Globalisation Assignment – Malaysian Small Business

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Introduction Globalization is the integration of economics, such as exchange information, products and money throughout the world. Globalization and socio-economic development would contribute to increase in economic growth and wealth. From a business perspective, globalization opens many markets to the businesses. However, globalization, similitude culture, governance system and gap of economy that became the challenges to small businesses. In Malaysia, small businesses hardly get attention on economic development, although they act as a significant role in Malaysia’s economy, which provide new job opportunities and increase the gross domestic product. This was because small businesses face many obstacles such as bureaucratic procedures, legal constraints, scare resources and lack of experience and skill, which tend to affect their performance. The case study provided many ways to assist the Malaysian small businesses which include the construction a corporate and persistent small businesses society, enhance domestic governance systems, awake public attention and enhance innovation and ability in small businesses. The food court which is a type of small business in Kuala Lumpur, Malaysia was discussed in this case study. Summary Around the world, small business has bring a contribution to the country’s economy Small businesses provide employment opportunities and developing entrepreneurial skills for ordinary to increase their experience in business. Small business able to fulfill specific customer demands faster due to their flexibility and agility. When economic downturn many self-employed turned to run small business and these operation can encourage the country’s economic growth. Therefore small business operators should be supported by public institutions and large corporations to continue develop. Globalization effect the social relationships between the corporate manages and their small businesses tenants’ especially western education and training. Globalization in terms of open competition have given a direct challenge to traditional work values and systems to small business which are still unprepared. Cultural homogeneity influence market behavior such as increasing prices of goods and services. The growing of economic gaps and income gaps are usually to the direct effects of open competition on weaker players in the business who lack the ability to fight back. Besides that, lack of legal protection and disunity constitute a major threat to the operators. In contrast, to protect the interests of the small player Malaysia needs more effective law. Bar council can protect the legal position of small businesses through providing legal advice at lowest cost. Small and Medium Enterprise Development Corporation can help businesses to find alternative business opportunities and relocate their premises has a similar strategic spot. Major reforms are business ethics and corporate social responsibility is required. Small business also need to raise public awareness on the importance of corporate social responsibility and good governance in preserving the welfare of society. A small business community leads the mission through use of information technology, social networks and systematic public campaigning. Organization that have ability to maximize performance at minimize cost is an efficient and effective organization. Information technology should be used to help small company in research and marketing. Information technology providing online access to new product knowledge,

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