Starting a new business for anyone can be a daunting task.  The risk is great but the reward so much greater. According to statistics published by the US-based Small Business Administration (SBA), seven out of ten new employer establishments survive at least two years and 51 percent survive at least five years. This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years.

Many a report on business failures cites poor management as the number one reason for failure. New business owners frequently lack the relevant business and management expertise in certain critical areas. Unless they recognize what they don’t do well, and seek help, business owners may soon face disaster.

For some goods and services the needs are obvious and easy to pin point. It’s the other services that may not automatically come to mind like security and IT that can put the new entrepreneur in a bind.

The reality is that many persons think about these services as additional expenses, not realizing that the expenses or losses can potentially be far greater in the long run. It’s the attention to detail, the research that can make the difference between an operation that is poised for success and one that is on the long slow path to ultimate doom.

Herein we have put together some of the goods and services that small businesses or any size business for that matter, will or may require. We have also named some of the industry leaders in the respective fields such as banking and real estate.

There are a number of companies that provide goods and services to SMEs. Ultimately the key is for new entrepreneurs to realize which service they require as this may be relative to the size, scope and nature of the business activity. Once that has been identified, enquiries can be made by asking persons in similar sized and type operations about their experience with service providers. It is also a good idea to visit company websites to get information about what they can do for you or visit companies to speak with an agent or customer service representative.

We also look at a young and upcoming innovator and burgeoning entrepreneur who shows what it means to think outside of the box and go for ones dreams.

Finally, we encourage entrepreneurs to alignment themselves with business-oriented organization such as the Small Business Association of Jamaica, that can provide them with the necessary information and technical expertise that they will no doubt find invaluable.

Businessuite Digital July 2012