MODULE 5 Flashcards
a social unit with commonality such as norms, region, values, customs, or identity.
community
may share a sense of place situated in a given geographical area ( country, village town, or neighborhood) or in virtual pace through communication platforms
communities
may also refer to large group affiliations such as national communities, international communities, and virtual communities
communities
when we say business makes the community unique, it means
you are giving flavor to the community
when business owners participate and volunteer at fairs, festivals, and connect with the members of the community, this is what we call
local decision and involvement
MSME stand for
Micro, Small, and Medium Enterprises
theses industries form the backbone of our economy and need assistance and protection from other big companies as they lack resources and technology
msme
this are everywhere around us like an ice-cream parlor or your favorite cafe in your neighborhood
microenterprises
these are small businesses with minimal employees and minimal capital
micro enterprises
microenterprises usually operate with
less than 10 people
in developing country, ______ compels micro entrepreneurs. They add value to the economy by creating mmicro-business, enhancing income and lowering the overall cost of business
necessity
example of micro-entrepreneurs
independent mechanics
computer services
lawn and landscaping companies
small farmers
carpenters
accounting
plumbers
shoemakers
machine shop operators
a business that employs a small number of workers and does not have a high volume of sales
small enterprises
it is an independently owned and operated company that is limited in size and in revenue depending on the industry. (Sole proprietorships, corporations or partnerships)
small enterprises
small enterpriss are usually privately owned..
sole proprietorships
corporations
partnerships
made up of enterprises which employ fewer than 250 persosns
medium enterprises
these enterprises emerge from the slow and steady growth of successful small businesses. As a company earns more revenue, it tarts keeping aside the capital required for buildings, equipment, and recruitment of more employees.
medium enterprises
this eventually creates a bridge between small businesses and big corporations
medium enterprises
small business that employs a small number of people
microenterprise
operates with lower than 10 people and is started with a small amount of capital
microenterprise
specialize in providing goods or services for their local areas
microenterprise
types of microenterprises
- lawn and landscaping companies
- street vendors
- carpenters
- plumbers
- independent mechanics
- machine stop operators
- shoemakers
- small farmers
- bakery owners
- caterers
- seamstresses and tailors
- dry cleaners
5 positive impacts that local businesses have on their communities
- local businesses recycle revenue into the community local businesses pump revenue into the community in different ways
- local businesses create jobs
- local businesses generate tax revenue
- local businesses support community goals
- local business support local culture and identity
what are the 3 ways where local businesses recycle revenue into the community local businesses pump revenue into the community in different ways
direct revenue
indirect revenue
induced revenue
money that is spent by the business in order to operate ( taxes, license, inventory, utilities, salaries)
direct revenue
money that was given to local governments and their local businesses, which is then used to support those entities
indirect revenue
money spent by consumers as they use their personal income in the local economy
induced revenue
a positive impact where mall businesses employ people from within the community, they provide a great opportunity for career growth and mobility
local businesses create jobs
sales tax, license, and other charges on businesses
local businesses generate tax revenue
in order for local businesses to thrive, their communities must thrive. Local business owners are likely to step up and get involved with community initiatives because of this mutual dependency. Business owners are keenly aware of the needs of their community because they are directly invested in its strength and success.
local businesses support community goals
just as local business success is closely tied to community success, the culture of a local business and the culture of a community often directly influence each other.
local businesses support local culture and identity
whatever the business, once it has stood the test of time it becomes a part of the fabric of the community. the business might own a distinctive piece of property
local businesses support local culture and identity
