Small businesses are vital for socio-economic development, offering income opportunities and diversifying economies.
Small businesses play a crucial role in the socio-economic development of a country by contributing to job creation, innovation, and economic growth. For example, in the context of a highly populated and politically troubled country where agriculture is the primary sector, microcredit initiatives have encouraged the growth of small businesses. These small enterprises not only provide income opportunities but also help diversify the economy and reduce dependence on a single sector.
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