession requires ACTION. Do something. Stop whining and complaining about how tough it is. Remember that it is tough for everyone, and if your competitors are hurting, they could represent opportunities, either directly or indirectly.

Dr Rob Smorfitt

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