Trading

Practice trading and get really good at making good deals. Learn how to make friends and influence people (Carnegie, 1936). Listen. Develop your own personality and a culture of productivity and service. Turn your swords into plowshares, your selfish ambition and competition into cooperation, service and unity in diversity. Make sure everyone gets a good deal trading with you.

Learn how to make money. Everyone has two problems. Finance and romance. Work on solving your financial problems first. Financial problems can be divided into two categories; not enough money or lots of money. Either way, your money is a problem that you are responsible and accountable for. I would rather have lots of money, than not enough (Robert Kiyosaki, 1997). Make yourself attractive by demonstrating an ability to earn a decent living.

Make the world a better place. Add value to the world economy. That is how you can think and grow rich (Napolean Hill, 1937). Develop a team of friends that encourage each other. Your mastermind group do not need to be in the same business. Just make sure they are all striving to improve themselves and make the world a better place.

Small Business

A small business is typically a privately owned enterprise that operates on a smaller scale in terms of revenue, workforce and market reach compared to larger corporations. The exact definition varies depending on the industry and country, often based on metrics such as the number of employees or annual revenue. For example, in the U.S., a small business can range from sole proprietorships with no employees to firms with up to 500 employees, depending on the industry.

Small businesses usually operate with restricted financial, human and material resources. Many small businesses primarily serve local or niche markets. Due to their size, small businesses can quickly adapt to market changes and customer needs. Small businesses often thrive by offering personalized services and establishing close relationships with their customers. Entrepreneurs frequently use small businesses as platforms to introduce innovative products or services.

Small businesses are significant contributors to employment, particularly in local communities. They provide economic stability by diversifying industries and reducing dependency on large corporations. Many new technologies and business models originate in small enterprises. Small businesses enhance community development and maintain local cultural identity.

Family owned and operated businesses are the traditional roots of capitalism. The whole family worked in the family business. Usually farming, but often stores, restaurants and other small businesses. Sometimes family owned businesses hire extra employees.

Free Trade

Free trade refers to an economic policy wherein goods and services move across international borders without barriers like tariffs, quotas or subsidies. The goal is to foster a global economy where markets operate with minimal governmental restrictions, ensuring the efficient allocation of resources.

Countries focus on producing goods and services they can produce most efficiently and trade them for other goods and services. Elimination of tariffs, import/export quotas and other restrictions that increase trade costs. Encourages competition, leading to better quality and lower prices for consumers.

Economic growth expands markets for goods and services, boosting economic activity. Free trade increases product variety and lowers prices due to competition. Innovation and efficiency promotes technological innovation and forces businesses to operate efficiently. Global cooperation strengthens economic ties between nations, potentially reducing geopolitical tensions.

Domestic industries that cannot compete with foreign competitors may suffer, leading to job losses. Workers in developing countries might face poor working conditions or low wages due to competitive pressures. Dependence on foreign goods can lead to reduced control over the economy. Increased production and shipping can negatively impact the environment.

In my opinion, real free enterprise is owned by the people who work in a particular enterprise. Private stockholder owned and government controlled corporations are institutions of national socialism, not capitalism. In capitalism, the people who work for a company own the company. Often, they are family owned and operated businesses.

A diverse assortment of large and small businesses is the best economic system. Big corporations make valuable products that no small business can make. They definitely need to be well governed, to make sure they do not use there economy of scale to suppress all the smaller scale businesses. Small and intermediate sized companies add a large number of jobs these days. Solopreneurs and family owned and operated free enterprise are the traditional economic culture.

The Interplay Between Small Businesses and Free Trade

While free trade offers benefits like access to new markets and cheaper imports, small businesses face unique challenges in this globalized environment. Access to international markets can help small businesses scale and increase revenue. Importing affordable raw materials and goods reduces costs and improves competitiveness.

A mixed economy with lots of solopreneurs, family owned and operated small businesses and giant corporations make a diverse and innovative economy. You’ve got to compete with international firms, often with more resources. Complying with international trade regulations and standards is difficult.

Small businesses and free trade are vital components of the global economy. Small businesses drive local economies, innovation and job creation, while free trade promotes global economic integration and efficiency. However, achieving a balance that ensures that the benefits of free trade do not disproportionately burden small enterprises, is essential for sustainable economic growth.