SMBs are major drivers of economic growth, representing more than 90% of the business population, 60%–70% of employment, and 55% of GDP in developed economies. So while the businesses may be small, their collective impact is mighty.
We spoke to more than 2000 SMB leaders and owners across the globe for our latest Small & Medium Business Trends Report – in a three-part infographic series, we’re diving into the findings. Here’s part one.
The unique challenges of SMBs change and evolve as their businesses grow. Combine this evolution with sharp change in consumers’ expectations, and surviving and thriving often comes down to leadership.
SMB leaders told us that the most critical characteristics for success are self-discipline, people and communication skills, and personal passion and drive. Often called ‘soft’ skills, they are rated more highly by SMB leaders than knowledge of the market or of financial management – little surprise when you consider that both can be outsourced, while overall momentum must be maintained by the leader on the ground.
Let’s take a closer look at the differences in the entrepreneur experience across age, gender and location.
For more insights on SMBs across ANZ and globally, download the third edition Small & Medium Business Trends Report. Get the report.