5 Potential Contributions of Small Business to Economic Development

Business always helping the economy in growth and provides different benefits that can make attractive for a country

Employment provider

When business at startup points the first benefit for the economy is employment. The working position can help a business to make sure help in the market situation because they help in the growth of an economy. Employment is the best opportunity way to help people in living standers due to spending money within boundaries of a country.

The vehicle for individual independence

When people earn some money they don’t depend on the economy or don’t take help from other. The family does not disturb when people earn money for their personal benefit.  For example when you talk about the European countries everyone independence because they earn for self and be happy. They spend money on their choices and enjoy life.

Originators of innovation

When people analyze market they found new inventor people who want to make help in the country and make goodwill in the market. When people start a new business they find the needs of people and influence to make sure on usage. After all the other people think those types of business and try to start a business for self-esteem, money, and reputation in the market.

Niche market providers

Innovator always targets those market where some gap identified. They find the market gap and fill it. They are always focused on small business and make sure to good market share in the future. A new business can be both types it can be old and find the gap of a big market and can start an easy niche market business.

Support infrastructure for large companies

Now the business helps in those market which provides some material for those small businesses who run small companies or distributors of the market. It includes all the process of buying and selling of the products. When small companies grow the large companies automatically grow and make new buildings or franchises in different areas for coverage and increase the market share.

The social fabric of local communities

It includes only help in the communities who want to start the business and easy to increase the business. If we take the example of Social networks they help in the business expansion because the share, like, and comments can give us the feedback about business operation and products.

Source of new industry

A new business always helps new industry because they provide new products and new machinery invention. For example, Wood companies provide new products for the office use they provide a new concept and the required material for the present the concept. This is one type of source of new industry help.