Instructions We are going to look at the economic impact that small businesses h
ID: 387085 • Letter: I
Question
Instructions
We are going to look at the economic impact that small businesses have on the United States and the people that live in various communities, as well as other countries in this global environment.
Background
According to your textbook, a nation's economy tends to flow through various stages of a business cycle: prosperity, recession, depression, and recovery. If we look at the United States economy over the past 7 years, it has cycled through a time of recession, into a period of recovery. and is due to cycle into prosperity.
What you will find during each business cycle is that business decisions and consumer buying patterns change. The authors of your text state, "In periods of economic prosperity, unemployment remains low, consumer confidence about the future leads to more purchases, and businesses expand - by hiring more employees, investing in new technology, and making similar purchases - to take advantage of new opportunities."
In a recession, a cyclical economic contraction that lasts for six months or longer - "consumers frequently postpone major purchases and shift buying patterns toward basic, functional products carrying low prices. Businesses mirror these changes in the marketplace by slowing production, postponing expansion plans, reducing inventories, and often cutting the size of their workforces."
In the recovery stage of the business cycle, "the economy emerges from recession and consumer spending picks up steam. Even though businesses often continue to rely on part-time and other temporary workers during the early stage of recovery, unemployment begins to decline as business activity accelerates and firms seek additional workers to meet the growing production needs."
Let's bring these economic concepts into the area in which you live. We want you to be able to explain how the economy has been influenced by the national and global economy. What did this economic turn do to local businesses and people? How does the description from the textbook of what happens to business decisions and consumers during this period compare to what you have observed in your own life?
First conduct a little research into one of the following areas.
Emerging markets in the Dayton Metropolitan Area
The impact of Tech Town in Dayton
The collaboration of businesses in Dayton
(You might want to start your research by using Google, or another search engine, to do preliminary search for links to articles about the topic from the Dayton Daily News, local TV stations, Business journals, etc. to get started.
Your paper and thoughts should reflect application of concepts studied in this module, and should include: Two (2) Full Pages/Typed, Double Space, Font Size 12-Times Roman, MLA Format with a Minimum of (2) Cited Sources.
Explanation / Answer
Collaboration can be defined as an Alliance Association with another to produce something which may be of value for all involved participants. It enables businesses collaborating with each other by working together towards a common purpose for achievement of combined objectives which are mutually beneficial. Collaboration can be an extremely powerful tool for small business owners to acquire quick growth, diversification and achieve expansion goals in relatively shorter time periods due to the expertise, network and infrastructure of the larger business collaborated with. Collaboration can also help small businesses attain desired results with minimal investment as resources are shared. Both tangible and intangible assets provide a major advantage Especially to the smaller business through improved availability in the form of infrastructure and support services alongwith intangibles such as expertise, brand name, goodwill and product awareness. The risk management and problem resolution also becomes much more efficient due to involvement of a larger entity providing better monitoring and control along with mitigation and resolution.
Dayton seems to have understood the massive advantages that business collaboration can provide due to pooling together of resources and maximum utilisation of the maxim United we stand being applied to business. The place is replete with business collaboration being utilized to a level that has resulted in optimisation of the procedure with unheard of practices being applied for collaboration, making the entire concept highly innovative and successful. An excellent example of business collaboration is updating area breweries having partnered with various small businesses to come up with innovative products. This has created fantastic products along with extremely successful business models which are also perceived as socially responsible because they involve and encourage growth of small local businesses. Esther Price is a heritage branch been around for a long time and any local business with collaborates with whether it is wood burl coffee or mustard companies, Candy makers of whiskey bars it brings to them expansion through increased revenue opportunities which both can share in.
It also has a business with the name of the colaboratory which specialises in building collaborations. The Dayton sewing collaborative provides jobs to many unemployed along with the sewing together of many small businesses within the fashion industry and garment manufacturing to provide benefits of uniting to achieve a common goal through pooling of resources and working together as a single team providing optimisation of efficiency through maximum utilisation of resources due to available expertise and effective strategy.
The latest innovation in business collaboration is Introduction of collaborative workspace in Dayton which has gained national recognition. Project 444 was awarded the innovator award at a conference in San Diego for creation of a shared collaboration space. The project is a partnership among the air force research laboratory, the Wright Brothers Institute and the entrepreneur centre. It is dedicated to creating a common platform for cooperation and coordination among military and civilian resources together with academic achievers and the business community to better manage and develop Technology commercialization and problem solving. The project is extremely innovative as well as highly ambitious for offering excellent guidance and inside a small businesses through interaction with the scientist and managers, to help achieve the growth and expansion goals. The Dayton community is well known for its collaborative work with the military and has achieved recognition for the fifth time.
Collaboration in Dayton has left no segment untouched. The collaboration accelerator aims to bring together students of political science, engineering, art education, Entrepreneurship and others, within the University of Dayton, with a large Consortium of organisation and other community partners for providing innovative solutions two Real world challenges providing them the much required opportunity for putting into practice the theary imbibed at the University. Dayton epitomizes the meaning of the word collaboration and has become the collaboration hub of the world. The model that has been implemented needs to be imitated across the world for protection and promotion of small businesses.
https://udayton.edu/news/articles/2017/06/collaboration_accelerator_2017.php
https://www.mydaytondailynews.com/.../dayton...businesses.../Y5DS38MaRDcrPNZM.
https://www.bizjournals.com/dayton/.../collaborative-workspace-in-downtown-dayton...