The importance of small business to local
communities is emotionally rooted in buying and selling with friends and
neighbors. The importance of small firms in rural areas and big cities also is
seen in the economic benefits of shopping locally. In some towns and villages,
a small business is the only type that can survive while serving a reduced
population. In a big city, small businesses often offer a more diverse
inventory or specialize in providing unique or personalized customer
experiences. Small businesses also present new employment opportunities and
serve as the building blocks of the United States' largest corporations.
Employing Local workers:
Small Business Contributes to local economies
by bringing growth and innovation to the community in which the business is established. Small Business also Help
stimulate economic growth by providing employment opportunities to people who may not be employable by laager
corporations. Small business tend to attract talent who invent new products or
implement new solutions for existing ideas. Larger business also often
benefits from small business within the
same local community. As many large
corporation depends on small business for the completion of various business
functions through outsourcing.
Adapting to Changing Climates:
Many small business also posses the ability to respond
and adapt quickly to changing economic climates.
This is due to the fact that small business are often very customers- oriented and
understand the needs of the community. Many Local customers remain loyal to
their favorite small business in the midst of an economic crisis. This loyally means that small business
are often able to stay afloat during
tough times, Which can further strengthen local economies. Small business also accumulate
less revenue than larger corporations. Meaning they may have less to lose in
times of economic crisis.
Contributing to Local government Taxes:
When
consumers patronize local small business, they are essentially giving money
back to their local community. A thriving local business will generate high
levels of revenue. Which means that the business will pay high taxes. Including
local property taxes. This money is then used for local police and fire departments
as well as schools. A Thriving small business also can improve property values
through a community. Improving every homeowner’s bottom line while generating
more property taxes for local governments.
The small business impact on local economy
growth also takes the form of sales tax collection. Local business charge sales
tax based on their location and can be the backbone of special taxation districts
focused on unique projects. Such as lighting
and sidewalk projects to improve historic shopping districts and attract
additional customers.
Growing a Small business to a Corporation:
Small business do not always stay small. Large
corporations, such as Nike and Ben and Jerry’s started off as small business
and grew to become major players in the national and international marketplace.
Many computers industry leaders began as ‘’tinkers.’’ Working on hand –
assembled machines out of their garages. Microsoft and Amazon are prime
examples of how a small business idea can change the world. Small business that
grow in to large business often remains the community in which the business was
first established. Having a large corporation headquarter in a community can
further help provide employment and stimulate the local economy. Creating a
market that favors the development of a additional small businesses.
Community – Focused political Advantages
Business with strong ties
to a local community can lens a hand in community focused political actions. Business can help
to fund and organize campaigns for lobbying, letter- writing and other political
activities to influence legislators on
issues that affect the local community. A local business can help to convince a
presidential candidate to hold a campaign speech in the town , for example, by
making sizable campaign contributions.
Cultivating Loyal Customers
Business with a local focus have the advantage of cultivating a
loyal customers base, specially when their services are not threatened by big – box chain stores in the area. While
this may not influence company growth, it ensures a certain level of financial
sustainability, and helps to ensure the company maintains a positive reputation
in at least of financial sustainability, and helps to ensure the co through
tougher economic times, at least temporarily many maintains a positive
reputation in at least one region. It may also help small businesses get
Local employment and Income:
One of the Most persona; advantages of business in the local
economy is the boost in employment in the region. Employment levels influence a
range of other standard of living metrics. Such as disposable income, home
foreclosure rates and new small business startups: employing people in the
local community can stimulate word- of mouth advertising for a company as well,
assuming the company treats its employees well enough to get positive mentions.
Local employment also cultivates a sense of community, which can enhance the
brand of local business.
Local Tax Income:
Business pay a significant portion of all taxes in the United
States, including income tax. Property tax and employment tax. Having more
business in the local economy can boost tax income for local governments,
bringing in more money to repair roads, develop schools improve public
services.
Access to Services:
Along with the standard of living increases inherent in raising
local employment, the presence of many business types can rise the standard of
living further by providing a wider range of services and amenities in the
local area.
Conclusion
In the modern
world people can no longer expect large enterprises to guarantee them jobs for
life. Individuals are increasingly expected to seek out their own
opportunities, actively create value and behave ethically, rather than
faithfully follow rules and routines set by others. In particular, today's
young people need to learn to be enterprising, both when working for others and
when setting up their own businesses. Being enterprising involves taking responsibility
for decision making, becoming increasingly self reliant, pioneering,
adventurous, daring, dynamic, progressive, opportunist, ambitious and holding
your values, as well as being able to initiate ideas and see them through into
action.
Small businesses transform and develop communities. Entrepreneurs create
ways to connect resources and growth across cultures, policy contexts, economic
conditions and political situations that differ from a region to another. Its important
to have small business in the market. 
