The statement that small businesses are the backbone of the economy is widely accepted, (Chittenden) but there are significant differences between small local businesses and large big-box retailers, and this often leads to misconceptions. One such misconception is that small businesses are referred to as small entrepreneurs who are serious and dedicated businesspeople with unique needs separate from those of consumers. (Megalli) Unfortunately, in recent times, these entrepreneurs have experienced a significant decline in sales and profits due to the dominance of giant corporations in the market. Leading this corporate dominance is Wal-Mart Superstores, a corporate giant that not only destroys local businesses but also offers low-wage jobs and takes an anti-union stance. (Halebsky) As a result, many small businesses have been forced to close because they cannot compete with these larger entities.
Although big business have some advantages over their smaller competitors in terms of money, staffing, and production, small local businesses have an equal number of advantages that may be small in size but have a significant impact in the long run. These advantages include technological improvements, independence, quality, and motivation. Small business owners are just as affected by technological advances as big business corporations. The only difference lies in how they choose to respond to these advancements. Small businesses have a tendency to readily embrace these changes compared to huge, overpowering stores.
These advancements in technology are providing entrepreneurs with numerous opportunities to succeed in the constantly evolving economy. Even small businesses are receiving support on the economic front, with local chambers of commerce assisting them in becoming more skilled in utilizing technology. In these challenging economic times, aid is being provided to help them gain an advantage by embracing the most popular technologies available. This support includes webcasts, daily electronic newsletters, social networking, and job networking, allowing small businesses to only move in one direction – upwards.
One significant initiative that greatly assisted local businesses in Nashville, Tennessee is the launch of an Internet portal called BusinessConnect by the local chamber of commerce. chamber members can seek bids from suppliers and offer discounts on goods and services through this portal. The rapid adoption of new technology by these businesses is attributed to their smaller size.
Independence is a significant advantage for small businesses as it simplifies decision-making and provides entrepreneurs with more options. Unlike large corporations, small businesses are not constrained by numerous policies. Moreover, small businesses have a different business culture, making it easier for them to connect with local customers. They prioritize establishing personal connections with customers rather than solely focusing on profit comparisons between years.
Big business corporations, lacking care for individual customer needs and wants, contrast with small businesses that actively strive to impact customers in a positive way. Small businesses prioritize listening to customer opinions, understanding what makes their products different and ensuring they possess desired features. This personalized approach sets them apart from big businesses that often prioritize growth and expansion over important aspects such as quality and efficiency. It is the emphasis on quality that allows small businesses to specialize and attract a separate set of customers, differentiating them from large corporate businesses. The focus on high quality, both in appearance, friendliness, and products, is what attracts and retains customers, making small businesses stand out.Even though small businesses lack qualities such as marketing budgets and buying power that giant corporations have, they still have a significant impact on local communities.
Big businesses struggle to adapt and often face bankruptcy (Chittenden). Small businesses, lacking the resources to compete with these giant corporations, fight back fiercely, showcasing their pride, high-quality products, and perseverance. These tech-savvy entrepreneurs are steadily advancing in the business world, determined to succeed. Despite facing challenges from larger enterprises, their strong willpower and passion prevent complete domination by big business.
