Your business may fall into Small and medium enterprises (SMEs) category; though often lack resources and are buffeted by unpredictable events, your smallness means nimble.
Your business have flexibility — both in redeploying resources and changing goals. This can lead to innovation.
Recombine your resources to solve new problems, be able to imagine new possibilities for what you already have.
For example, the founder of a remittance company, who could not afford to hire more staff, created a mobile app for customers to wire money without queuing at the shop, thereby eliminating the endless queues and chaos during peak periods.
Another one, offering a university application advisory service, started off with little expertise but tapped every industry expert, vendor of educational resources and college representatives they could, and built up structured processes from scratch.
A start-up wanted to rent iPads to tour companies. There is no or little demand. Talking to a banker during an event, it struck on the idea of…Continue Reading >>