SME owners insecure about keeping up with new trends and techniques
During a recession, small business owners have a lot to worry about.
Yet according to a study from Warrillow & Company, the top three fears of entrepreneurs are less recession-based than one might expect, reported The Financial Post.
The survey found that entrepreneurs were most afraid of not marketing effectively, a concern that received 38 percent of responses.
The other most pressing worries were fear of never being able to retire (33 percent) and not being able to stay abreast of new technology (20 percent).
To help assuage these concerns, The Financial Post advised those running a small business to increase their marketing services using social networking, search engine optimisation, promotions, newsletters, and other strategies.
As for never being able to retire, entrepreneurs should build their business to sell, making sure it has a well-designed business plan, an employee handbook and "rigorous" financial statements, the article advised.
Finally, the best way to approach new technology is by delegating to IT consultants, said the article.
While these are all legitimate concerns, entrepreneurs may be able to breathe easier when it comes to worrying about the recession - a study from the Ewing Marion Kauffman Foundation found that the majority of startups on the Fortune 500 list were founded during a recession or economic downturn.
