Small Businesses Are Not Always Small in "IMPACT"

[Pi-network314159]

Small businesses like restaurants, local shops, and other small enterprises play a huge role in every economy.
Individually they may seem small, but together they create jobs and keep the economy running. That’s why they are often called the "backbone of the economy".

Of course for an economy to grow it need a collective effort of people to keep it growing. Government can not only do business but the masses have to do something meaningful to increase the growth of the economy. And moreover economy mean the entire people that make up a country including what they do fo survival. People don't need to only focus on government for survival but have to go into entrepreneurship both small and large scale.

However, these businesses often face big challenges like
- Limited access to loans
- Higher taxes
- Tough competition from big companies

-There is access to loan but depends on the level of business you do, and the connection you have to take such loan. Government and bank gives loan, but they will want you to keep something as collateral Incase if you can't pay back. No one is ready to give loan to a business person that can't return it, so there must be definitely limit to how one can access loan.

-You pay tax according to your business capacity, which means small business small tax, big business big tax.
- you don't expect to do business without competition, as a business person you must be ready to face competition and criticism

This raises an important question: Should governments do more to support small businesses?

Of course government are doing their best to help business people who are ready to take loan to improve in there business, but most of this government offices that gives loan, is difficult to access it because of the people in charge. They give base on referral and connection and not free and fair.

[Yeesha]

Small businesses like restaurants, local shops, and other small enterprises play a huge role in every economy.
Individually they may seem small, but together they create jobs and keep the economy running. That’s why they are often called the "backbone of the economy".
However, these businesses often face big challenges like
- Limited access to loans
- Higher taxes
- Tough competition from big companies

This raises an important question: Should governments do more to support small businesses?

Yeah, government should do more to support those businesses, but not just the government and the community at large. Supportive environment can enhance the growth and development of our community. I think if not for the private sectors and without their contributions the rate of unemployment would be higher than it is now. Majority of people are working under private sectors. So if government cannot provide job opportunity for the citizens, they should at least reduce the rate of the amount that they are charging the private sector to prevent the company from collapsing.

[CryptopreneurBrainboss]

This raises an important question: Should governments do more to support small businesses?

Small businesses struggle with visibility and funding (capital) so getting the government support is going to go a long way in helping them to survive, it isn't easy for small businesses to be able to compete with the big companies and this makes many of them to go out of business in just few years of their existence, them getting support from the government will go a long way to keep them profitable for operation.

It is also the duty for the small businesses to keep themselves in the game as they have competition from others so them innovating new ideas should give them an advantage and not only depending on the government for help, people love to copy ideas and that's why we have multiple same small businesses everywhere yet there isn't anything that keep or distinguish most of them apart from others.

The loans or help from the government should also be strategic so as not to reward mediocrity as everyone can start a business but it takes only the real ones to keep it running.

[suzanne5223]

Small businesses like restaurants, local shops, and other small enterprises play a huge role in every economy.
Individually they may seem small, but together they create jobs and keep the economy running. That’s why they are often called the "backbone of the economy".
However, these businesses often face big challenges like
- Limited access to loans
- Higher taxes
- Tough competition from big companies

This raises an important question: Should governments do more to support small businesses?

I believe it is easy for every country's economy to thrive if the government does more to support small businesses by creating the frme work tht boost their business, creating events annually for them to showcase their services to the people, because we have some business which are still small today because they have not been getting the needed exposure and funding with skills training to meet up with interntionl standard.
This is why countries like the UAE, the US, China, and more are consistently ranked among the best in terms of economy because they have governments that support small businesses, entrepreneurship, and ease of doing business/startup.

[Cryptomultiplier]

The best way the government can support or encourage small scale businesses is by making loans available for them and also creating opportunities for skill acquisition and employment, every big business today started small and also contributes to the economy as they also pay the necessary dues, I work in a small scale business I am aware of the payment my boss made to the government some are monthly others yearly and that is not all, they still make some payments to the community, this business also makes impact not only in the economy but also in the community.

Not all small businesses require loans as I have been reading from several replies. They may need it along the way, but a loan can be granted when the business is a serious one that can scale and bring a good percentage of return on investment.
Banks won't just give out loans if they think your business isn't going to grow or won't go anywhere, but if your small business shows promise of growth, not just loans would be available, grants, angel investors and even friends and family would like to invest in it.

Small businesses account for almost 60% of new jobs created and this can help reduce unemployment rate in any country and boost the GDP of any country where these small businesses are being supported and managed.

[Dunamisx]

Small businesses don't attract for government regulation to that extent like the way the big enterprise faces, they also serves as an affordable for channel through wish everyone could have access to what they wanted in the economy without any location or status barrier, especially, this serves as a benefits to those that leave below the normal standard of living, which is what we often see in remote areas, but at least, everyone still has been an open access to basic needs of life, without location embargo.

[Achalugo BTC]

There are small business one can start that are very lucrative the food business you mentioned is one it, the fact that people must eat daily makes it very lucrative, many people has earn a living selling foodstuffs and also cooking it and selling out. Many people has been self employed starting a small business this has help them become independent even in a harsh country economy, actually there is need for government to support small business by either grant or loan to help enlarged their small business since they can't everybody employed.

That's very correct, some small businesses today are changing people's lives nowadays, but most people don't want to put much attention to them because they are not ready to start small, they want to start a business that will generate large profits. But businesses selling food and clothes are things people need everyday and even if someone starts it small, it can provide people with what they need and gradually, it will grow. So, people ought to have that mentality that the government can't employ everybody, so some people need to become self-employed.

[leonair]

Small businesses like restaurants, local shops, and other small enterprises play a huge role in every economy.
Individually they may seem small, but together they create jobs and keep the economy running. That’s why they are often called the "backbone of the economy".
However, these businesses often face big challenges like
- Limited access to loans
- Higher taxes
- Tough competition from big companies

Yes, those who start small businesses are basically just starting their business journey, no one can run a big business or set up a big business. With experience from a small business and financial support, a businessman can start a big business. Small businesses are very beneficial for reducing unemployment in a country. When a person starts a small business, he can provide employment to some people in addition to his own employment. This plays a big role in the country's economy in addition to providing financial support to some people personally. However, due to the low capital of small businesses, they are deprived of the benefits of large loans. Because the financial institutions that provide loans verify whether the people to whom they are lending have the ability to repay the loan.

This raises an important question: Should governments do more to support small businesses?

Yes, where the government of a country is responsible for worrying about unemployment in its country, a small businessman is providing employment to some other people along with his own employment, so of course the government needs to provide financial support to those small businesses. If small businesses are supported by the government, they can quickly transform into big businesses and play a big role in the country's economy along with creating employment in the country. And of course, tax reduction is very important for small businesses to encourage them.

[Davidvictorson]

Small businesses like restaurants, local shops, and other small enterprises play a huge role in every economy.  Should governments do more to support small businesses?

If you ask me, I would say that the government is already doing a lot to help small business. I think there is a program called small and medium scale Enterprises, where they give loans to all these small businesses in where I live. However, it is one thing to give out a loan specifically, a non-interest loan by the government, and it is another thing for the owners of these small businesses to be visionaries. A visionary leader would think of scaling up their small business with innovative ideas rather than reinventing the wheel which is what many do. And once you reinvent the wheel, no amount of government help can save your business.

[Berry2d]

Small businesses like restaurants, local shops, and other small enterprises play a huge role in every economy.  Should governments do more to support small businesses?

If you ask me, I would say that the government is already doing a lot to help small business. I think there is a program called small and medium scale Enterprises, where they give loans to all these small businesses in where I live. However, it is one thing to give out a loan specifically, a non-interest loan by the government, and it is another thing for the owners of these small businesses to be visionaries. A visionary leader would think of scaling up their small business with innovative ideas rather than reinventing the wheel which is what many do. And once you reinvent the wheel, no amount of government help can save your business.

Yes such practices may be in existence but not in all countries,  the government of some countries concentrates much on stealing the little meant for the transformation of the poor why the poor suffer without help.
Assuming all countries would adapt to such practices, the rate of poverty would have been reduced because many where able to establish small businesses with the hope of surviving with it but because the government refused to turn there back on them it is very difficult growing it as the family depends on that same small business for survival.  As for those that there government is doing so I will say its a good one and they should keep it up and not stop.

[Mr Reporter]

The best way the government can support or encourage small scale businesses is by making loans available for them and also creating opportunities for skill acquisition and employment, every big business today started small and also contributes to the economy as they also pay the necessary dues, I work in a small scale business I am aware of the payment my boss made to the government some are monthly others yearly and that is not all, they still make some payments to the community, this business also makes impact not only in the economy but also in the community.

And the fact still remains that the government is acting up and giving the small scales business deaf ears,…what newbiese have failed to understand is most is that businesses all started from a place of suffering, just imagine how Dangote, Jumia, in fact even the supermarket in your area has not just started yesterday, years ago of hard labour and so many things are there…well the government are really killing the little light in many of us because of the wrong pocitlans…but all hope is still not lost because if the government would get in touch with such deals so many things would changed,

What would make the biggest difference right now:

1. Single tax window- One payment instead of 10 different agencies coming monthly…

2. SME loan that actually works - BOI, NIRSAL, CBN intervention but without 6 months of paperwork…

3. Protect them from harassment- let them grow in peace…

https://punchng.com/boi-unveils-n2bn-loan-scheme-for-corps-members-to-drive-entrepreneurship/

https://businessday.ng/news/article/bank-of-industry-set-to-give-out-n200bn-to-msmes-others/

[sunsilk]

This raises an important question: Should governments do more to support small businesses?

They should. Because with the small businesses that are there trying to operate, they're giving its owners a livelihood and at the same time they also hire employees that they can take care of.

The taxes that they pay is significant to the economy and the contribution that they do is impactful.

As for the support that the government can give to them is to give them ease with taxes and as well as access to SME loans which gives them grant and faster approvals.

[freedomgo]

Those who are operating small business are what makes the majority of the people aside from those working in their low-income jobs, so I don't really think question like this still makes sense. Of course, the government should support them not because they are obliged to do so, but because these people are taxpayers so the government in return should give them help and offer opportunities to promote their small scale business.

Because these people do not just tend to grow their own economy, but if their business will succeed, this will also help the country's economy grow as well.

[angrybirdy]

That support really depends on which country you're talking about.

In our country, there are government programs that support small businesses, like offering loans with low interest, but that's mostly it. When it comes to regulations and requirements, they're still very strict, and taxes are high as usual.

So running a business these days is really challenging, you need to be very smart with how you manage everything if you really want to survive and succeed.
Government will make money from taxes no matter what.

I agree, it really depends on the country and how supportive the overall business environment to them.. Low interest government loans can definitely help small businesses to get started building their business but if the regulations are complicated and taxes are still high, it feels like you're getting help with one hand while giving it back with the other. at this day, operating a business isn't just about having a good product or services, people also have to be careful with cash flow, expenses, taxes, and compliance as well because one wrong decision or missed to assess things can put a lot of pressure on a small business...the businesses that survive are often the ones that adapt quickly and manage their resources wise and yep! taxes are probably the one thing you can always count on the government collecting. Lol. The real challenge is making sure there's still enough left for the business to grow after everything is paid and completed.

[fruktik]

Small businesses like restaurants, local shops, and other small enterprises play a huge role in every economy.
Individually they may seem small, but together they create jobs and keep the economy running. That’s why they are often called the "backbone of the economy".
However, these businesses often face big challenges like
- Limited access to loans
- Higher taxes
- Tough competition from big companies

This raises an important question: Should governments do more to support small businesses?

My country's government, on the contrary, is killing small and medium-sized businesses. How is this happening? They raised taxes at the beginning of this year. Small businesses were shocked. Many entrepreneurs were forced to close. They had no choice: raise prices and lose customers, or abandon their businesses forever. Many people chose the latter.

Do you think this situation will improve? On the contrary, the authorities are planning to raise taxes again, which will completely destroy all small businesses, while medium-sized businesses will suffer huge losses. Economists say this is just the beginning. It will get much worse.

[Royal Cap]

This raises an important question: Should governments do more to support small businesses?

However I think that trying to keep small businesses alive with government support is not the solution to the problem. If additional subsidies are given, businesses that would not survive in normal competition can survive in the market, and as a result, skilled businesses can also suffer. So instead of giving money directly, it is more important to simplify the environment for doing business. Like reducing unnecessary licensing complexity or simplifying the tax system.  This will prevent the government from having to bear the losses of any business for a long time ,and good businesses will also have the opportunity to grow on their own merits.

[Doan9269]

What determines a successful business is not the size of how it started, it is mainly dependent on the operator behind running the business with a particular strategy unknown to many, the idea must be there in place already and also have the pattern to execute its strategy that will make it a stand out among other competitors within a particular setting, everyone may be interested to make a business but not all know about how to run a successful one, are most small businesses do have significant impact even than other advanced ones, because they are approachable and you can get across to them at the list requirements or conditions attached.

[BitBakerr1]

Small businesses like restaurants, local shops, and other small enterprises play a huge role in every economy.
Individually they may seem small, but together they create jobs and keep the economy running. That’s why they are often called the "backbone of the economy".
However, these businesses often face big challenges like
- Limited access to loans
- Higher taxes
- Tough competition from big companies

This raises an important question: Should governments do more to support small businesses?

Small businesses are actually doing very well to support the economy, just like you said they provide jobs.
In my country the reason why people are still a little bit comfortable is because of small businesses.
Small business has helped a lot of people, some graduate when they finish school the next thing they do is to start a small business.

The government should actually do more to support the small businesses because they are actually the lifesaver, they are doing more to the economy.
Small businesses should be encourage. They should be giving loan without much requirement by the government, it would really help encourage more people.

[Iranus]

There are small business one can start that are very lucrative the food business you mentioned is one it, the fact that people must eat daily makes it very lucrative, many people has earn a living selling foodstuffs and also cooking it and selling out. Many people has been self employed starting a small business this has help them become independent even in a harsh country economy, actually there is need for government to support small business by either grant or loan to help enlarged their small business since they can't everybody employed.

Just like investing. Business profit largely depend on your own ability, how you manage capital, control costs...not simply on the size or the industry you're in. That is why, alongside many successful businesses, there are also plenty of food shop and restaurant that lose money and eventually shut down.

But I agree with you and some of the other opinion here. The government should have policies to support small businesses because they also play a crucial role in creating jobs and boosting the economy. They shouldn't focus only on big businesses. That's not fair.

[Civorsecard1931]

Small businesses are certainly the lifeblood of any economy. Their contribution to creating local employment, strengthening social bonds, and keeping internal cash flow flowing is undeniable. When young people are engaged in their own initiatives and have a legitimate way of earning, they stay away from criminal or illegal activities. Local shops or small enterprises bring people together in a particular community. As an environment of mutual understanding and cooperation is created, unity or social security increases in the society. Therefore, the government must take more effective and specific steps to sustain small businesses and bring equality in competition.