New Growth Strategies Needed

The following excerpt is from a press release made by The Boston Consulting Group concerning the state of minority-owned businesses:

Impressive gains made by minority-owned businesses over the past few years stand to be squandered unless new growth strategies are adapted to compete in a rapidly changing business market, according to a new study by The Boston Consulting Group (BCG).

The report, The New Agenda for Minority Business Development, sponsored by the Ewing Marion Kauffman Foundation, Kansas City, Missouri, argues that minority businesses are not maintaining pace with the larger U.S. business community and that a change of “mindset” is required to ensure sustained growth. The study further states that it is necessary for minority businesses to work with corporations as well as government agencies to better adjust and take advantage of the changing global marketplace.

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I believe that it is necessary reality that small and minority-owned businesses need to start thinking globally, not just locally. The world is getting “smaller,” which means that it’s also getting more competitive. With corporations able to get just about any product or service from just about anywhere around the world, small businesses need to be aware that their competitors aren’t just down the street, but the are also across the globe. In order to stay in the game and succeed, these entrepreneurs need to start thinking beyond geographical boundaries and start thinking about how they can expand their products, processes, and delivery systems to serve the needs of global corporations. This is no longer a option – it has become a necessity for large and small companies alike.

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About Paul Wilson Jr.
Paul Wilson, Jr. is a "Dream Catalyst" and Marketplace Pastor for leaders and entrepreneurs. He is driven to lead people to unleash God’s potential in their lives through their purpose, passions, and professional skills. He equips leaders with creative, faith-based strategies to flourish spiritually and professionally, while operating from several multi-media platforms, including TV show host, inspirational speaker, and stimulating writer. Paul is the President of Kingdom Business University, which utilizes workshops, consulting, and coaching services to ignite Christian catalysts maximize their God-given mission in the marketplace. He is the author of the life purpose igniter “Dream B.I.G. in 3D: How to Pursue a Bold, Innovative God-Inspired Life!” He is also the host of Passion in Action, a motivational and educational faith-based Internet TV show for social entrepreneurs, business leaders, and community change agents. Contact us today to learn more about how he can help your business, church, or community to thrive on purpose!

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