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'''Impact of the Internet on Business Landscapes''' |
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The Small Business Administration (SBA) labels a company by a large or small business by using annual recipts and number of working employees. These factors allow the SBA to understand and monitor how a business operates. There is no perfect solution for categorizing a small or large business across all the sectors. The SBA 2018 report states that there are are 30.2 million businesses labeled as small. This leaves about 30,000 firms labeled as large. <ref>{{Cite web|last=Mogos|first=Serban|date=July 2013|title=The Impact of Social Media on Business Performance|url=https://aisel.aisnet.org/cgi/viewcontent.cgi?article=1348&context=ecis2013_cr|url-status=live|access-date=2/28/21}}</ref> |
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Large and small businesses are essential to the economy. As of 2019, there are more small businesses than large businesses within the United States. These smaller businesses have positively contributed to job creation and competition. <ref>{{Cite web|last=Miller|first=Derek|date=August 22, 2019|title=What is the Actual Impact of Small Business on the Economy?|url=https://www.thebalancesmb.com/small-business-impact-on-the-economy-4175064|url-status=live|access-date=2/28/21}}</ref> The increase use of the Internet has enabled a wider range of jobs and has been the reason some jobs are now obsolete. According to the McKinsey's global SME survey, in the past 15 years, the Internet reported to destroy half a million jobs but generate 1.2 million new ones. The survey found that for every job destroyed, 2.6 new jobs were created. The influence of the internet has accounted for GDP growth over the past 15 years. Small businesses are now able to reach new customers, suppliers and potential employees because of the ability of media platforms through the internet.<ref>{{Cite journal|last=Manyika, Roxburgh|first=James, Charles|date=October 2011|title=The great transformer: The impact of the internet on economic growth and prosperity|url=http://ict-industry-reports.com.au/wp-content/uploads/sites/4/2011/11/2011-the-great-transformer-McKinsey-Oct2011.pdf|journal=McKinsey Global Institute|pages=1-10}}</ref> |
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Social media applications are used by large and small businesses for marketing and branding of their services and products. The platforms have allowed small businesses to develop strategies to make personal connections with individuals who may have an interest in their product and returning consumers. The growth of the internet will continue to increase over the next decade so it's important that businesses make the right changes in order to adapt and compete within the economy. Smaller businesses will be able to more efficiently use social media. The ability to socialize and share opinions in forms of blog posts or comments will allow smaller businesses to build a stronger relationship with their consumers. <ref>{{Cite web|last=Shabbir|first=Malik Shahzard|date=2016|title=Impact of Social Media Applications on Small Business Entrepreneurs|url=file:///Users/mariabarrett/Downloads/ImpactofSocialMediaApplicationsonSmallBusinessEntrepreneurs.pdf|url-status=live|access-date=2/28/21|website=University of Lahore}}</ref> |
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There is a shift taking place within the United States economy. The internet and social media applications can allow for small business to flourish but also allow for larger corporations to dominate. Consumers lean toward big companies because of their efficiency and productivity which leads to the demise of the small businesses. Smaller firms enable innovation across many sectors of the economy. Research has demonstrated that products and new ideas are processed faster in smaller firms but these ideas are often consolidated and stolen by large firms. <ref>{{Cite web|last=Mitchell|first=Stacy|date=August 2016|title=Monopoly Power and the Decline of Small Business|url=https://www.ilsr.org/wp-content/uploads/downloads/2016/08/MonopolyPower-SmallBusiness.pdf|url-status=live|access-date=2/28/2021|website=Institute for Local Self-Reliance}}</ref> |
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Revision as of 15:47, 28 February 2021
Impact of the Internet on Business Landscapes
The Small Business Administration (SBA) labels a company by a large or small business by using annual recipts and number of working employees. These factors allow the SBA to understand and monitor how a business operates. There is no perfect solution for categorizing a small or large business across all the sectors. The SBA 2018 report states that there are are 30.2 million businesses labeled as small. This leaves about 30,000 firms labeled as large. [1]
Large and small businesses are essential to the economy. As of 2019, there are more small businesses than large businesses within the United States. These smaller businesses have positively contributed to job creation and competition. [2] The increase use of the Internet has enabled a wider range of jobs and has been the reason some jobs are now obsolete. According to the McKinsey's global SME survey, in the past 15 years, the Internet reported to destroy half a million jobs but generate 1.2 million new ones. The survey found that for every job destroyed, 2.6 new jobs were created. The influence of the internet has accounted for GDP growth over the past 15 years. Small businesses are now able to reach new customers, suppliers and potential employees because of the ability of media platforms through the internet.[3]
Social media applications are used by large and small businesses for marketing and branding of their services and products. The platforms have allowed small businesses to develop strategies to make personal connections with individuals who may have an interest in their product and returning consumers. The growth of the internet will continue to increase over the next decade so it's important that businesses make the right changes in order to adapt and compete within the economy. Smaller businesses will be able to more efficiently use social media. The ability to socialize and share opinions in forms of blog posts or comments will allow smaller businesses to build a stronger relationship with their consumers. [4]
There is a shift taking place within the United States economy. The internet and social media applications can allow for small business to flourish but also allow for larger corporations to dominate. Consumers lean toward big companies because of their efficiency and productivity which leads to the demise of the small businesses. Smaller firms enable innovation across many sectors of the economy. Research has demonstrated that products and new ideas are processed faster in smaller firms but these ideas are often consolidated and stolen by large firms. [5]
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- ^ Mogos, Serban (July 2013). "The Impact of Social Media on Business Performance". Retrieved 2/28/21.
{{cite web}}: Check date values in:|access-date=(help)CS1 maint: url-status (link) - ^ Miller, Derek (August 22, 2019). "What is the Actual Impact of Small Business on the Economy?". Retrieved 2/28/21.
{{cite web}}: Check date values in:|access-date=(help)CS1 maint: url-status (link) - ^ Manyika, Roxburgh, James, Charles (October 2011). "The great transformer: The impact of the internet on economic growth and prosperity" (PDF). McKinsey Global Institute: 1–10.
{{cite journal}}: CS1 maint: multiple names: authors list (link) - ^ Shabbir, Malik Shahzard (2016). [file:///Users/mariabarrett/Downloads/ImpactofSocialMediaApplicationsonSmallBusinessEntrepreneurs.pdf "Impact of Social Media Applications on Small Business Entrepreneurs"] (PDF). University of Lahore. Retrieved 2/28/21.
{{cite web}}: Check|url=value (help); Check date values in:|access-date=(help)CS1 maint: url-status (link) - ^ Mitchell, Stacy (August 2016). "Monopoly Power and the Decline of Small Business" (PDF). Institute for Local Self-Reliance. Retrieved 2/28/2021.
{{cite web}}: Check date values in:|access-date=(help)CS1 maint: url-status (link)