Entrepreneurship is a craft that requires courage, strategic thinking and vision. Whether it’s poor planning, lack of commitment or luck, SMEs (small and medium-sized enterprises) often fail during their first years of trading. Due to technological advances, the world of business is changing at a very fast rate, making it unpredictable and risky.
Starting out a small business? Take these five lessons and examples into account from the world’s leading entrepreneurs.
In this day and age, uniforms are often frowned upon. But should they be? A case study conducted by Corporate Clothing Wear indicates that the answer is no. Many modern companies, including Apple, combine corporate and casual attire, allowing them to both expose their brand and boost employee morale. Apple employees must wear an Apple branded tee, but they are free to accessorize and give their outfits a personal touch.
Outsource as an Investment
It takes money to make money. Many successful business owners outsource difficult tasks in order to free up time to focus more on revenue generating opportunities. While outsourcing may seem costly, it means that employers save money hiring full-time staff, reduce overhead costs and avoid committing to long-term contract agreements.
Hold off on Expansion
New SMEs are always eager to get the ball rolling and expand. But if ill they’re prepared, expansion can have adverse effects. This is because as a business gets bigger, more staff and overheads will be required to accommodate the workload. Leading entrepreneurs often take it slow to ensure they can meet the supply and demand requirements.
Remote working is becoming more and more popular each year. Many of the most successful entrepreneurs in the tech industry, such as Facebook’s Mark Zuckerberg and Google’s Larry Page, are advocates of remote business models. To bridge the gap between remote working environments and traditional office spaces, companies such as Skyline Offices and Churchill Offices provide virtual and serviced office solutions on a “pay-as-you-use” basis, which can provide SMEs a huge amount of flexibility.
Take a Gamble
Richard Branson is, without a doubt, one of the most recognizable faces in business. The Virgin Group owner certainly knows what it’s like to take risks, even though he hasn’t always known what the future will have in store. Branson has made himself a billionaire and invested his money in new ideas across virtually every sector imaginable. Sometimes, success comes only when a lot is on the line.
Success can come from unexpected places, and sometimes, it’s the most unconventional ideas that pay off. While replicating the success of others can help, there’s no magic formula or secret method. It all comes down to hard work and determination.
Original source, featured image.