Small Businesses Are the Building Blocks For the Global Economy

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Entrepreneurs and small business owners are tough. They are bold and fearless with their actions but that doesn't protect or insulate them against failure.

In Malaysia, for example, SMEs constitute 99.3 per cent of all businesses in the country, are a vital component and contribute significantly to the nation’s economy. Yet many of them cannot sustain themselves over the long haul, particularly with making it successfully to a five-year mark. What are some of the problems they face? Here are five:

Leadership failure.
Lack of strategic planning.
Failing to effectively market online.
Failing to listen to the core customers.
Poor financial management.

Yet as the article below states:

Many countries have accepted the fact that small and medium enterprises (SMEs) are the building blocks of their economies.

The bottom line: Success for Malaysian SMEs or any global small business owner depends on strong leadership.

Learn more: Five deadly sins of small business failure

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