It’s a fact that big corporations can influence and impact many aspects of people’s lives and even livelihoods. Yet, what’s just as true is that small businesses are equally important to local and regional economies, both in the developed and developing world.
Micro, small and medium-sized enterprises account for approximately half of all business activity in the United States, for instance, while in Nigeria, that figure is approximately 96%.
And what the statistics essentially prove is that while big businesses power the globe, industries and markets would struggle without small business owners, including the over 120 million individuals involved in direct selling worldwide.
With that in mind, here’s a look at four key ways micro, small and medium-sized enterprises help everyone.
1. Small Businesses Create More Opportunities
According to surveys and experts, there are currently more available jobs than workers in some parts of the world. However, unfortunately, that’s not the case everywhere, particularly in emerging economies where many people, women and young persons, struggle to find work.
Small businesses have helped, thus, in cutting through the inequality and providing individuals in areas where jobs are scarce with an avenue out of unemployment.
For example, there’s no bar to entry to becoming a QNET business owner, unlike in the case of many similar sales-based occupations. As such, it’s possible for anyone and everyone to manage and operate their own direct selling enterprise and, thereby, put themselves in a position to generate a steady and sustainable income.
2. Small Businesses Are Flexible
The COVID-19 pandemic has changed the nature of work and resulted in many traditional employers affording workers more flexibility than previously. Indeed, full-time office jobs may be a thing of the past.
Even so, rigidity hasn’t been discarded altogether. And that has had a negative impact on worker happiness as well as the ability of businesses to respond quickly to new situations and their customers.
This, however, is far from the case with micro, small and medium-sized enterprises, which have remained agile and competitive throughout and, as a result, drawn more clients.
QNET entrepreneurs in some African markets, for example, saw their businesses grow by up to 65% when the pandemic hit. And that was down to the inherent flexibility of their enterprises and the swift implementation of solutions to meet customer and market needs.
3. Small Businesses Drive Innovation
Incidentally, the intrinsic flexibility of small firms also helps foster talent and fuel idea generation and innovation.
Think about it like this: larger enterprises employ a host of processes and many workers to handle these. As such, any attempt at a new business approach can involve tedious steps and multiple levels of approval.
Small and medium-sized enterprises, conversely, aren’t like that at all. Indeed, in many cases, having smaller and tightly-knit teams enables everyone involved in the business to bring new ideas to the table and problem-solve. And that means not just more creativity but more success.
By the way, did you know that studies have found that small firms are more likely to develop new technologies than larger companies? That’s food for thought!
4. Small Businesses Are Environmentally-Conscious
Financial success aside, the manner in which small businesses are set up and operate has also enabled them to focus on sustainable initiatives, which have proven crucial in, among other things, tackling climate change.
Yes, big corporations have also gotten on the eco-friendly bandwagon and sought to implement green practices. Yet the key difference is that small and medium-sized enterprises have proven themselves committed to the cause for longer, unlike giant companies that have wavered.
Coincidentally, surveys reveal that customers today are more environmentally conscious than ever and want sustainable products and eco-friendly packaging, as QNET offers.
Big Impact
Sure, those who lead micro, small and medium-sized enterprises rarely make headlines the way big entrepreneurs do.
Nevertheless, both separately and collectively, small businesses have a massive impact on the world we live in. And the steady increase in the number of direct selling entrepreneurs proves that more and more people are waking up to the potential and power of small businesses.
