Tuesday, December 24, 2019

The role of youth in the small businesses

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The role of youth in the small businesses

The role of youth in small business is actually how youth is promoting small business 

What is youth ?

Youth is age between  childhood and adult.

Small business :-

Small business is an independently owned and operated company that is limited in size and in revenue depending on the industry.

Introduction 

It also offers societal benefits. Entrepreneurs create jobs, increase innovation, raise competition and are responsive to changing economic opportunities and trends. Entrepreneurship offers other positive externalities. A young person setting up a new business may provide ‘demonstration’ or learning externalities in that they may act as a role model for other young people. This may be particularly advantageous in deprived communities because setting up a new business. In the industrial development of a country the importance of the SME sector cannot be overemphasized. SMEs constitute nearly 90% of all the enterprises in Pakistan; employ 80% of the non-agricultural labor force; and their share in the annual GDP is 40%, approximately. However, unlike large enterprises in the formal sector, a small and medium enterprise is constrained by financial and other resources. This inherent characteristic of an SME makes it imperative that there should be a mechanism through which it may get support in different functions of business including technical up gradation, marketing, financial and human resource training & development.

THE ROLE OF YOUTH IN SMALL BUSINESS :-

 Youth plays important role in small business to promote and create new businesses . New generation has a mind to create new type of business which are profitable . Creating employment resources . attracting customers , new type of customer care . Small business are because the provide opportunities for entrepreneurship and create meaning ful jobs with greater job satisfaction the positions with large traditional companies .

Identify Problem :

·         Lack of ample Funding .
·         Proper Marketing.
·         Targeting and retaining  customer
·         Strategic Leadership
·         Finding the recruiting the right talent 
·         Failure to plan.

 Challenges of small business .
·         Health care
·         Government Regulations
·         Federal income taxes
·         The Economy
·         Tax compliance
·         Cash flow
·         Staying passionate
·         Not diversifying client basis
·         Growth
·         Quality
·         Hiring new employees

Solutions
·         Capital can be managed
·         Control the cash flow
·         Hiring Intelligent and export employees
·         Small business funding  arranging from friend family and bank loan
·         Providing good quality of products can attract your customers
·         Bringing in something trendy and new in market.
·         You should give the customer care .
·         You have to enhance time management skills,
·         If you have a team of good employees this job becomes much easier.

 Conclusion

       Small business contribute to local economies by bringing growth and innovation to the community  in which the business is established. Small business also help stimulate economic growth by providing employment growth by providing employment opportunities to people who may not be employable by larger corporation.

Authors:

Students of BBA 2K19 Batch, Shaheed Benazir Bhutto University, Shaheed Benazirabad

  1.      AHTISHAM SHAH 
  2.      HUZAIFA WAHEED 
  3.      ABDUL BASIT 


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