Business Development

{Name of the Institute]

Business Development

Introduction

In the context of the contemporary business environment, the small business trend has become a substantial global phenomenon. In the traditional perspective the majority of the economic activity in the global business sector was generated by a few multinational organizations, which possessed significant resources (Carland et Al, 1984). These organizations which have deep socio cultural histories have the brand image and the resources to be able to initiate global projects. However the process of globalization has drastically changed the dynamics of the contemporary business sector. The advances in technology and the internet based businesses have significantly reduced the organizational resources required to initiative a business venture. The perspective of the business fraternity has changed from the traditional resource based view, to the contemporary value based view.

Discussion

Small Business Sector: A Global Opportunity

In today's business environment the success of the organization entity is not based on the size r the reach of the company, rather the innovation and the creativity level of the organization. The customers in the global business environment have become highly empowered in nature, and they do not associate with the standardized and stable purchasing behaviors. The global consumer base seeks to change their purchasing habits as per their personalized lifestyles and attitudes, leading to a highly intimate shopping behavior. In this perspective the traditional view of brand image has changed, where the companies could rely on the customer base to display long term brand loyalty. This scenario has given a significant opportunity for the small business sector in the industry, to develop itself and create products and services which are congruent with the desires of the global consumer market.

Pros & Cons of Business Partnerships

Partnerships have become a very attractive form of business development strategies in the recent history of the global business ...