small business 2021-07-16

How Small Businesses Make Big Difference in Our Communities

“Is there something different in the business or just money makes it happen?” answer is yes. Below we have mentioned a total of 7 benefits apart from money which makes the business different from a job.

By Content Writer
How Small Businesses Make Big Difference in Our Communities

If you are also thinking of starting a business in some time, we have here discussed some points, which tell how starting a business is killing more than one bird by a single stone. There is something different in business. People do well with their job they earn almost everything in their life with their respective jobs, but still, there are some benefits of business which makes it different from a job.

Even people having some highest paying jobs try and succeed in setting up their business, but the question is, “Is there something different in the business or just money makes it happen?” answer is yes. Below we have mentioned a total of 7 benefits apart from money which makes the business different from a job.

Economical benefit for country

A good citizen always thinks of his country. There are many ways you can help the Indian economy by starting a business. You don't have to take a degree to be an entrepreneur. Setting up a business just means you have some money invested in the business. This is called capital and it has to be converted into goods or services by selling them to customers. The process of getting money or capital is called business creation or starting a business. Starting your own business in India is much easier than most people realize. Starting a business in India does not require an agent or even any sort of fee. What's more, starting a business in India is not as hard as it sounds. Your business will not only help you to grow but will help in the economy too. Big companies generally monopolise the stock market but small scale businesses enhance competition. No matter how small or big you start is, always leave an impact on the economy.

Employment growth

The fastest and surest way for anyone to increase employment is to start their own company. Why? Because starting a business automatically puts you on the map as a viable alternative to existing businesses. In addition, businesses require capital investment which, in turn, attracts investment. Potential investors view entrepreneurs as more trustworthy candidates because they have demonstrated they have the discipline to produce results. Small businesses are the backbone of the Indian economy, creating employment for over 3.5 million people. India is projected to generate 50 million jobs and contribute significantly to India’s GDP growth through their innovative products and services by 2022.

Better services due to competition

Competition in the market increases the opportunity to get the best deals and better quality services. It also drives down prices when services are sold evenly among several suppliers. When a large number of firms try to offer the same product at lower prices, consumers have lots of options that they can consider. The resulting higher quality service attracts more customers. Competition in the market is good for consumers. It stimulates innovation and improves quality. It forces businesses to either respond quickly to changes or lose market share to a more efficient competitor. By entering the market as a brand, you will directly be serving the customer which helps to reduce the monopoly. The end of monopoly always results in better service for the customer.

International impacts of small businesses

Small and medium-sized enterprises (SME) are consistently identified as one of the prime movers and investors in international markets, accounting for roughly 65% of all foreign direct investment (FDI) into India in 2016. SMEs have also been recognized as significant players within their respective sectors, contributing 55% of all revenues and 68% of all profits generated in the same period. For this year’s edition of the Global Small Business Report, released by the CNBC-TV18 Small Business Optimization Program, DBS Bank ranked top-rated in the overall segment and also gave special mention to small and medium-sized enterprises.  Small businesses are global players in the market. While there has been some debate over whether or not they should be included within 'global businesses,' the fact remains that many small businesses are international in scope and impact. A large part of global businesses is now coming from smaller businesses. Nearly half of all FTSE 100 companies were founded by someone who was not employed by a large company (defined as companies with revenues of more than £500 million). Although it may seem odd to some, this rapid growth in personal entrepreneurship has come about because of more opportunities to start, grow and expand businesses

Expansion benefits

By all the above points, it is clear that any size business helps in national development. Suppose you have started a business and it grows at a tremendous rate. Now you will definitely, sell out your franchisee and try to reach out to more and more people. Buy selling you franchisee to future businessmen you are somewhere making more and more people self-independent. Self-independence is the only way to utilise the skill and ability of Indians in the utmost way.

Customer satisfaction

Big and foreign companies normally work for their profit and often miss the requirement of a ground-level customer. A company that is coming from a very high level can understand and solve small problems. If you are from your area, stand out and solve their problem.  Remember you can always earn a lot of money but a smile on a satisfied customer can make your day. Sometimes people having a lot of money just desire to see someone happy because of them. You can do this easily by helping them out with their problem.

Charity and public welfare works

No matter how eagerly you want to help others, but if you don’t have enough for you, you can’t help others. If you have sufficient for yourself, helping others will be a piece of cake. Business can break the barriers of earning limit and you can easily donate, help or charities in the way you want. You can even offer free or concessional service to those in need.

We hope this article has given you a clear view of the non-financial impacts of business on humans. This article will also let you know how important is to do business for a better society.

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