Question

Please give a different answer to avoid plagiarism as all the answers are the same.

3. Define small businesses. Why does a small business act as a catalyst for social change? (200 words)

Answer 1

Small business as the name suggests a business whose area of operations is small, a business run with fewer employees, a business in which capital investment is less.The number of employees can vary from maximum of 250 to 1500. The annual revenue of such business is less. It can be sole proprietorship, partnership firm or privately owned corporations.Examples are the small street food corner selling different snacks, local auto repair shop, photography business, a house wive taking tuition class , freelancer etc.

Some advantages are having direct contact with customers resulting in shorter response time, low overhead costs, being your own boss, creative freedom, Personal satisfaction.Disadvantages include financial risk uncertainty, long working hours and lot of stress.

Small business act as Catalyst for social change as they have the ability to generate profits in markets ignored by large corporations. Just imagine a small group of housewives come together and sell homemade eatables like pickles, cakes, sandwiches etc.A yoga teacher taking yoga classes of a small group of people . A college student taking vedic maths classes on part time basis.Such businesses can provide services at low cost , can provide specific products as required by customers and can have direct contact with customers.