Did You Know?
IMPORTANCE OF SMALL BUSINESS 3.
• Encourages Creativity: Small business owners create most of the products of large businesses. However, due to lack of insufficient capital to maximize such inventions, the large firms hijack such invention. Creativity in the form of invention, innovation or extension are mostly works of small business owners.
• Discouragement of Rural-Urban Migration: Most people that move from rural areas to cities in search of jobs or "greener pastures" would prefer to start small businesses given the opportunity of a good investment environment and necessary capital. This is because the jobs are too few for the large number of applicants, especially graduates, in the cities.
• Transformation of Traditional Industry: Every traditional industry needs some form of transformation. This, from experience, has always been the function of the small-scale entrepreneur that engages in radical changes in business technology through automation and mechanization and general introduction of modern competitive methods.
• Provision of Specialized Services: There are so many specialized services that most large firms would not provide. Specialized services such as dry-cleaning, hairdressing, tailoring, etc are provided by small businesses for their customers in their immediate environment.
• Increase in GNP: Gross National Product means the quantity of goods and services produced in a country. It is usually computed per period of time. Small businesses assist greatly in increasing the quantity of goods and services produced in any country. First, these businesses are engaged in production activities and secondly through wholesale and retailing activities. They equally facilitate the movement of goods to the ultimate consumers or users.
That's alll folks, thanks for your time.
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