Small businesses are essential to the global economy, accounting for over 90% of businesses worldwide and more than 50% of employment. They are also at the forefront of innovation and are crucial for supporting the growth of local communities.
Compared to giant corporations, they offer several advantages, such as personalized service, community involvement, and flexibility in products and services. However, small businesses face challenges such as difficulty in obtaining capital, competition from larger corporations, and managing laws and regulations.
Despite these challenges, the rise of small businesses is a positive development for local economies and societies worldwide. Real Research provides valuable insights from the data gathered from its survey on the rise of small businesses across the world.
Here are the key findings of the survey report:
- 97.08% of the respondents have used products or services provided by small businesses
- 16.33% believe the benefits of small businesses include having lower prices compared to more giant corporations
- 17.35% say maintaining profitability and stability was the most significant challenge for small businesses
Awareness and Usage of Small Businesses
The survey found that 68.32% of the respondents are well aware of the concept of small businesses, while 27.61% are aware to some extent. Only 4.07% of the respondents are not aware of small businesses. Additionally, the survey revealed that 97.08% of the respondents have used products or services provided by small businesses. Of those, 29.78% always used small businesses’ products or services.
Satisfaction with Small Businesses
Regarding the satisfaction level of respondents with the products or services provided by small businesses, 35.47% were absolutely satisfied, while 41.78% were partially satisfied. A total of 17.1% were rarely satisfied with small businesses, and only 5.65% were never satisfied.
Benefits of Small Businesses
When asked about the benefits of small businesses compared to giant corporations, the respondents provided different answers.
According to the survey results, 16.33% believe the benefits of small businesses include having lower prices compared to giant corporations. More personalized service and attention to detail are stated by 14.39%.
Meanwhile, 13.19% believe that small businesses are better at supporting the local economy and building a sense of community. The ability to provide unique and specialized services is another benefit of small businesses, according to 13.73% of the respondents.
Product Preferences for Small Businesses
Additionally, the survey asked the respondents what types of products and services they prefer to buy from small businesses.
16.2% mentioned industrial equipment and supplies as their top preference. This was followed by handmade or unique items (8.19%), sustainable items (6.46%), food and beverages (6.11%), and clothing and accessories (4.52%).
Products to Avoid from Small Businesses
When asked about the products they would not buy from small businesses, industrial equipment and supplies were mentioned by 18.68% of respondents. Large appliances such as refrigerators and washing machines were the second most popular choice, with 11.02%. Electronic devices (6.27%), high-end luxury products (4.42%), and pharmaceuticals (4.1%) were also mentioned.
Small Businesses Face Various Challenges
The survey also aimed to understand the biggest challenges small businesses face.
The responses showed that maintaining profitability and stability was the most significant challenge, with 17.35% of respondents choosing this option. Competition from larger corporations was the second most challenging issue, with 10.92%. Difficulty obtaining capital and time management were also noted as significant challenges, with 10.62% and 9.67%, respectively.
The Rise of Small Businesses
The survey responses revealed that 23.51% of respondents believed that the rise of small businesses would decrease competition for jobs as more people would start their own businesses. However, 17.52% believed the rise of small businesses could potentially result in lower job security, as small businesses may face more challenges and instability. In contrast, 15.91% believed that the rise of small businesses would bring greater diversity to the job market.
|Survey Title||Survey on the Rise of Small Businesses Across the World|
|Duration||February 15 – February 22, 2023|
|Number of Participants||10,000|
|Demographics||Males and females, aged 21 to 99|
|Participating Countries||Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia,… Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.|
Real Research News is the media platform that presents insights and studies of wide-range of topics. It focuses on insights gathered from its survey app.