The Globalization of Small Businesses: The Virgin Islands' Perspective

Abstract

The purpose of the study was to examine how globalization has affected the small business sector of the Virgin Islands (BVI). Globalization refers to the extension of production and distribution of goods and services on a vastly greater international scale [10] . Overall, the paper has determined that a legal definition of small businesses should be sought in the form of legislation to provide a legal framework to improve the direction of the sector. In the same vein, the eligibility and classification guidelines should be revisited in an effort to make them more practical in their application to small businesses in the territory. It was also found that the contribution of small businesses within the territory may be undervalued because of limitations to data collection in this sector; thus minimizing the decision making, information sharing and support for the sector. The research used interviews and questionnaires conducted among small business stakeholders within the BVI, to validate this claim. In addition, newspaper and other documentary sources were accessed. On ethical grounds, direct reference to a number of the persons interviewed or surveyed has been avoided.

Keywords

• Small Business
• Globalization
• Virgin Islands