The Small Business Market Is a Massive Opportunity No Longer Hiding in Plain Sight

Until recently, the small business market was highly fragmented, expensive to reach and costly to serve.

But technology is closing that gap. Increasingly small business platforms areconnecting big business with the small business opportunity, making it far more efficient to offer solutions that were once only viable for enterprise-level corporations. Combined, small businesses are the largest employers, job generators and GDP contributors in the world. It’s a massive market opportunity that’s been hiding in plain sight.

The rise of the small business economy is the result of a number of market fundamentals. After the Global Financial Crisis, many people were forced to start working for themselves, to make their own opportunities, as big business wasn’t hiring at its previous cadence.

Technology has not only made it easier to start a businness, but with platforms like Uber, Lyft, TaskRabbit or Freelancer.com democratizing the job search, and connecting labor supply directly with demand, it’s also simplified the search for freelance or on-demand work.

There’s been a marked shift in the way society views and talks about both small businesses and startups. Television shows like Shark Tank and Beyond The Tank are now prime-time viewing.  

When owners of small businesses today think about pitching their business, they're always selling, talking about capital, getting mentorship and advice, which has created a stronger set of small businesses.

By turning the search for funding, advice and pitching into mainstream topics, Shark Tank has completely changed the way we talk about small business and it's inspired entrepreneurs to capitalize on this. However, to understand the small business market opportunity, you need to understand what keeps owners up at night.

One of the biggest worries for small business owners is cashflow. Shark Tank has shown the importance of figuring out how you’re going to fund your operations, whether it be through outside investment, a bank loan or personal savings. It’s good fiscal hygiene to lock in your capital source when times are good. It’s much easier to access funding when you don’t need it than during a cashflow emergency.  

Establishing a panel of advisors can be business critical. Some of the advice the Sharks give these budding entrepreneurs is worth more than any monetary investment. Having a diverse set of mentors or industry veterans can help clarify your next steps, set the right goals and implement a plan to hit them. You don’t know what you don’t know. By bringing in an outsider you can gain perspective that will help you work on your business, not just in it.

Small business owners wear many hats. Usually they’re the CMO, CPO, administration person and HR director all at once. But the role they always need to be playing is the sales person. Shark Tank has shown us time and time again the difference between a well-honed pitch and an average one. To win business, you need to truly understand your product or service’s market fit and the benefits it provides.  

But by far, the most successful small businesses actual know the Shark they want to have bite. They have a great idea, the passion and the financial answers to reel in the Shark. Bottom line, they know what they need outside of the financing itself.

By combining technology advances with a societal shift towards supporting our small business owners, including shopping local initiatives and mainstreaming issues like funding and strong business education and advice, we can start to rewire our economy, lowering the national unemployment rate and boosting GDP in the process.

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See 6 Characteristics of Resourceful People That Bring Them Success

There is not a more useful or  important trait to possess than resourcefulness in the pursuit of success. Resourcefulness is a mindset, and is especially relevant when the goals you have set are difficult to achieve or you cannot envision a clear path to get to where you desire to go. With a resourcefulness mindset you are driven to find a way. An attitude of resourcefulness inspires out-of-the-box thinking, the generation of new ideas, and the ability to visualize all the possible ways to achieve what you desire. Resourcefulness turns you into a scrappy, inventive and enterprising entrepreneur. It places you a cut above the rest.

1. Open minded.

As an open-minded entrepreneur you must be passionate about breaking boundaries and redefining what is and is not possible. You must possess the unique talents necessary to leverage and fulfill the immediate goals set out in front of you, and remain open when considering new ideas and differing thoughts from your own. Open-mindedness is critical when taking the actions that will lead you towards success.

In being open-minded you find value in all kinds of different people, events and circumstances. You demonstrate a willingness to embrace an array of possibilities, opportunities, thoughts, views, suggestions and experiences outside of your normal repertoire. You push yourself to do what others believe to be impossible. This is how you attain success while the less resourceful give up on their dreams. Stretch out of your comfort zone and expand your thinking. As you stretch yourself you discover things which greatly improve your business, and ideas which help you bypass current obstacles standing in your way.

2. Self-assured.

Believe you are capable of handling any problem placed in front of you. You must wholeheartedly hold the belief that you are competent and adequate enough to achieve what you desire. This belief is the first step you take in getting things done. When you are self-assured you like and trust yourself. You know your value, appreciate your talents, work ethic and your ability to consistently follow through on your every word, deed and action.

Hold the mindset that workable solutions exist for every problem. Visualize yourself being successful every day. When facing difficulties picture yourself overcoming them. Imagine accomplishing your goals and celebrating your successes. Openly accept compliments and know that you deserve them. Keep a daily log of your successes. Write down your achievements each day and soon you will fill the pages and develop a clear scope on how far you have come and how much success you have had. This will go a long way in helping you realize that you have earned the right to be confident in yourself and your abilities.

3. Imaginative.

Resourcefulness is having the mindset to look at what’s in front of you and to optimize what you have to work with. Being imaginative is not always about creating something new, but also, with a little ingenuity making old things work better. Reach far into the depths of your mind and come up with outlandish possibilities as well as practical ones. Allow your mind to wander. Never stop your creative process, as you may talk yourself out of great idea. Creative thoughts quickly move you from one idea to another and to another. One of those ideas may bear the fruits of a genius idea or solution.

4. Proactive.

There is no such thing a procrastination in the mindset of those who are resourceful. To be successful you cannot put your dreams on hold and wait for the right resources or people to show up. There is no waiting. Get out there and create your own resources and networks. When you are resourceful you do not allow outside circumstances determine when or how you take action, or you will always settle for less.

When opportunities present themselves do not overthink or talk yourself out of them. Get in the game. Avoid being a passive observer. Participate actively and always be deeply involved. Take initiative to be a part of creating and finding solutions. Engage with and influence the people, events, circumstance and knowledge which come your way. It is when you are actively engaged in your business that you have the most significant impact on everything you touch.

5. Persistent.

 To be resourceful you can never give up. If you stop trying before a problem is solved then you haven’t accomplished anything. If you don’t succeed at first, get up and try again. Try a dozen things a hundred different ways if that is what it takes, but don’t give up the fight simply because obstacles present themselves on your path. Trust that every “No” puts you that much closer the “Yes” you are looking for.

Let anxiety and frustration motivate you. Get in touch with how deeply you want to succeed and make a difference. These motivators largely determine what you accomplish. Discipline yourself to keep going when you want to quit. Any sought after goal worthy of your effort will place challenges in your way. If you practice persistence and make it your habit to discipline yourself to get done what needs to get done, you are guaranteed to reach your goal. Gregariously go after what you want. Never see a setback as a failure, view it as practice. Practice makes perfect. Use fear and frustration to push you over the finish line of what you seeking.

6. Hopeful.

Possessing a resourceful mindset requires you stay positive. There is a solution to every problem, even if that means a change in direction. Train yourself to see the positive benefits in every situation. As you cultivate a positive outlook you will see it is easier to come up with solutions. Fear and frustration block innovation.

When frustrated, remind yourself of all the times in the past you dealt with a crisis or difficult situation and the stories of victory and success that resulted from those hardships. Allow these memories to keep you hopeful in your present situation. Each time you are successful through hardship you grow into a stronger, wiser person. Your experiences teach you things you can now pass onto others when in need of support and encouragement.

To develop a resourceful mindset being willing to constantly improve yourself. Be open to learning new things and do all you can to keep current with what is happening within your industry. Even if your business becomes more successful your learning must continue because learning provides enrichment to your life. Know and embrace what your personal strengths and weaknesses are and learn how to control and overcome them. You cannot manage every situation you encounter effectively if you do not have the ability to harness your fears and/or weaknesses. Therefore, read as many books as you can, consistently educate yourself and put what you learn into full blown action. Become the person who finds the loopholes, who is scrappy and innovative. When you practice resourcefulness, you raise the bar and success is a guarantee.

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