Tuesday, October 18, 2022

Why people begin SMEs

 Wow!!!! What's going to get you to ensure your SME business started or grown? 

One thing is certain. You will have to fulfill quite a bit of criteria. Ignorance will not be an excuse and you will have to get professional assistance to get going. The rules and regulations governing businesses will begin to change at fairly rapid rate under the guise of compliance. 

The trend has started but the pace is picking up. Governments are strapped for cash and will therefore use SMEs as an approach to justify the provision of employment. However, they will essentially kill the goose that lays the golden egg. 

There was once a time where incentives were given to encourage people to get into business. These are now few and far between. Start up costs were written off over a grace period of years. Technical assistance programs and funding programs were in place to ensure that businesses got a good start. Were these the good old days? Hardly; back then businesses had their share of challenges but they were different. 

In short, business people need to serious ask themselves why they should get into business. With some serious thought, we would find that the reasons have changed. 

Business people want:

  • More control of their time and talent
    • To be their own bosses, in short to have autonomy
  • To have choices regarding their pay 
    • To work on what they have "control" over
  • To travel to areas they believe would benefit their businesses
  • To work when they want, if they want
  • To match their wits against the market
  • To surround themselves with people they want to interact with on a timely basis
  • To have access to finance and banking support to facilitate their capitalizing on opportunities that become available 
    • To have quick turnaround times on such expansion/significant revenue making opportunities
  • To network with peers and colleagues at times suitable to them
  • To get educated about their line of business so they can work more efficiently and effectively
If this resonantes with you and you can think of others reasons not included here, feel free to comment below. Thank you for stopping by. 

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