We often hear that “entrepreneurial thinking” is one of the keys to success for local businesses – but we often expect small business owners to simply know what that means. Unfortunately not all entrepreneurs are born with a gift for sales, a head for business or a knack for promotion. Many struggle through, learning on the fly, building on what works.
And while we know that small businesses make a significant contribution to the Australian economy, accounting for nearly one-half of private sector industry employment and contributing approximately one third of private sector industry value added, many small business owners struggle to grow beyond a certain point.
What if small business owners could break through the growth ceiling?
When small businesses are digitally engaged, they are 50 per cent more likely to be growing revenue, eight times more likely to be creating jobs, seven times more likely to be exporting, and 14 times more likely to be innovating new products or services.
The problem, however, is that small businesses often struggle with the digital skills, business planning and financial strategies that set them on such a path to growth.
Well designed and facilitated business innovation programs can bridge this gap by providing access to training, workshops, and resources that enhance and nurture their existing digital skills, as well as introducing new tools and technologies to streamline their processes.
Business accelerator programs, like the Disruptors Co Business Innovation Program, funded by the City of Sydney, are playing a pivotal role in helping local businesses embrace these new digital skill-sets and cultivate entrepreneurial mindsets.
Building the entrepreneurial mindset
While skills can be taught and supported, a crucial aspect of the accelerator programs is the development of a certain style of mindset. Of course, small business owners are finely attuned to the needs of their customers, but as the founder of Ford Motor Company, Henry Ford, once said, “Whether you think you can or think you can’t—you’re right.”
Business innovation programs help guide business owners through a range of mentoring, coaching, and networking opportunities. They encourage local owners to explore new ideas, take calculated risks, and think outside the box. With the right support and structure in place, we believe anyone can develop the mindset of a successful entrepreneur.
Activating small business growth
The economic development of entrepreneurship is increasingly being understood and harnessed by local and regional governments. It’s clear that entrepreneurs don’t just build businesses and grow their personal wealth; they also impact the economy by creating new jobs and opportunities, driving innovation, and developing new markets, products, and services.
Embracing the transformative impact of these business innovation programs is a strategic move for any region looking to unlock their local economic potential. New skills and mindsets are invaluable resources for local businesses aiming to thrive in the digital age, and with structured innovation programs now available both online and in-person, small businesses have the opportunity to break through the growth ceiling – with regions reaping the benefits.
Learn how our Future Growth Inc program can boost local business growth here. And to discuss how this program can be tailored to suit your region’s specific needs, schedule a meeting with us directly.