In the 90s, it was a period of big business, and of top-notch brand names that were making waves in the major stock exchanges world over and big CEOs whose names figured in the lists of wealthiest people. However, in today's times, a major change has occurred in the scenario and it is the small business that has become the engine of economic growth and development.

There is a lot of small business opportunity which is giving chance for new businesses to mushroom everywhere around us in the market place. These businesses that we are talking about are coming up with very innovative business plans and strategies. The business strategy on which these businesses work are powered by young and very dynamic leadership, by entrepreneurs who want to make a mark in their lives, by strategists who are young and who want to make it big in life.

Today's businesses are facing tough competition from big business. The well-known and easily recognized names which often dominate the marketplace create and environment which can be difficult for small businesses to survive. Upstart businesses are finding that new business marketing concepts are their best hope against such marketplace giants. These small businesses have developed novel methods of attracting clients, pushing the envelope of business practice to create a viable business model through ingenuity and gritty determination. These new marketing concepts can be seen in every industry and every marketplace.

Businesses can be classified according to various criteria as either small, medium, or large. Most often, the specific industry in which the business belongs establishes specific earnings figures upon which the distinction is based. However, other means are also employed which determine which category a business falls into. Figures such as work force strength, production capacity, and others can be used in lieu of revenue figures. In most instances, a small business employs relatively few employees, is contained in a modest office space, and posts earnings figures in the lower end of the spectrum for their specific industry or niche.

By identifying the USP and having core competence, a small business can create big ripples in the market place and become very successful. A business should start with a very efficient system, as well as an energetic team in place. Hiring employees should be done very carefully, hire only those who fit the model and contribute to the business. Promotion of your business is also very important, and there are many channels which can be used by your business for this purpose.

There is a full potential for small business to grow big in future. All they need is to adopt policies and strategies that are customer-oriented and committed to serve them, adding value to their services and products, capable of integrating new technology and innovative ideas to derive optimum benefits from it and forge joint alliances in strategic areas.