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

• 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

—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