The economic prosperity of every nation has been achieved through the growth of their business, regardless of whether these businesses are large or small. However, many small business owners may feel overwhelmed by the competition that large companies represent in the country’s economy, which crowd out large market sectors and sometimes snatch business opportunities from smaller companies. That is why every entrepreneur must know their position in the market, so that their business prospers and is not overshadowed by large companies. So, how does your small business fit into the big players’ scenario?
Small businesses have a good position within the community.
Small businesses represent a sector whose birth arises from the recognition of the main needs of communities. These companies know their audience and that will make their consumers happy. Small businesses open accounts at local banks, hire local accountants and attorneys, and create job opportunities to local residents. In addition, small local businesses tend to offer better customer service than their corporate counterparts. That is why every entrepreneur must take advantage of this benefit and diversify their range of offered services based on trends and what their audience could need at the moment. In such a way that this approach helps you to monopolize that market and earn money safely.
Small businesses help to create jobs
Just like large companies, small businesses are able to create employment opportunities. The difference is that these businesses have more flexible hiring mechanisms, in which it is easier to be an employee because they are more willing to hire people without experience or who do not have all the necessary requirements to aspire to another job. These companies are usually the main option for people who would otherwise be unemployed, hence representing a very important sector of an economy.
Small businesses are often the beginning of large enterprises
There are few large businesses that have started in a privileged place within the market: many of them have emerged within their communities and have been able to expand and hoard large sectors of the market thanks to their perseverance and dedication. An example of this is McDonald’s ,which in 1948 was a family barbecue restaurant. In 1937, Patrick McDonald opened a restaurant on Huntington Drive (Route 66) near the Monrovia Airport inCalifornia. It was called “McDonald’s Famous Barbecue”, and it served more than forty grilled products, along with 10 cents burgers. It was not until10 years later that their sons Richard and Maurice McDonald realized that most of their earnings came from the sale of those cheap hamburgers, so they closed their successful barbecue to establish a simplified system with a straight forward menu of hamburgers, French fries, smoothies, soft drinks and apple pie for dessert. Years later it would become one of the most important fast food companies in the world.
In conclusion, small businesses are extremely important for the society and economy of a country, and undoubtedly, small businesses are the backbone of every country. Without these companies, countries would have a great economic disaster. That is why people must give the necessary merit to these companies and support them in their growth.