We often hear the name of multinational firms even in our casual conversations like, “I love the shoes from Nike!”; “he is a diehard fan of Apple products (like iPhone)”; etcetera. In other words, the highly influential and reputed brands have become the synonym to business to most of the people. The retailers seem to hold the role of a mediator only - between such firms and customers. In this context, it is even obvious to ask whether the small firms have any role in modern business. However, a careful inspection of the business and the economy as a whole reveals us that the small firms are vital to the modern economies and businesses.
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