Significance of Small Business
Posted: Tuesday, September 14, 2004
by Anie A
BizFixTips
- Interdependence.
- Competition.
- Innovativeness.
Interdependence
You will agree with me that there is interdependence of businesses all around us today. This means that no business stands on its own. It must depend on other enterprises for one thing or another. That business of yours or that you’re hoping to setup must buy from other businesses. In order to survive, services or products must be sold to various business owners and even those entities in competition with other businesses.
So far as your business has something worthwhile to offer (of course it should be doing so, or else it would've packed up by now) and is doing so efficiently, there must always be room for it to operate in the market.
Bear in mind that big businesses work hand in hand with small businesses - Think about those small components (and even industrial supplies) that feed our giant manufacturers, big retailers (the Wal-Mart of this world) and those large service organizations (e.g. airlines, hotels). Hope you know that a large percentage of operational components of these 'big timers' are provided by small businesses.
On their own, small firms are important users of products of big businesses. So there is interdependence.
With the visible growth of interdependence between businesses, be rest assured that there's hope for your business, as long as you play it right.
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Competition
A competitive business environment is a healthy one. Think of these goodies of a competitive environment - Rapid and positive change from innovation and improvement, rivalry for customers’ patronage which provides vents for individual creative impulses and abilities. Generally, what’s the likely outcome? - Positive impact on the livelihood of a large segment of the population.
Once again, the field is open for you in your small business. Think of a niche and zero-in on it. You’ll certainly do well.
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Innovativeness
The US Patent Office has it on records that since the late 1950s 25% of patents were issued to mainly small business organizations. What does this portray? - That small business concerns are more innovative than large corporate enterprises.
The reason for this is the fact that small businesses give room for performance of ingenious people to work on new ideas. Such ideas are likely to be of relevance to their own profit motives. There’s often direct motivation in such situations.
Most times one discovers that it’s the small business that tends to blaze the trail in areas of innovativeness. For larger businesses are likely to shy away from products with unpredictable and unsteady demand. They leave such products for small operators.
With determination, lased with innovativeness, the small business sometimes ends up with positive outcome. It’s at this stage of proven market for innovation that the interest of the ‘big timers’ become aroused. Of course such interest often takes the form of competition with the small enterprises.
Don’t be scared of innovativeness. It may yield that opportunity for your break-through, and a sure way to growth. Face it, even if it’s difficult at the beginning. Growth awaits you in future.
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In closing, think of these words of Demosthenes, "Small opportunities are often the beginning of great enterprises"
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