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Starting small but getting big: the new shape of small and medium industries

—The global trend is shifting from the mass production era towards small brand and individualism or customized production. With the arrival of this new era (21st century) that revolves around concept development, consumers now demand to be treated individually; and manufacturers need to create the s...

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Main Authors: Olalere, Folasayo Enoch, A Aziz Shuaib
Format: Non-Indexed Article
Published: IJIMT 2015
Online Access:http://discol.umk.edu.my/id/eprint/8199/
http://www.ijimt.org/index.php?m=content&c=index&a=show&catid=66&id=906
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spelling my.umk.eprints.81992022-08-15T04:50:42Z http://discol.umk.edu.my/id/eprint/8199/ Starting small but getting big: the new shape of small and medium industries Olalere, Folasayo Enoch A Aziz Shuaib —The global trend is shifting from the mass production era towards small brand and individualism or customized production. With the arrival of this new era (21st century) that revolves around concept development, consumers now demand to be treated individually; and manufacturers need to create the sorts of products that will meet individual wants. Such products don’t fit neatly into the mass economics of the old model. Therefore, this transformation in product demand is seen as a potential loophole for small and medium industries (SMIs) to compete favorably in the global market. However, most small and medium scale industries are strictly local with less innovation; these make the business hard to grow. Thus, it is important for SMIs to dream big in bringing about product experience, and invest more time and efforts in conceptualizing ideas that are suitable; as this will help in making better value judgment. Hence, this paper investigates the new shape of small and medium industries for the 21st century economics. It highlights the Tri-Sustainable characteristics needed for 21st century SMIs. Based on this understanding, the paper proposed three basic approaches for SMIs to reinvent their businesses in the new era. With this, small and mediums industries that started small can get big economically and innovatively IJIMT 2015 Non-Indexed Article NonPeerReviewed Olalere, Folasayo Enoch and A Aziz Shuaib (2015) Starting small but getting big: the new shape of small and medium industries. International Journal of Innovation, Management and Technology, 6 (2). pp. 144-147. http://www.ijimt.org/index.php?m=content&c=index&a=show&catid=66&id=906
institution Universiti Malaysia Kelantan
building Perpustakaan Universiti Malaysia Kelantan
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Kelantan
content_source UMK Institutional Repository
url_provider http://umkeprints.umk.edu.my/
description —The global trend is shifting from the mass production era towards small brand and individualism or customized production. With the arrival of this new era (21st century) that revolves around concept development, consumers now demand to be treated individually; and manufacturers need to create the sorts of products that will meet individual wants. Such products don’t fit neatly into the mass economics of the old model. Therefore, this transformation in product demand is seen as a potential loophole for small and medium industries (SMIs) to compete favorably in the global market. However, most small and medium scale industries are strictly local with less innovation; these make the business hard to grow. Thus, it is important for SMIs to dream big in bringing about product experience, and invest more time and efforts in conceptualizing ideas that are suitable; as this will help in making better value judgment. Hence, this paper investigates the new shape of small and medium industries for the 21st century economics. It highlights the Tri-Sustainable characteristics needed for 21st century SMIs. Based on this understanding, the paper proposed three basic approaches for SMIs to reinvent their businesses in the new era. With this, small and mediums industries that started small can get big economically and innovatively
format Non-Indexed Article
author Olalere, Folasayo Enoch
A Aziz Shuaib
spellingShingle Olalere, Folasayo Enoch
A Aziz Shuaib
Starting small but getting big: the new shape of small and medium industries
author_facet Olalere, Folasayo Enoch
A Aziz Shuaib
author_sort Olalere, Folasayo Enoch
title Starting small but getting big: the new shape of small and medium industries
title_short Starting small but getting big: the new shape of small and medium industries
title_full Starting small but getting big: the new shape of small and medium industries
title_fullStr Starting small but getting big: the new shape of small and medium industries
title_full_unstemmed Starting small but getting big: the new shape of small and medium industries
title_sort starting small but getting big: the new shape of small and medium industries
publisher IJIMT
publishDate 2015
url http://discol.umk.edu.my/id/eprint/8199/
http://www.ijimt.org/index.php?m=content&c=index&a=show&catid=66&id=906
_version_ 1763303949983547392
score 13.211869

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