Today in Global Small Business: 6 Global Business Trends to Watch in 2023

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What's affecting me, my clients, my colleagues and other global small business owners:

• According to the U.S. Chamber of Commerce, here are 6 global business trends to watch in 2023.  Also watch Laurel Delaney's Global Trade Trends Report 2023.
• Watch out Shopify.  Here comes Global-e Online.
• FX:  Thinking outside the dollar.
• Quote of the week:  "Trends, like horses, are easier to ride in the direction they are going." – John Naisbitt
• Try this on Friday – to make your weekend sing.
• Building resilience in a poly crisis world.

Become More Psychologically Resilient

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According to an article in The National Post, globally, small and medium-sized businesses represent roughly 90 per cent of businesses and employ over 50 per cent of the workforce. They also contribute about 45 per cent to gross domestic product (GDP). 

Yet entrepreneurs face many obstacles that threaten their survival, including financial insecurity and market uncertainties. Unsurprisingly, roughly 50 per cent of new ventures fail within the first five years.

In this challenging landscape, entrepreneurs’ psychological resilience is a key personal resource and competitive advantage. But how can entrepreneurs develop resilience? And why does psychological resilience benefit entrepreneurs?

The authors have identified that these factors as essential to building entrepreneurs’ psychological resilience.

Building Resilience in Emerging Market Economies By Supporting Small Businesses

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Small businesses create up to 80% of jobs and generate up to 70% of GDP in Africa alone and are essential drivers of growth, employment and livelihoods in emerging markets.

In emerging market economies, however, there are intractable structural barriers to raising finance that most of these businesses face. The yawning gap in financing runs into the trillions of dollars.

Organizations can work collectively to move money at scale if the motivation is strong enough. It makes economic sense for governments and private markets to do just that in order to build resilient economies.

Experience in Africa shows that digitally-based information and services can be effective tools for empowering farmers and local businesses.

Today in Global Small Business: Cross-Cultural Marketing in a Pandemic

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What's affecting me, my clients, my colleagues and other global small business owners:

• COVID-19 has destroyed 41% of Black small businesses. 
• SMEs remain the backbone of our economy.
• Quote of the week:  “Together with a culture of work, there must be a culture of leisure as gratification. To put it another way: people who work must take the time to relax, to be with their families, to enjoy themselves, read, listen to music, play a sport." – Pope Francis
• COVID-19 metrics matter.  Check some robust ones out here and provided by Bloomberg Philanthropies.
• Building resilience in a world disrupted.
• Cross-cultural marketing in a pandemic:  key tents for business leaders.