Updated: May 22, 2021
Generally, businesses that committed and involved small part of economics sometimes is vanished by huge companies. A controversial question which is often raised regarding this idea is small business has small budget for starting, some people may hold the view that big companies entrepreneur job opportunities and secondly, big company is safe for costumers in loyalty betterment. I personally contend that latter group. The following cons and pros would cogently illustrate these points.
To begin with, species of small business can give different choice for costumer with different taste and different needs with different variable especially to a costumer who provides details in their value of choice. However, the small business gives certain identity to all of the costumer, while this business surrounded by one big name, these sensitive identities change to one choice sparsely with more ease which is not respectful for all species of customers. For example, the boutiques that have an immense number of brands with special individual designs vanished by one big brand, and their costumer choices limited to one name and only design and choice.
In contrast, large multinational companies make a speared spectrum of choice for more laborers and myriad opportunities in the field of human resources which can stay against the unemployment crisis. Large companies for the massive amount of assets, possibilities, turnover, and revenue determine an imperative part of entrepreneurship. Big companies breed job opportunities not only for their employees directly but also, play a prolific role in thriving fresh diverse of jobs indirectly. For example, big companies like amazon give chance to anybody to have their own store from their website for selling their products behind purchasing their product directly.
Furthermore, the big company is safe from a customer viewpoint and this view roots from credit in a competitive market which gives intellectual loyalty to the customer to fortifies values in this loyalty in fulfillment of their life goals. Big companies because of the flood of advertising generate an atmosphere of desire for distinction for their costumers, this desire equips customer mode efficiently also if they are stringent, moreover, costumers rely on with more ease when they decide to purchase which gives satisfaction a make shopping easiest. For example, people trust one big international brand like Nike than regional or local brands.
Large companies have a profound impact on the economics which has benefits for society in the aspect of entrepreneurship and gives loyalty to customers also if it is steps for giving up for small business.