Recently, I read Clarisse Ong‘s blog regarding the survival of small business in today’s world. I agree with her idea that during the time of economic recession or slow economic growth, it is extremely difficult for small businesses to enter the market and prosper in it.

I strongly agree with the fact that small business will have limited cash flow at the time of its start up. Moreover, at the time of slow economic expansion, rivalry increases and intensifies making it extremely difficult for new businesses to enter the market. Furthermore, a slow economy would mean that people would have less dispensable income to be used in buying products. This in turn, will lower the sales of the businesses.

According to the Craig Alexander, the chief economist and senior VP of TD Bank, small businesses should have realistic expectations and be flexible to adjust with the changing economic climate in order to succeed at the times of economic uncertainty.

However, I feel the most important factor for any businesses survival in today’s market, be it, during economic growth or economic uncertainty, is how well a business conducts market research and industry analysis. With good and thorough market research every business has an opportunity to survive and do well in the market.

References  – https://blogs.ubc.ca/clarisseong/

– http://business.financialpost.com/2011/10/13/will-small-business-continue-to-prosper/