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Small businesses adds to the success of our economy. It does not only provide success for the future but it also meets the local needs. Here are some examples of small businesses; locksmiths, emergency plumbers, financial consultants and hairdressers. Small businesses actually provide the requirements of bigger businesses. Examples are catering services, printed stationery and photography services. You do not need to have your own enterprise to be part of enterprising. Being an entrepreneur just means that you should have and develop the right attitudes, skills and initiative so you can make a contribution to an organization. Being an entrepreneur is really exciting. There are a lot of small businesses today. They are mostly owned by a single person. These small businesses only hire less than 6 employees. This kind of small businesses are a good source of employment. Most people are self-employed. Some of this workers became successful because of small businesses. There are a lot of small businesses that survive and prosper.
Here are the advantages of small businesses:
Development of personal relationships
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Small businesses are a good place to build personal relationships with employees, suppliers and even with their customers. You actually know who your dealing with when you have a small business because you can easily put a face to the people you come in contact with. Person to person interaction is important because it is crucial in building relationships.
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Has the flexibility to respond to challenges and problems
There is also a chain of command when it comes to small businesses. A lot of large businesses, already established procedures that are difficult to change. This is not the case with small businesses, since they are much more flexible. Another good thing about small businesses is that they can make fast decisions.
The innovation and inventiveness
Small businesses are really positioned to develop and introduced a lot of new ideas. Another good thing about small business owners is that they do not need to get the approval of anyone else.
Has a low overhead
The operation of small businesses are small and this is the reason why they have a lower overhead costs. Small businesses operate in smaller areas that has a lower lighting and heating costs and a cheaper rental rate. Since they have a lower overhead cost, they can offer a much lower price for their consumers. Larger businesses has a higher overhead cost and this is why the price is too high.
Catering for niche markets or limited markets
Small businesses can actually have profit even with a much lower sales figure. That is why they can sell in smaller markets. Here are some examples; jewelry specialist and window cleaners.