How Small Business Owners Are Leading the Country in Innovation | Extraordinary Business
Recommended Reading: How Small Business Owners Are Leading the Country in Innovation
If you have been in business for a while, you and your staff probably have had some great ideas about how to improve your business. The interesting thing is, you are not alone. As a matter of fact, according to Patricia Greene, Professor of Entrepreneurship, Babson College in her article, “How Small Business Owners Are Leading the Country in Innovation,” as the title indicates, small business owners lead innovation – not just in product and service development, but also in their processes, markets they pursue and serve, sources of supply and changes in their business models.
Please take a look at her article and let us know whether or not you agree. Are you one of the 2/3rds of business owners who are in some phase of innovation? Do you feel that some form of innovation will give your company an advantage over your competitors?
How Small Business Owners Are Leading the Country in Innovation
Entrepreneurs are creating meaningful impact in their communities
By Patricia Greene, Professor of entrepreneurship, Babson College
Small businesses are the innovators of the world, while functioning in a climate in which innovation is rapidly becoming a word that’s use is so ubiquitous that it’s in danger of losing its power, and that would be a bad thing. Broadly, its usage is frequently synonymous with invention or creativity. Narrowly, innovation can sometimes refer to a particular part of the development of a new product or service, usually having to do with a specific type of technology.
Earlier this year, Babson College published a research report The State of Small Business in America 2016, highlighting the top challenges and opportunities that America’s small-business owners face in today’s economic climate. One of our most unexpected findings revealed the amount of innovation under way by small-business owners. Survey results aggregated insights of more than 1,800 small businesses across the U.S., all employers representing every industry sector, with a median age of 12 years in business, a minimum of four employees, and at least $150,000 in revenue. In other words, entrepreneurs who are the economic core of our country.
Rick Meekins is the Managing Consultant at Aepiphanni, the trusted advisor for business leaders who are seeking forward-thinking solutions to help them plan for and navigate through the challenges of business growth. Our entrepreneurial multidisciplinary team works with clients to develop differentiating solutions and provide direction focused on lasting, strategic results. We exist to help our clients CREATE | DESIGN | BUILD extraordinary businesses.
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