Talent
Small business owners have access to fewer resources than larger companies and face greater challenges in scaling their companies. Access to talent with specialized skills and securing venture capital is particularly difficult
Technology
According to the U.S. Chamber of Commerce, small businesses could create more than 360,000 jobs and grow their revenues by more than 21 percent over the next three years by adopting more digital technologies
Capital
Another challenge is that investment sources are increasingly resistant to investments in non-tech-related businesses. For many small businesses operating in smaller markets, it can take longer to meet expected thresholds. According to one founder, “our attempts at raising outside capital nationally have been difficult because our target population is relatively small.”
Entrepenuerial Mindset
Having a strong network was one of the key differences between small business owners who scaled their companies and those who did not. Founders who scaled were 80 percent more likely to have mentors who were successful entrepreneurs themselves