With the world having experienced something of a start-up revolution over the last few years, the chances are you have either started your own businesses, or you know someone who has.
Whether they failed or succeeded, one thing’s for sure: it’s a very interesting time to be a small business – for the purposes of this report, very small businesses (VSBs) are classified as having 1-49 employees, while medium sized businesses (SMBs) have 50-249 employees. On the one hand, there’s more competition than ever before. Millions of new businesses are establishe around the world every year, as entrepreneurs look to go out on their own.
This increasing competition is shown by the number of businesses that fail. Approximately one-fifth of start-ups close down within the first year, due to factors such as insufficient management, a lack of capital or changing
market conditions. On the other hand, there is also a huge amount of opportunities. From the moment they are launched, businesses have more ways than ever to engage with customers, expand into new markets and roll out new products or services. Thanks to technologies such as cloud computing, small businesses can expand their operations without breaking the bank and realise efficiencies across all areas of the business, from HR and marketing to finance and IT. Depending on how an individual business uses technology, modern innovations also enable rapid growth, with cloud in particular leading the way.
Source: Kaspersky Lab