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Small Businesses: Theory and Policy - Essay Example

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In the paper “Small Businesses: Theory and Policy” the author analyzes a business that employs less than 100 employees according to the US standards. Small businesses come into being because they serve as a source of income for the retired mostly…

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Subject: Business
Type: Essay
Level: College
Pages: 2 (500 words)
Downloads: 2
Author: cormierromaine

Extract of sample "Small Businesses: Theory and Policy"

When starting a small business, one of the major important decisions one has to take is the selection of the location. This is one of the riskiest decisions an individual takes while starting a business. Usually, the trend has been observed that people prefer to install their businesses in the area of their hometown. This place is closer to their family and friends. There are many reasons for this choice. The first or the foremost is the personal reason according to which people usually don't want to leave their hometown and develop a business away from their families when they can happily do in their own vicinity closer to people they love and care about.

While taking such a crucial step in life, one needs their family the most (Perri, 2006). In many cases, the family is not able to migrate with the business figurehead of the family and that person tries to minimize the probability of moving away from the family for the business. Installation of a business should be done considering in mind the permanent nature of it; all businesses are started under the assumption they will run forever. Also, another reason for the person to install their business in their vicinity is that over time to a business person might have been able to develop sound business relationships with the people living in that area and he or she might then be able to work effectively in that areas only among the people they know the best (Campbell, n.d.).

Starting a business at a place that is new also poses many threats of deceit and treachery. Therefore, keeping the above aspects in mind, it is advisable for the prospective small business starters to install their businesses in the area which is in physical proximity of their family and friends so that they are spared of the trauma of leaving their loved ones and operate with full concentration on the business. Also, the person might be able to develop sound relationships in the vicinity will help them work their businesses out in a much better manner than other places.

Personal preferences to this extent should be acceptable and should be considered when starting a new business.

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