Financial Times

Developing the small business (IV):The time to grow
By Nilooka Dissanayake
"There's a time for everything under the sun," says Ecclesiastes in the Holy Bible. According to Buddhist lore, before Prince Siddhartha, who would later become the Buddha, was born among men, he was said to have considered the time, the continent, the country, the caste and the mother as factors important for the ultimate achievement of Buddhahood. If you like jargon, you can call these critical success factors. As in everything, in considering growing your business, there are some critical success factors that need to be considered.

That is not to say that throwing caution to the wind does not work. Dinesh Watawana, a former defence correspondent, who is now the CEO of the ad agency 7th Frontier, conceived and implemented the idea of starting his own advertising agency in the week of 9/11.

The month before, after the terrorist attack on the Katunayaka airport, local companies cut down on advertising. After 9/11, the multinationals cut down on ad expenditure on a global level. This was the environment in which 7th Frontier went into business. We can guess that it was the nerves of steel of a former defense correspondent that helped Dinesh make such a decision; take such a risk. Would you want to do this?

So, for many it is best to take on only the levels of risk and uncertainty that we can bear up without cracking under the strain. Why go into business to have a nervous breakdown when you can do it much easily and cheaply by choosing a spouse from hell or a nightmare in the form of a boss from whom you cannot escape?

If you are not into such stuff, you go into business. But, have you come across people who say, "this environment is bad for business"? They talk of government policy, taxes, competition, the weather, interest rates and many other factors in their quest to prove there is no point in going into business. They said such things and will continue regardless of what is happening in the global economy and of the many governments and policy changes that we saw in the past five six years alone. Pessimists will always be there. They are a fact of life. But, entrepreneurs will also be there. They will strive to grow and prosper. As long as people need to eat, wear clothes, work, live and entertain themselves, there will be business opportunities and room for business growth.

I am not telling you to forget the business environment in planning business growth. No indeed.

I realize that there can be no advancement, growth or achievement if a man or woman somewhere does not take more risk than the rest of the crowd. N. U. Jayawardena, former Central Bank Governer who revolutionized the local banking sector, when asked what advice he can give business people commented: "Don't say no and can't" and "don't take the no's and cant's from others." It is those who venture to stretch the thin line between bravery and stupidity that make a difference in the world. To do that it takes guts. Conformity and safety gets you nowhere. It takes confidence and ability to tolerate uncertainty.

But, you must operate in the business environment. Firstly, your business environment comprises your business and home, especially if you are a small business and operating from home. Then there is the factors market-the suppliers of materials and service, money and labour. You must build up and develop the market for your products and services within the context of the competition. Then there is the general business environment where political, social, cultural, technological and economic changes take place in a turbulent manner. Simply keeping your business afloat needs much skill and foresight.

Growing your business requires very much more. Money is not everything. Nor is opportunity. It is the entrepreneur who makes the difference between mere existence and flourishing. It all depends upon you. So you need to be ready. Having a great opportunity does not help if you do not have the guts, persistence, perseverance and confidence to carry it through.

You need mental strength. While speaking of how you can grow your business, we need to fortify your inner strength too to help you succeed. Are you ready?

Are you trying to grow your small business? Send us the issues you face and help us make the articles more meaningful to small business operators. You can contact us on ft@sundaytimes.wnl.lk or on 5552524

The writer is the Managing Editor of Athwela Vyaparika Sangarawa (Athwela Business Journal), the only Sinhala management monthly targeting the small and medium enterprises, Ezine Athwela Email Magazine and www.smallbusiness.lk, the bilingual small business website.

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