The small business sector used to be highly fragmented, expensive to reach and financially non-viable to serve. However, the recent advancements in technology have minimized this gap. More and more small business platforms are creating big opportunities that were, until recently, possible only for enterprise-level corporations. Today, they are the largest employers, job creators and GDP contributors to the worldwide economy. Simply put, technology helped small businesses grab a massive market that’s been hiding in plain sight all these years. The rise of the small business sector became more prominent after the Global Financial Crisis. People who lost their jobs began searching for new ways to make money.
In addition to simplifying the process of starting a business, technology connected the labor supply directly with the demand through platforms like Freelancer.com, TaskRabbit, Uber and Lyft. Technology has also made it easier to search for on-demand or freelance work. The way society views and talks about startups and small businesses has greatly improved, even spawning television shows like Shark Tank and Beyond The Tank. Thanks to this change, today, small business owners are pitching their businesses in an innovative way – they’re always selling, looking for investors, receiving advice and grabbing new opportunities.
By discussing the search for funding, pitching, and financial advice, Shark Tank has totally altered the way we see small businesses. Countless budding entrepreneurs have capitalized on this show. Cash flow is the biggest worry for most small businesses. Shark Tank once again highlighted the significance of figuring out how your business operations are going to be funded, either by outside investment, personal savings or a bank loan. It is much easier to get funding when you don’t need it than during a cash flow emergency. Many new entrepreneurs are learning this lesson rather quickly.
As small businesses are increasingly becoming successful, several elite insurance companies like the Mercantile Insurance Services are showing interest in providing small business health insurance to their employees.
Creating a panel of expert advisors can be critical for your business’s success. The advice given by them is more valuable than than monetary investment. An advisor or mentor can help to set the best goals and implement a foolproof plan to achieve them. Also, being an outsider, he will be able to see your business from a fresh perspective and unearth new opportunities.
The owner of a small business wears many hats at once. Usually, he or she takes up many roles like the CPO, CMO, HR Director or the Administrative Head, all at once. Small business owners always need to play the role of a sales person to pitch their services. Shark Tank has proved the difference between a well-honed pitch and a pretty ordinary one. The show teaches that in order to win more business, you must make an unbeatable sales pitch to your target customers.
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