Impact of Globalization on Small Businesses

Abstract

The term "economic globalization" refers to the growing interdependence of national economies around the globe due to a sharp rise in the cross-border movement of capital, products, services, and technology. While economic globalization is driven by marketization, the rapid growth of information's significance in all forms of productive activity, and the advancement of science and technology, globalization is primarily focused on the rapid development of science and technology as well as the increasing cross-border division of labor. With the removal of all trade obstacles between nations, it offers multiple benefits to multiple individuals. The present liberal, capitalist, and economic action is a jumble of information, analysis, means, channels, aptitudes, and predispositions. Business activities and the unavoidable process of globalization constitute initiatives that have both risk and failure potentials, as well as success potentials, in terms of reduced obstacles and increased global openness. Cross-border movement of capital, finance, and trade is made possible by globalization.

The sharing of knowledge, technology, information, and finance through the cultural integration of two or more economies with the aim to cross borders would be a better way to characterize globalization. By opening it up to the world and eliminating all trade barriers, it grows the small market into a massive one. It also has the effect of making several items available to multiple individuals. But in the process of examining so many good aspects, we neglected to examine the negative aspects of globalization as they affected India. Small-scale industries continue to dominate India's business sector. Small-scale industries account for about 45% of all business, including exports, and they also provide a similar percentage of jobs. We will talk about in this essay. The effects of globalization on small companie.