Small Businesses Contributes A Lot In The Economy
Even with the absence of statistics, small businesses greatly contribute to the generation of jobs and incomes for many people today
. Hence, the government is pushing harder on the promotion of small enterprises throughout the country, because they know that such business opportunities are accessible to the poor masses.Here are the lists of some contributions of small businesses in the economy.
They introduce innovation. Invention and innovation are key factors in economic development. Based on a study, small firms produce approximately four times as many innovations as medium-sized firms, and about as many as six times that amount as the largest corporations. Some examples of this innovations contributed by small firms are paper clips, instant cameras, Xerox, zipper, disposable razor, one-minute card printing, personalized shirts, business cards and other products.
Next, they create employment. Small businesses commonly provide jobs to many people. In fact, almost all non-governmental employees come from small businesses. Remarkably, small businesses are able to do such activities those big corporations such as those in Fortune 500 cannot do or they dont usually do. Small businesses respond quickly on consumer needs, especially when the consumer needed the product or service urgently.
They provide competition. Small businesses as a group, challenge big businesses in many ways. Thus, small businesses tend to be more efficient and responsive to the needs of the consumers. In their own particular fields and ways, small businesses have a combined competitive force against bigger firms.
Small businesses fill the needs of society and big businesses. The big enterprises, because of their large-scale and mass production, are not willing or are not able to satisfy the special needs of smaller groups of consumers, while small producers or sellers can profitably fit their products and services to the needs of smaller groups of consumers. In addition, small businesses supply the needs of big businesses. For instance, many of the goods sold by big bookstores come from small businesses, such as bags, toys, decors, etc. Big corporations in Japan purchase spare parts and assemblies from small family enterprises. In fact, parts of radios, TV sets and watches are being assembled by families in rural Japan. In this way, big corporations save a lot of money.
With this economic contributions of small businesses, government are now giving credits to those people and small groups who want to start or have a business of their own but dont have a capital yet to make it happen. To all entrepreneur wannabe, there are plenty of business opportunities out there! As long as there are people with money, and willing to satisfy their needs you can put up a business. Just bear in mind all those positive attitudes that an entrepreneur must possess like honesty, courage, integrity and punctuality.
Remember that the success of your business depends on realistic goals and hard work. Successful people always attribute their success to sweat and blood. Thomas A. Edison said that success is 99 percent perspiration and one percent inspiration. You can easily confirm this by observing top executives in governmental and non-governmental organizations. They work far beyond the 8-hour schedule.
In addition, although entrepreneurs are hardworking, enjoy challenges and difficult tasks, they love their work. Thus, their being hardworking is not really a sacrifice. When people love their work, it is no longer work. It becomes a joy. In fact, people who are always busy forget their worries and problems in the process.
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