The importance of studing economics of co-operative business enterprises as a qualifying subject for the award of ond in co-operative economic and management

Project Abstract

The study of the economics of cooperative business enterprises is crucial in understanding the unique dynamics and principles that govern these types of organizations. Cooperative businesses play a significant role in various economies worldwide, contributing to job creation, income generation, and community development. Therefore, incorporating the study of cooperative economics as a qualifying subject for the award of OND in Cooperative Economic and Management is essential for equipping students with the necessary knowledge and skills to thrive in cooperative-related fields. By studying cooperative economics, students will gain insights into the cooperative principles, business models, and financial structures that distinguish cooperatives from other forms of businesses. Understanding the economic aspects of cooperatives, such as member participation, democratic decision-making, and profit-sharing mechanisms, is vital for individuals pursuing careers in cooperative management and administration. Moreover, the study of cooperative economics provides students with a comprehensive understanding of the socio-economic impact of cooperative enterprises on communities and the broader economy. Through analyzing case studies and real-world examples, students can grasp the significance of cooperatives in promoting social inclusion, sustainable development, and collective empowerment. Furthermore, incorporating cooperative economics as a qualifying subject for the award of OND in Cooperative Economic and Management can enhance students' analytical and critical thinking skills. By examining the economic challenges and opportunities facing cooperative businesses, students can develop problem-solving abilities and strategic decision-making competencies essential for effective cooperative management. Additionally, studying cooperative economics can broaden students' perspectives on alternative business models and organizational structures that prioritize social responsibility and community well-being. This knowledge is particularly relevant in today's business landscape, where there is a growing emphasis on ethical business practices, sustainability, and corporate social responsibility. In conclusion, the study of cooperative economics as a qualifying subject for the award of OND in Cooperative Economic and Management is crucial for preparing students for careers in cooperative enterprises and related fields. By acquiring a solid foundation in cooperative economics, students can develop the necessary expertise to navigate the challenges and opportunities inherent in cooperative business environments, ultimately contributing to the sustainable growth and success of cooperative enterprises.

Project Overview

<p> </p><p><strong>1.0 INTRODUCTION</strong></p><p>The attitude of people students and the society in general especially the ignorant ones towards co-operative society today is not encouraging and this has prompted the researcher to carry out study on the importance of studying the course by students so that they may contribute to the knowledge of co-operative after their stay on school and to make known to the outside world the impact of co-operative societies.</p><p><strong>1.1 BACKGROUND OF THE STUDY </strong></p><p>The first successful co-operative society is caused the Rochadale society of equitable pioneers was established in Rochdale an industrial town close to Manchester. The Friendly Societies Act registered the society on October, 28th 1844.</p><p>This co-operative society originated from discontent with the adulteration of goods, false weights and measures and high prices prevailing on retail distribution among workers living on or near subsistence level owing to their bargaining power, living on or near subsistence level (Bob lgwe 1993:2) owing to their weak bargaining power in the labour market. The consumer co “operative movement on the true sense was the off-spring of a marriage between the wage camers need of an immediate rise in their standard of living and the aspiration towards a better social order based on the teachings of Robert Owen, Dr Willian king and other social philosophers and pioneers of 18th and 19th century England.</p><p>This society started with just twenty eight workers who set out themselves to conquer the world by faith and sheer determination. Much work which led to the success of the first co-operative in Rochale was done by these committed members who believed on mutual help. They were guarded by terms and principles which they knew were going to help them and so in 1852, the industrial and provident societies Act law was passed by the British parliament. But today, we have many co-operative shops and societies in existence.</p><p><strong>1.2 STATEMENT OF PROBLEMS</strong></p><p>There have been concented effort by government and some philanthropists to enhance the knowledge and establishment of co-operative colleges and enterprises are aimed at making its existence known and probably for it to be patronized and identified with, inspite of all nthese efforts being made, the co-operative societies still existence low level of patronage and membership and this is caused by probably low level of education and training. There is general laxity amongst members who believe that the co-operative business is no business. Since profits is not shared and non-members enjoy equal benefits with members and they stand to lose nothing in the members business running at a loss while the members bear the risks alone.</p><p>When then are the causes of this non-challant attitude of members and non-members towards the co-operative society and what are the importance of the business to the society? What benefit is the society to it’s members?</p><p><strong>1.3 OBJECTIVE OF THE STUDY</strong></p><p>Since the co-operative society or enterprise can be said to be business organization, it has done much impact to the world of business on the society today and so its importance cannot be over emphasized. Based on the problems stated above, the objectives of this research shall be,</p><blockquote><p>1 To find out the importance of co-operative business enterprises</p><p>2 To find out the roles of co-operative business enterprises</p><p>3 To find out the impact of effect it has.</p></blockquote><p><strong>1.4 SIGNIFICANCE OF THE STUDY</strong></p><p>The research is important to both the student and members of co-operative business enterprises because it encourages growth and diversification, provided for the best us of human beings and stimulates creativity.</p><p>This research will be one of the things the researcher will fulfil before the award of Ordinary National Diploma. It will also serve as a reference for further researcher to know more about the topic finally through the knowledge obtained from the research, the researcher will understand the principles and methods of the co-operative business enterprises and so be in a position to impact the knowledge on to people for the progress of the nation.</p><p><strong>TO CO-OPERATIVE SOCIETY MEMBERS</strong></p><p>This research work is of a good significance to them because it brings to their knowledge the benefits and importance of co-operative business enterprise. Among these are: –</p><p>1 It enables a member to have the spirit of oneness in whatever they do.</p><p>2 It brings to their knowledge the benefits of bulk buying which</p><p>increases patronage refund.</p><p>3 Better services and value for money are gotten from being a member since a member is a customer and at the same time a shareholder.</p><p>4 A number enjoys low concession and exemption since they are involved on promotion and non-profit.</p><p>5 A member is given loan if he wants in a credit society.</p><p><strong>1.5 SCOPE AND LIMITATIONS OF THE STUDY</strong></p><p>The study cover the students studying Business studies particularly those of co-operative Economics and Management. Some members of co-operative business enterprise were also interviewed.</p><p>They type of study undertaken is survey research and on the study. Some problems were encounted. Among these problems are: –</p><p>1 LACK OF CO-OPERATIVE: The lack of co-operation of some</p><p>Members and students almost hindered the research work.</p><p>2 FINANCE: The researcher was faced with the problem of cash for</p><p>The provision of necessary materials for the work.</p><p><strong>1.6 DEFINITION OF TERMS</strong></p><p>Principles: This is a general law determining the existence and distinguishing it from other systems.</p><p>Co-operator: This is a person that has accepted the terms and principles of co-operatives and so has decided to join the co-operatives as a member sharing in all its profits and losses.</p><p>Democratic Management: This means that the co-operative is an organization that should be handled or the principle of one member one vote and must enjoy independence and autonomy.</p><p><strong>REFERENCES </strong></p><p>1 Ijere, Martins O. (1992): Prospects of Nigeria co-operative (Pg 13)</p><p>2 Bob Igwe, C.C. (1996): Economics of Co-operative, (Unpublished</p><p>work)</p> <br><p></p>