Adaptability and innovation.
These are qualities that small businesses must possess in order to succeed in an environment where there is a rapid pace in technological advancement.
This was revealed by Trade and Industry Secretary Alan Johnson in an article he wrote for The Times.
Johnson said Britain must be able to make “entrepreneurial risk takers” who have developed the ability to identify opportunities and transform ideas into products and businesses. This is needed, he said, in order to compete and survive the threat posed by global players.
The Secretary said it is a business race to the top and that competitors like China and India will want to engage the British market and not other players at the bottom of the ladder.
He said the government realizes this need and are creating measures to develop an environment where running a business can be made available to anyone regardless of their background and to remove the misconception people have that enterprise is a valid career choice.
Although the UK has contributed to the global science, more must be done to increase productivity and competitiveness, Johnson stressed.
The Secretary also reiterated the importance for aspiring entrepreneurs to learn to use new ideas to their advantage because innovation alone will not be enough to close the so-called productivity gap without the proper motivation.
Business solutions experts agree with Sec. Johnson’s assessment saying that by heeding the advice of the Secretary is an important step towards revitalizing the outlook on how small businesses should be formed and how it must be operated.