An interesting name, occasionally coined for small businesses that are owner operated, is The Mom and Pop Shop.
Independently owned and managed with few employees these businesses, like families, have the potential to grow. As such they add value to the economic health of a community and sometimes offer job creation.
Usually in retail or service based industry, they remain in a single location and, whilst many large retail chains are suffering the ups and downs of the economy, such individual businesses are often able to remain and even thrive through the troughs.
Such businesses shouldn’t be underrated as they operate in microcosms of market sectors all around the giants. Not beginning as a highly funded start-up doesn’t prevent potential.
Having to juggle work and family schedules and being committed for full 24 hour days gives such businesses the bonus of hands on experience and a commitment that dictates the intention of any goals.
Whilst multi-nationals offer products that are (usually) known, micro businesses rise to competition by circumnavigating to areas that are missing; often through specialism.
Aggressive marketing or limited choice offers up no alternatives, creates homogenization and potentially drives markets away. For an economy to be healthy balanced competition is required.
Don’t it always seem to go, that you don’t know what you’ve got, till it’s gone. (Joni Mitchell)
(Image credit: musicpb)