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What is small business
|Date Added: March 31, 2012 06:29:42 AM|
The proverb that states that the journey of one thousand miles started with a single step is very true in every aspect of life, especially in business. Most businesses started as small business ventures, with private ownership and a few employees and low sales volumes. It is often from these humble beginnings that giant corporations are formed; therefore these small businesses are the building blocks of the fortune 500.
Each country has its own definition of what a small business is, but on average, a company with less than one hundred employees is usually considered small. The other criterion that may be used to classify a small business is its assets as well as sales and net profits.
Small businesses have various characteristics that distinguish them from their larger siblings in the business industry. For starters, as the name suggests, a small business is small in size, though the definition of small is relative depending on which country one is talking about. A small business in a country of financial giants is a giant business in a country of financial smurfs.
There are various advantages of owning a small business, key among them being the fact that these businesses require very little capital to start. Some can even be operated on a part-time basis meaning that you can operate your business while taking care of other things as well. Because of this, it has come to be associated with the internet as it helps people to cater to the interests of a particular niche.
The relationship between the customer and the business owner is more intimate in a small business, and this can sometimes result in more sales as there is increased trust and accountability. There is also a lot of independence that comes with owning a business of your own and many people leave their day jobs because of the independence that a small business promises them.
There are however a lot of problems that are associated with small businesses, chief among them being undercapitalization which means that the business is unable to acquire the funds that it needs to remain operational. Such a business is usually unable to afford its expenses and this usually leads to bankruptcy of the small business.
Also, sometimes, the success of a small business may be inhibited because they live under the shadow of a much larger business that provides similar goods and services. Small businesses that are competing with such large businesses sometimes fail because the competition is not level, and the larger businesses sometimes influence their chances of success.
Small businesses are a cornerstone in every economy and it is from them that most major businesses grow. However, they must be supported so that they get the chance to grow as well as expand into larger enterprises. Without this support, most small businesses fade into the background and get lost in obscurity as nobody knows what they are or what they do. However, with the right amount of planning and dedication, these businesses can be quite profitable, and they may one day play in the same league with the larger corporations.