Many small businesses are being forced to close because they cannot compete with multinational corporations; what problem does this cause, and how can those problems be solved.

The number of small businesses shutting down in the past 5 years has been massive. More than half of these businesses have shut down within the

first

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2 years of entering a market. It is believed that multinational corporations (MNCs) were likely the cause of the

problem

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and that smaller enterprises were unable to compete with them due to limited financial resources. But whether or not

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is the case, will be the topic

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essay will delve into.

Firstly

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,

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problem

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creates an unemployment

problem

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. A survey conducted by the Times of India in 2019 stated that when an enterprise goes out of work, nearly 70% of its workers will be unemployed while the rest manage to find jobs within three months.

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, these companies don't have the resources to provide severance pay until their employee finds another job. In short, employees of start-up companies will suffer the most because they will be unemployed and will not be provided sufficient severance pay.

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,

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problem

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can be mitigated if the

government

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places heavy

restrictions

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on foreign companies entering into a local market.

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, in 2011 South Korea placed many tax

restrictions

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on multinational corporations

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as Microsoft and Apple and

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prevented local brands like Samsung from shutting down.

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is particularly effective as the

government

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can earn greater revenue from MNCs and can ease its

restrictions

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on local brands. In summary, placing heavy

restrictions

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will benefit small businesses and the

government

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too. In a nutshell, even though these startups lose business thanks to MNCs they can still be saved from ruin if the

government

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provides financial support.

As a result

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,

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will improve the country's economy as well.