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November 1TH, by Heritage Office Suites, No Comments

7 Opportunistic Challenges for Small Business Owners

With startups paving the way for the future, it is important to study existing corporate models to learn from the ones that went before you. This means you need to recognize early and reflect on the changes that are bringing many bigger companies to their knees before that company is yours.  What can be viewed as uncontrollable challenges in a business can actually become huge opportunities.

A new book by business consultant Diana Rivenburgh, The New Corporate Facts of Life, highlights these challenges to the business world and how large and small companies can capitalize on them.

  1. Disruptive innovation. This occurs when a new product, service or business model makes the old way of doing business obsolete. It used to happen only a few times per century, but with new technologies being introduced daily, this phenomenon is occurring more than ever before. That means if your new startup doesn’t plan for continuous innovation, your company may not succeed.
  2. Economic instability. Financial uncertainty today threatens all countries, industries and people. Yet, instability is also an opportunity to prosper. Create or offer a service that is going to be needed in times of economic hardship and prosperity.
  3. Societal changes. Poverty, pollution, unemployment, limited education and inadequate health care are sparking some of the biggest challenges and opportunities for social entrepreneurs today. The best startups also see these as opportunities for brand recognition and viral marketing to boost people and business at the same time.
  4. Stakeholder power. For years, public companies have been too focused on board members and shareholders as the only stakeholders with power. Today, the roles have changed: Customers and employees are the new stakeholders for every business.
  5. Environmental Impact. Negative perceptions of a company’s impact on the environment decrease brand value while positive perceptions increase it. Going green doesn’t always hurt the bottom line, and many investors now look for startups with sustainability.
  6. Globalization. Our world is getting smaller as technology and transportation are connecting all citizens of the world together. The opportunity to rapidly grow your business comes when you start thinking outside of your office space and how you can reach different markets and audiences around the world.
  7. Demographic shifts. With more people on the planet and faster shifts from one demographic to another, more products and services are consumed –it is important to stay culturally relevant and adaptable. Know who your target audience is, what appeals to them, and how to best reach them.

Great entrepreneurs and great leaders are the ones who are energized by these opportunities, rather than overwhelmed by the challenges. Is your energy and business model big and bold enough to succeed? Do you need help getting there? At Heritage Office Suites, we can help you take on the challenges of business ownership. Officing with us means you no longer have to worry about finding a designated office space, presenting a professional image, answering your phone, taking messages, finding conference room or meeting room space, paying utility bills….we have taken care of all of that for you.  We are a full-service office space provider which means we provide the place, space, and tools you need to run your business so you can focus on growing your business…..and perhaps becoming a business that young entrepreneurs will one day study and read about.

To learn more call (512)-377-9010 and also check us out on the web at www.roundrockoffices.com.

Source: Entrepreneur.com

Written by: Heritage Office Suites

Our mission is to provide entrepreneurs, freelancers, startups and businesses of all sizes with a collaborative office environment, along with the on-demand services needed, to be more productive and innovative. Our all-inclusive workspaces are a cost-effective alternative to traditional office space that allows your business to thrive while staying lean and nimble.