Small-scale business has been found to be one of the pattern of businesses that can be used for poverty alleviation. But in the long run, we usually find these small-scale businesses struggling and languishing to expand or develop. The reasons for these problems are very vast there are lot issues that these businesses face. One of the problems is "extortion".
What's "extortion" and how does it affect small-scale businesses?
There's no definition that shouldn't go with word extortion. Because literally,it does means the act of retrieving something from someone without the intention to return it in kind, cash or with any valuable thing before the due date. This is a personal experience, I rear birds which I have found myself as a producer or manufacturer and I usually have this challenge with my wholesalers or retailers when it comes to pay for the goods when initially the goods were obtained by means of debt. They wouldn't want to pay after the agreed date.
This act slow down my business which is small scale business because some of my customers are holding my capital should be used for my business. So extortion has been one of the challenges faced by small scale business owners. It makes business to remain stagnant and refuse to grow accordingly.
Please note that, this isn't a cryptocurrency, financial or business advice,it's just an opinion. If you need a cryptocurrency, financial or business advice, consult a cryptocurrency or financial experts. Thank you.
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