IMPROVING THE STANDARD OF LIVING OF THE POPULATION THROUGH SMALL BUSINESSES
Keywords:
small businesses, standard of living, employment generation, entrepreneurship, income distribution, human capital, economic inclusion, local development, social empowerment, sustainable growth.Abstract
Small businesses play a pivotal role in enhancing the standard of living by creating employment opportunities, increasing household income, and promoting economic inclusion. They contribute to local economic development, strengthen community networks, and foster entrepreneurship among disadvantaged groups such as women and youth. Additionally, small enterprises facilitate skill development, human capital accumulation, and access to essential goods and services, thereby improving overall quality of life. However, challenges such as limited access to finance, regulatory barriers, technological constraints, and vulnerability to economic shocks can hinder their effectiveness. Supporting small businesses through policy interventions, capacity building, and technological integration is essential for sustainable socio-economic development. This study analyzes the impact of small businesses on living standards and highlights strategies to maximize their positive contributions to society.
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