Success Strategies For Small Businesses
Technology, telecommunications and the Internet are transforming the way people work and live and conduct business. As a result, business is undergoing a structural change. The advent of affordable technology and telecommunications has enabled small firms to compete with big business. In particular, the Internet provides even the smallest business with access to information and to markets.
This analysis is based on data from two surveys sponsored by the National Federation of Independent Business (NFIB) and by the Center for Women’s Business Research (CWBR) and case histories reported to current periodicals. The findings of this study support the hypothesis that e-business affords new opportunities for success for small firms and particularly for niche businesses.
The Internet stimulates business owners to rethink their business strategy. The more innovative entrepreneurs - the early adopters - see the Internet as a way to market niche products and reach distant customers in ways that were not available in the past. Their pioneering innovations foretell a structural change in industrial organization for both small and large firms.
The smallest firms gain the most be reorganizing as an e-business. For a small business, revenues cover the costs of setting up and operating a Web site. The power of the keyword search means that a business can target customers who need niche products without the wasteful expense of mass mailings. Instead, customers find them. Finally, business owners can live in isolated locations and reach customers worldwide.
The report is organized in two sections. Section I provides an overview of small e-business with key points highlighted. Interested readers can find additional detail in Section II.
For full report, visit : www.sba.gov