Oman College of

Management & Technology

DEPARTMENT OF ADMINISTRATIE & FINANCIAL SCIENCES

20211
ASSIGNMENT I (PBL)

Course Name: Small Business Management

Course Code: 103303

Assignment Topic:

1. Explain with examples, the role of small business in economy.

2. Write about Competitive Strength of Small business, and how we can support this competitive
strength.

Topic Given Date: 2nd November 2021 Thursday.

Assignment Submission Last Date: 15th December 2021

Student ID: …202112033... Student Name: …Abdulmajeed.. ALharrasi…

Student Signature: …………………………………… Date: …………………………

Faculty Signature: ………………………………………. Date: ……………………………………….

Faculty Name: Dr. Asaad Mubarak

Instructions:
Plagiarism does not exceed 25% 
All questions are mandatory 
Individual work only accepted
Students must commit with the deadline of assignment 
Explain with examples, the role of small business in economy.

The importance of small businesses in society lies in emotional buying and selling with friends and
neighbors. The importance of small and medium-sized enterprises in rural and urban areas is also
reflected in the economic benefits of local procurement. In some towns and villages, small and medium
businesses are the only kind that can survive to serve a small population. In large cities, small businesses
often specialize in providing a more diverse inventory or offering private or personalized customer
service. Small businesses contribute to the local economy by bringing growth and innovation to the
society in which the business is created. Small businesses also aid economic growth by providing job
opportunities for those who cannot be employed by large companies. Small businesses often attract
talent who creates new products or implements new solutions to existing ideas. Larger businesses often
benefit from smaller businesses within the same local community, and many larger businesses rely on
smaller businesses to perform various business functions through outsourcing.

Many small businesses also have the ability to respond quickly and adapt to the changing economic
environment. This is due to the fact that small businesses are often very client-oriented and understand
the needs of society. Many local clients remain loyal to their beloved small business amid the economic
crisis. This loyalty means that small businesses can often get through difficult times, which can further
strengthen the local economy. Small businesses also tend to accumulate less revenue than large
corporations, which means they can lose less during an economic crisis. 30.2 million Small businesses
operations nationwide the magnitude of small businesses impact on the local economies cannot be
ignored.
Write about competitive strength of small business and how we can support this competitive
strength

To help businesses owners get the most of small business strategy. From helping your team grows
quickly and efficiently to becoming a small business, there are many additional benefits to help you
grow.

 Quick decision making

 Targeting specific markets
 Train and develop your team
 Personalize your customer service
 Focus on experience

Quick decision making

It's good to be short it has its own competitive advantages. One of them is to make a decision or move
quickly to an innovative product. Yes, you may have fewer employees, but it will help you innovate
faster.

Targeting specific markets

It can seem overwhelming to be a small business owner in a world full of very large enterprises, but
never forget your competitive edge in your niche. We have a targeted strategy to highlight attractions in
our blog that are close to many rental locations across the country.

Train and develop your team

A strong internal team is vital to running a business. Since smaller teams allow for a lot of customization,
small businesses have an advantage over companies with hundreds or thousands of employees. To get
the most out of it, make sure employees have a voice in running the business.

Personalize your customer service

It's nice to be one of the biggest players in the market and have a huge client base. But when it comes to
building customer relationships and personalization, small business is the flagship. But companies are
taking a one-stop approach and launching their services with the needs of the crowd in mind.

Focus on experience

You must have often seen large companies expanding their businesses for higher profits. For small
businesses, this is an opportunity to focus on specific problems and offer consumers a more specific
approach.