If we talk about small business then we have a few definitions about small business or you can say there are few parameters for small businesses. If any company is holding less than 500 employees or falling under a few parameters in terms of the financial segment or type of company then it known as Small Medium Enterprises or Small Medium Enterprises.
Small Medium Enterprises stands for small-medium enterprises and Small Medium Enterprises stands for micro small and medium enterprises.
Revolution of Small Business:
There are so many companies getting open out there, from the small level to generate new jobs in the country, increasing the economics and helping the economic ecosystem.
Based on one survey, 28.9 million small businesses in getting operated in the United States, most Americans are small business owners. Out of 99% is the small based business out of 100% businesses. The most amazing factor is a small business is contributing and playing a very important role for growth nation. Small business numbers are increasing day by day.
You know who I’m talking about. There are so many online small businesses out there who have achieved a lot of milestones in their business journey. They will start a business, as usual, you had started and most of the marketing actions what you do but
It seems they are a player in the market. They’re closing more deals. They’re generating more leads through their website.
Economic growth support To GDP:
Now in the Year 2019, Business Era is going on. Everyone has goals to start a small business nowadays.
You will be able to see in all the segment small base business. It could be related to service or product retails business model such as healthcare, grocery, Small scale business will be operated by always
Self-owners and giving profit to the business owners
There are so many small scale businesses running in Indian and they are contributing to India’s GDP.
But small scale business gets less growth due to lack of proper documentation and not recognized for better credit. Most of the small business has been driven by single business owners.
But things are getting easier when online merchants came into the picture. Online Payment Such as PhonePe , Google Pay , Paytm helps more to scale up Small Medium Enterprises and Small Medium Enterprises type of business. Digital Payments has changed the entire payment method and made the purchase cycle easier.
The benefit of small business
Nowadays, all business segments are growing quickly with new ideas and new technology. This encourages more to Small Medium Enterprises and Small Medium Enterprises business era. I would say in my language is that small business is better for any developing country.
Even the Government is helping to grow and releasing so many new plans Small Medium Enterprises and Small Medium Enterprises segments. They are revealing so many schemes to promote Small Medium Enterprises and Small Medium Enterprises Segments.
When we talk about other benefits, Small Medium Enterprises and Small Medium Enterprises provide so many job opportunities in any developing country. We can say that a Small business company is helping the nation to make it I developed the country. Small businesses always considered as the backbone of the developing country. It helps always bulk economic push for the growth of the nations.
With a small survey, we can define the benefit of small businesses in India is most of India’s GDP. Small Medium Enterprises knew as the largest employment generator in India.
- Small Medium Enterprises contribute 8-11% in Indian GDP
- Small Medium Enterprises gives 45% manufacturer output, 40% to Indian exports
Size of Small Business
Small businesses can be divided into two types.
- Manufacturing Sector
- Service sector
We are going to define how you can define any business into Small Medium Enterprises or Micro Small Medium Enterprises
For the manufacturing Sector
For Service Sector
We can categories the size of business based on the service sector also.
How to Start a Small Business
Now you are clear about small business and growth about small scale business. Very first thing is to choose your industry and which segment you want to enter in the business industry. Here I will define 3 major things that you need to analysis before starting any business.
Technology and promotion channel
First analyze which business you want to start, which industry you are good at Research the market value, demand, and supply, and choose the right business which suits you or which you can operate for a longer time and generate a profitable revenue model. If you can drive your idea into a large scale then don’t wait just initiate build your small business then and there without any delay.
Technology and promotion channel
Once you are clear with industry and business type then you has to figure out the promotion method and technology which you will use to drive your business such as machinery, place, and equipment for your business needs.
When you are ready with all basic information and project related stuff then you have to work on your investment part. In this, you have to be more careful about your capital management and investment part. There are so many businesses and a financial consultant will suggest that we should not investment less what your project requires and at the same time we should not invest more than your project required. When we start any business then the initial period will be lesson full period to judge your idea and to check the potential on your idea which you have started.
So initially you have to very careful while investing money in your business and marketing to promote your business.
Here I have defined and derived about small business Small Medium Enterprises and Small Medium Enterprises. I have explained about the benefit or small business and how to start small scale business. In case of any concern or query then kindly comment below this article. I will reply to your comment as soon as possible.
Deepak Kumar Pandey was born and raised in the Lucknow (U.P). I am self-published Author of “A Journey : Steps to Success”.
I like to do creative things, and book review of new upcoming published write up and novels. I have also published some of my own Author Interview in Some of News Magazine and E-Papers. I am currently residing in Bangalore City.