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Small businesses in the US are failing at an alarming rate. Nearly half close their doors by year 5, and 70% fail by year 10. The main reason? They run out of money. Compare that to small businesses in Ecuador and Guatemala that have a nearly 100% loan repayment rate with 85% of borrowers going on to expand their business. What's the secret to their success? Business strategist Ruchi Shah shares a community-based solution that every small business can learn from.
This video was recorded at Workshop on Advanced IT Solutions and Competitiveness of SMEs, Lviv 2006. It is generally recognized that the competitiveness of SMEs in the present-day business environment ultimately relies upon effective implementation of the most up-to-date information technologies. However, the Ukrainian IT space is characterized with highly noticeable information gap between IT-saturated export-oriented software development companies and ordinary businesses or governmental agencies. The seminar has provided perfect platform for the interaction between local SMEs, communicating their IT needs, and IT service providers like Intellias, briefing on their enterprise-based IT offerings. The seminar has assembled insightful speakers from Ukrainian and international IT companies, as well as representatives from research institutions, consulting firms and IT experienced SMEs. The case studies from Western Ukrainian companies, possessing experience in implementation of IT solutions in industrial process, have illustrated emerging difficulties in aligning IT automated process with qualifications and professional level of the involved personnel. The practical aspects of introducing ERP systems for optimization of production process have been presented by Vitaly Pyasetsky (Lvivkholod public corporation) and Andriy Tsehelyk (Enzyme joint-stock company). The discussion has further focused on the international experience of the implementation of the information technologies as well as networking and partnership practices. Valuable contributions to the topic has been made by Maria-Luisa Sanseverino E4 Project Coordinator from Centro Ricerche Fiat and Patric Sitek from Bremen Institute of Industrial Technology and Applied Work Science. Particular emphasis has been placed on the E4 Project: Extended Enterprise Management in Enlarged Europe including collaboration initiatives and close involvement of the Eastern European enterprises within its framework. The discussion has been reinforced by the case study on Ivano Frankivsk business portal, assembling best practices from abroad business development agencies.