With a handful of powerful companies ready to cater to nearly each and every of our minutest needs, a new business start up, to many of us would seem to be a fragile idea. Typically most people would like to be a part of an established business rather than go through the hassles of starting, maintaining and succeeding in their own businesses. Despite all that, business startups regularly come into existence and they are quite often responsible for adding innovation to this world.
Improving Competition in the Market
It is universally recognized that business startups and their success are crucial to our right to choose and not fall prey to a few industrial and commercial monopolies. New startups and their subsequent successes add to competition for already established enterprises. Companies need to provide smart and effective solutions and some good competition paves way for this to happen. With no competition, an established business may stop developing solutions and just keep raking in the profits.
New businesses tend to grow even in times of recession and their needs lend a breath of life to other enterprises they may collaborate with. A fresh business is always in a position to buy because they need to start trading rapidly and thus can also let other smaller businesses to grow along with them by improving their market share.
More Choice for the Consumer
A lot of large companies manufacture a variety of goods but they do not specialize in anything. New businesses often have clearly defined areas of operation, which we generally term as their ‘niche’. Many of these businesses tend to do well, irrespective of the condition of the market because they carve out a niche for themselves instead of being everything to everyone. Invariably they help in increasing the number of choices that we have regarding the nature and quality of a product or service.
A Means of Livelihood for Many
Starting a small business can prove to be beneficial for aged people and the physically challenged who cannot hold a position in government or private enterprises that demand specific areas of expertise. In addition, women in rural communities who prefer to work from home can start businesses like a “daycare center” or use specific skills of knitting, weaving etc which can eventually turn into small scale industry churning out large profits.
A lot of physically challenged people, with the right financial opportunities through grants or subsidized loans, are running businesses like cyber cafes and daily needs shops all over the world. These businesses, however small in nature have provided a sense of satisfaction to these people.
Last but not the least, a creative individual who can successfully run a business is often better off working for himself rather than working for an already established business. Individuals who have realized this are our biggest source of originality and are responsible for introducing fresh methods of working. Some of these individuals who had the ability to think “out of the box” have brought us companies like Apple, Microsoft, Google, Ford etc that have literally the changed our way of life. So if you have good business idea, go ahead with it as you too may create something which may improve the lives of others.