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Analysis Study Research Paper | Economics | India | Volume 12 Issue 9, September 2023 | Popularity: 5.6 / 10

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Local Weaves; Global Wares: Emergent Markets in Sustainable, Local and Community-Driven Entrepreneurship

Lakshay Gupta

Abstract: Globalisation has allowed market borders to expand tenfold in the last few decades. Aside from being beneficial to global economies and firms with an international outlook, it also serves to benefit smaller, more local firms. Despite facing more competition from multinationals and rapidly growing international companies, small businesses develop innovative business models and safeguarding techniques that allow them to take advantage of global trends and expand and compete with larger, more international firms. Over time, due to the emergence of large competitors in local markets, governments and non-government organisations have made efforts to connect and diversify the links between smaller stakeholders in said markets, so as to allow smaller firms a fighting chance amidst global competition. As a result, businesses that tailor to the specific demands of a region have managed to expand their reach across countries, and hence have begun to operate at an international scale. It has been seen that their strategies involve remaining dedicated to their speciality, be it a craft or culinary style, and focusing on the demand for their niche- and consequently creating demand on the introduction of said niche in foreign markets. Global customer bases, over time, have come to place importance upon local goods, moving away from mass-production and focusing more on sustainability and quality.

Keywords: Local Weaves, Global Wares, Entrepreneurship

Edition: Volume 12 Issue 9, September 2023

Pages: 1310 - 1312

DOI: https://www.doi.org/10.21275/SR23902144701

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