"Fear of failure is one attitude that will keep you at the same point in your life. "
- Byron Pulsifer
According to a report published in the International Labour Organization (ILO), the unemployment rate has been on a rise in India in 2018 and 2019 by 3.5 percent and there are no signs of a fair drop in the numbers. To make the situation better it is important that sufficient jobs are created for the masses. As per the ‘World Population Prospects: The 2015 revision’, India has the largest number of youth in the world which is a boon for the country to increase its economic growth. Please click here
For a developing nation like India, small and home-based businesses play a very important role in boosting the economy. Small and home-based businesses are a great medium to employ people and give them a platform to become financially independent. It will eventually contribute to the rise of GDP of a nation which is one of the major concern.
Small and home-based businesses offer major advantages that are listed below-
Create job opportunities
The primary benefit of starting a small and home-based business is that it will create more job opportunities for people. India has a large population that is unemployed. A small business will surely help a lot of people to find employment.
Increase in the country’s growth rate
Every country struggles with the economic crisis and the rise in the unemployment rate can worsen the situation. When more and more people get financially stable, it helps the country to come out of such a crisis easily.
Promotes newer technologies
The good part about doing a small and home business is that it allows you to invest in new technologies and trends. It gives you the liberty of taking risks and creating something that not many people are doing in the industry.
Innovation and competition go hand in hand
Small businesses try to bring out innovation in their work in order to stay different from others and therefore continuously try to raise the standards of the business. Healthy competition in the industry stresses more on innovation and usage of new tools and technologies.
Help regional/rural population become financially independent
One of the important aspects of having a small or home-based business is that it provides job opportunities to the regional people. If a business is based in a rural location, it enables the people of that area to get employment. It helps rural youth and women become financially stable.
Brings change in the society
Continous increase in unemployment rate is one of the major socio-economic concern in India. It is very important for a society that its young population is economically stable as it directly affects the social and economic growth of a country.