VUSSC/Content/Entrepreneurship/Starting Up a Business/The importance of a business in a country

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8. The Importance of Business in a Country

Some of the current issues under consideration at the moment include " the problem of unemployment". As you can understand, the importance of getting work for all citizens, has become a priority concern for any government. If this can be achieved, then the problem we mentioned above will be resolved, and at the same time, the problem of "poverty" may be eliminated, and more and more revenue will be available for the Finanace department of one's country to distribute where it is most needed. So, it is through business that economic, financial and infrastructural development can possibly happen.

Educating the worker

A certain amount of business kowledge, skills and attitude are required by the worker in order for him/her to perform duties in the work place. This can be done through formal or informal education/training. The value of education to a worker can be monitored through improved productivity in the workforce. Of course the classification of unskilled labour may not necessary need education/training. But statistics proved that by providing some form of training, productivity can be improved .

Business relationship with Government

Businesses provide employment for the workers. The workers contribute to the government in a form of income tax. The business is also liable to pay tax (company tax) to the goverment. Businesses are also used by the government as a collecting agent for some other form of taxations. Which means, the more prosperous the business the better off the government. Some concessions are usually granted by govrernment for businesses in a form of subsidies.

Introduction | Objectives | What is Business Management? | What is meant by Entrepreneurship? | What are the different business types? | How is a business idea developed? | What Factors Influence the Business? | The importance of a business in a country | Summary