According to the Small Business Chronicle, a small-scale business owner is the owner of a business that is considered small in terms of its workforce, sales volume, or organizational structure. In Ghana, companies must earn not more than $5million in annual revenue and have between 10-30 employees to be considered as a small-scale business owner.
On the other hand, according to Forbes, a startup is a company working to solve a problem where the solution is not obvious, and success is not guaranteed.
Interestingly, so many of us have exchanged the definition of a small-scale business with the definition of a startup, which may have changed the way we run our businesses.
Small-scale business owners indeed have a role to play in helping startups to grow and build upon their solution to solve problems customers may be facing.
Here are some reasons why Small-Scale Business Owners and Startups need to stick together:
1. Mentorship: Small-scale business owners can serve as mentors to startups in terms of their ideas, the plans they have and their method of execution. Small-scale business owners can also give expert advice on what the startup can do, and how they can do it to make sure that their solution is one that the market needs.
2. Experience: Due to the lifespan of small-scale businesses, they would have more experience in establishing a business, the mistakes not to repeat, the challenges startups would face and the milestones they would have to cross in every step of the way in establishing and running a business.
3. Opportunities: Small-scale business owners can also serve as a link to startups for opportunities to other business owners to learn from them and to improve upon their business solutions. This can help them to tailor those solutions to fit the market needs.
I hope that after reading this article, you can identify whether you are a small-scale business owner or a startup, and know that you need a startup to aid if you are a small-scale business owner, and a mentor if you are a startup.
The OZE app also provides in-depth tips about how to improve upon your business, whether you are a small-scale business owner or a startup.
Download the app today to enjoy these benefits!