In this contemporary era, large enterprises are replacing small businesses. In my opinion, it is a negative development towards society as it may restrict the growth of the community in terms of employment. This essay shall justify my opinion in the ensuing paragraphs.
To commence with, While there are benefits of having multinational companies for managing the global economy, I would agree that nations with small businesses offer more advantages to societies. small venture often brings personalised, customer-focused services along with valuable aspects. Besides, it helps to create courageous businesses with new innovations and technology. Moreover, the local market takes up more job opportunities for the community workers which brings amalgamation in the economic status of society. For instance, In India after covid 65% of the growth has been seen in the local home businesses which are mainly run by women. Hence, it helps to generate a family income.
On the other hand, foreign companies can bring standardization of products which potentially reduces the diversity and uniqueness of local offerings. In addition , it comes up with more competitive prices for consumers due to economies of scale. Furthermore, employees are being selected by particular criteria such as education, appearance and communication skills which filter out many normal individuals. For example, companies like Reliance select their employee by their looks, this is very hard for a highly educated person with average looks to get into this job.
In conclusion, to reiterate my opinion, Although, international companies help countries to develop at the global level, small businesses outweigh the merits.