Need to relook business processes and strategy and to innovate  Globalization is bringing new opportunities and the SME entrepreneurs have to seize these opportunities. For this, MSME entrepreneurs have to have a relook at their business strategies and innovate. To successfully do so, four major aspects need to be kept in mind.
Firstly, MSME entrepreneurs have to apply the discipline of innovation to identify and develop new business. As rightly pointed out by Peter F. Drucker, innovation requires us to systematically identify changes that have already occurred in the business – in  BIS central bankers’ speeches  3  demographics, in value, in technology – and then look at them as opportunities.