From a farmer market in Richmond, California, to neighborhood companies in Mexico City, the evolution of small businesses reveals the possibilities and limits of how markets change and economies grow.
“The modernization of small businesses will have a deep impact on economies around the world in many ways,” he says Sridhar NarayananMarketing professor at Stanford Graduate School of Business.
In the developing world, small businesses serve more than only transactional roles. They extend the credit, provide jobs and act as vital links in the supply chain for larger companies.
In his research, Narayanan has analyzed how modest adaptations can boost significant growth for these businesses, and why some of them are reluctant to adopt new methods. This research is critically important since governments and large companies consider how to support modernization without interrupting the essential role that small businesses play in local economies.
“Small businesses worldwide, in reality, not only in developing countries, are really employment, growth engines,” says Narayanan.
This episode presents Steve Lee, Uriel Castillo, Kevin Perdomo and the sounds of the Richmond farmers market.
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