Entrepreneurism is so revered here in the United States that it has become a way of life.
We value those who strike out on their own, creating businesses. Entrepreneurs delight us with their creativity. Entrepreneurs inspire us with their independence. Entrepreneurs change our lives for the better with the innovative products and services they develop.
People from all over the world are engaging in the highest form of flattery: imitation. The spirit of entrepreneurism is spreading all over the world.
Not a little of that is due to the fact that entrepreneurs are reaching out beyond the borders of the United States to other countries. The same is happening in other countries, where the Internet and cheap communications have made it possible for entrepreneurs everywhere to reach beyond their borders.
Doing business globally is no longer just a dream that you must place on hold until your business grows up and gets big. You too can have a global business, even if your business is small. You just have to have a global mindset.
Let’s take a look at 12 global small business trends to watch in 2008, trends that can be embraced by any culture and will add value to any nation.
1. EMBRACE THE WORLD
Small businesses will embrace the world and make globalization come true. When there is nowhere to grow, branching out globally offers a wealth of opportunity, including rapid expansion.
2. EXPORT LIKE MAD
Small businesses will discover that a weak U.S. dollar offers an exciting, challenging, and fantastic chance to export. It makes all American goods a flashing blue light special. As a result, small businesses will start to export like mad. Their mandate in 2008 will become “Go forth and export!”
3. DO WHATEVER IT TAKES
Small businesses will do whatever it takes to survive — good times or bad — and going global will be the ticket to thrive. For most entrepreneurs, decisions throughout the year will be made fast, and living with the consequences will be a fact of business life. Globalization 3.0 will be driven not by the folks in India or China but by budding “born global” entrepreneurs and small businesses taking their businesses global from anywhere.
4. ADOPT THE OUTSIDER LENS
Small businesses are good at adopting an insider lens when making judgments while immersed in a situation. Soon, though, small businesses will adopt the outsider lens, which involves removing or detaching oneself from a situation and establishing a realistic understanding of the risks involved. This is a cleaner lens and is more useful in doing business with the world, especially when one must be sensitive to so many different cultures.
5. DISTURB THE STATUS QUO
Small business will not settle for the ordinary, or for establishing rules, because they have things to accomplish. They will break rules and disturb the status quo to overcome obstacles and achieve brilliant results.
6. LEAD THE WAY
Small businesses will continue to lead the way in global trade. They typically generate 29 percent of the U.S. export sales in a given year, and in 2005 they accounted for nearly $300 billion of the $906 billion generated by all U.S. exporters. Doing what’s right and what matters will empower small businesses to stay the course of international expansion, even if analysis might point to a different path.
7. PROVE GLOBAL SMALL BUSINESS IS THE REAL DEAL
Global small businesses are the real deal, and they will prove it by continuing to deliver results across borders-leaving people and businesses better off than they were before. The ideas they promote and profit from are authentic and are based on the genuine needs and desires of consumers worldwide.
8. SET PRIORITIES
Small businesses will align their goals for going global with their passion. They will set a few priorities (one being going global) and will charge on until results are achieved. They will become a world powerhouse of productivity.
9. INVEST IN COLLABORATIVE INNOVATION
Small businesses will realize that innovation is the fundamental driver of economic opportunity, greater globalization, job creation, improved business competitiveness, and thriving. Social networking and media are merely the tip of the iceberg. Thanks to technology, anyone with a good idea, anywhere in the world, can now launch it in a heartbeat and for relatively little expense. More collaborative innovation will take place in the coming year, with further emphasis placed on orchestrating resources, reaching outside of an organization for new ideas, and fostering interaction, whether it involves your own participation or not.
10. PUSH FORWARD
Small businesses will push forward to passionately engage their entire organization and their constituents, but they also will pay attention to managing the push-and-pull of interactions. This is an area where we will not have much control. Get used to it. Prepare to use the Internet as an effective tool to create market pull by raising your company’s profile and getting other people to talk about it. Push forward to build Internet share, which is critical for success, rather than mindshare.
11. FORGET ABOUT SIZE
Size doesn’t matter (unless you are talking about an entrepreneur’s dream — and if that is the case, then dream big). With powerful software and outsourced processes, small businesses can go head to head with large companies. More than ever, small businesses have the advantage over large companies; small businesses are adaptable, flexible, resilient, maneuverable, and more global.
12. ENSURE KNOWLEDGE SHARING
Small business owners will begin to foster knowledge sharing across disciplines, making the ups and downs of the organization more transparent to all. Cooperation and sharing of ideas typically promotes the best possible results. This belief will encourage continuous improvement and high achievement in 2008.
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Global business expert Laurel Delaney is the founder of GlobeTrade.com. She is also the creator of “Borderbuster,” an e-newsletter and The Global Small Business Blog, both of which are well known for covering global small business.