Download Socio-economic aspect of my feasibility study and more Study Guides, Projects, Research Business Accounting in PDF only on Docsity! Chapter 6 SOCIO-ECONOMIC ASPECT Most of the businessmen focused mainly on the market and financial aspect of their business ventures. It is true since these are the lifeblood of any business, thus making these the most important. But in every study, all aspects play an important role upon establishing a business. Like the rest, socio-economic aspect must be given consideration and attention because this aspect greatly contributes to the improvement and development of our economy as a whole. This study determines the social benefits that the business firm can give to the government and to the people in the society. It also takes into consideration because profitability of a business depends on the economic conditions of the place where a businessman plans to put up a business. Potato Project aims to study the social and economic purposes in which both parties and the sector including suppliers and farmers that will benefit. Potato Project is not only a profit-generator, but also it is about how and what the business will contribute to the community and country. This aspect will affect the employment and income of each individual within the society including suppliers and farmers. A. Customers It is the aim of the business to satisfy their needs and demands with regards to availing affordable but high quality of potato dishes. The proposed venture and its products will help the customers by providing them supplies of commodities that are healthful and observing the different possibilities of influencing prices. B. Employment As Potato Project starts its operation, it will help provide new opportunities in creating employment that will give them additional income to provide their needs. Aside that they are being compensated equitably, it is the purpose of the venture to improve and develop certain personality traits among its worker because it is believed that satisfied workers produce better products. Being goal-oriented, competitive, responsible, prompt, honest and punctual are expected to be manifested among the workers. C. Suppliers Potato Project aims to help farmers in the highlands of the north to expand and further distribute their produce to other cities and provinces by distributing them as prepared and cooked products from existing and future branches of Potato Project. There will be more business opportunities to the suppliers. It is an advantage for the suppliers which mean gaining more sales of their products and more profit. They will derive more income from the business because the demand for the ingredients and materials, specifying the use of local materials to aid local suppliers. D. Government Revenues Potato Project will increase the collection of the government through tax payments. These taxes can be paid in different forms. We all know that the major
