Authors : Gerald Absanto, Grace Mori and Christina Alfred
Abstract: Co-operatives can an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise. Co-operatives work for the social and cultural development of their members and the wider community. They also have an interest in caring for the environment and future generations through the principle of concern for the community. The co-operative society from its inception was a social innovation and still plays an important social role in organizing economic relations. Whereas, originally co-operatives ensured the development of the market economy in the globalizing world of today they ensure that the economy continues to serve the everyday needs of the ordinary people in the best possible way. Co-operatives also provide a forum through various meetings whereby members come together to address their social and economic problems. Members normally share their experiences and discuss how to solve their current existing social and economic problems and finally come up with appropriate solutions for their benefits, as well as for the benefit of the community. Co-operatives not only conduct business for the members but also, encourage members to conduct business with their co-operatives. Co-operatives provide various supports to their members as well as the community at large to undertake commercial/economic entrepreneurship. Co-operatives are thought to be the only form of business ownership that nurture both social and commercial entrepreneurship through its dual aspect of achieving social-economic motives of its members as well as the entire community.
Gerald Absanto, Grace Mori and Christina Alfred, 2013. Co-operatives; Forms of Business Ownership that Nurture Both Social and Commercial Entrepreneurship. International Business Management, 7: 229-233.