Small businesses can't compete with the massive logistics machines and bargaining power of mega retailers. Prime retail space prevents competing with the cost structure of online retailers, who ship out of low-rent warehouses, and may avoid sales tax for being out-of-state; or they can't offer same variety of online retailers. Yet, there is a future for small businesses...if they understand their advantage.
In 1995, I had an idea. Internet Telephony had just started. Internet connection was available only through dial-up modems, and not all the time. Voice quality was choppy, delayed, and calls were dropped often. Very few people knew how to use it, and you had to sit by the computer to place those calls using a microphone and speakers. ...
A newly released infographic by Visual Capitalist shows that while the US leads in the amount of dollars spent on research and development ($463 billion), it only came in fourth place with the percentage of GDP spent on R&D (2.79 percent), just over half of the GDP percentage invested by South Korea. Beyond Korea, the US is trailing Japan and Germany.
As an investor, I often heard entrepreneurs claiming being first to market as an advantage. However, you must remember that Facebook wasn't the first social media platform, Apple didn't produce the first cellphone, and Dell didn't make the first PC. In fact, MySpace, Motorola, and IBM were the first in those fields.
One of the most prominent organizational factors, if not the most prominent one, is autonomy. Studies showed a one-way relationship between autonomy and creativity. Employees need autonomy to be creative. They don't need the autonomy to decide which project to work on, but they must have the autonomy to decide how to execute the project.
You are about to develop a new product (or service, or process). However, your company may not have the skills or intellectual property to develop a part of it, so you are faced with the classic 'Make vs. Buy' decision. Do you have your own people develop that part, or do you use an external company for that?