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• Socio-economic development


  A process that seeks to identify both the social and the economic needs within a community and create strategies to address those needs in practical ways for the community's long-term benefit
• The general idea of socio-economic development
• Socio-economic development occurs
• Business organizations share a common purpose and role in socio-economic development
• Sole/Single Proprietorship


  A business owned and operated by one individual
• Sole owner business organizations

  • Create jobs
  • Help small producers
  • Provide investment avenues
  • Help consumers
• The most important way in which a Sole owner helps improve an economy is through the creation of jobs
• Sole owner business organizations provide employment opportunities to less educated and uneducated workers
• Sole owner businesses help minimize unemployment problems in society
• Employing people at each local business

  Contributes to the success of the locality
• With the wages they earn, people buy property, shop, and invest freely in where they live
• Small businesses serve as training grounds to workers before they can be hired by large business organizations
• Most of the goods sold by sole owners are purchased locally from local producers
• A large amount of money spent at local businesses stays in the locality
• This is a distinct benefit for other local businesses, families, and workers in the area
• Investment avenues


  Opportunities for small investors to utilize their savings to engage in new business
• Anybody can start their own business as long as they have capital
• Small businesses can give an individual a chance to gain experience for larger scale operations
• Sole owners deliver merchandise to consumers at their doorsteps
• Time and energy of the consumers are saved by sole owners
• Sole owners offer convenience to buyers wherein buyers can easily purchase products
• Online selling


  • Customers can purchase goods/products quickly and efficiently at their convenience
  • If someone needs a product, they can easily order it and have it delivered
• Sole owners


  • Sell goods of high quality to maintain their reputation
  • Accept return of defective merchandise
  • Ensure the safety and welfare of the public
• Sari-sari store owner: '"Go above and beyond for customers" and you will be rewarded with repeat business'
• Providing employment opportunities


  The single most effective means of tackling poverty and social exclusion
• Providing employment improves individual's standard of living
• Residents in towns and cities should share in higher living standards through employment
• Partnership


  • Businesses are designed to serve a particular need
  • Provide trusted goods and services
  • Allow individuals with limited capital to team up together
• Without partnership, business production of some goods and services will be inefficient
• Partnership business


  • Brings out technical and managerial skills during production
  • Increases the quality of goods
• Partnership business


  • Helps to increase government's revenue through the payment of taxes
• Without partnership business


  There would not be much private companies, which would affect the government's revenue generation
• Partnership business increases government's revenue