The belief in one’s self encourages a person to pull his/her ability to work on ideas and explore the available opportunities at any cost. This belief has taken many forms of small businesses and has made people self-employed in all parts of the world. Small businesses have become an integral part of the world’s economy and empowering people to overcome their hardships and make a better living for them.
In American history, 19th century was the period of expansion of small agricultural business. This expansion transformed the independent workers and merchants into small businesses enterprises. In 20th century, small businesses gained importance on a much larger scale and in 1995; almost 22.5 million small businesses were estimated to be operating in USA.
Impacts of technology:
The important role of small businesses is being increasingly realized and the world is getting attracted to small businesses due to its innovative powers. Small businesses are now being regarded as a great medium for confronting economic problems more so because of their automated solutions. Information technology like all other fields of life, have provided us with endless opportunities for doing businesses. It has presented quick and affordable ways to maximize production and profits. Now business can be operated very successfully online through emails and social media. There are various ways in which information technology has impacted small businesses and is contributing in the economic development. It provides;
Technology has made the communication much easier and faster between employees and customers unlike the traditional patterns of doing business.
The increased expansion of small businesses is due to the fact that it can be operated with smaller amounts of finances. Intelligent ways of collecting surveys regarding customer choices have made it simple to analyze customer choices and needs.
Advertising for business have become easier with the provision of social media platforms such as LinkedIn, Facebook and Instagram. All the business advertising can be done for free and saves owner’s finances by targeting an audience of their interest.
Data Storage through Cloud Computing:
Old ways of keeping records have been completely renovated with technology in the form of internal database which records and keep all the data. Important files stored at cloud computing system can be easily accessed at any time and at any place.
Technology has also changed the ways businesses progress in Pakistan by generating new revenue streams for the country. The freelancers, call centers, computers/telcos equipment companies are fetching good revenue in the country alongside empowering more people.
The economy is experiencing a fundamental shift as small businesses are engaging with customers by removing all the commercial barriers that have previously slowed down the marketing strategies.
Early days though, still a lot needs to be done.