Analyse one way each of these businesses contributes to economic growth. (4 marks)

Here are the answers to the questions:

6. Analyse one way each of these businesses contributes to economic growth. (4 marks)
i. Sole proprietorship:
Sole proprietorships contribute to economic growth by creating employment opportunities, both for the owner and potentially a few employees, which reduces unemployment and increases household income.

ii. Cooperative society:
Cooperative societies contribute to economic growth by empowering their members economically through collective bargaining, access to markets, and shared resources, which improves their livelihoods and stimulates local economies.

d) A cooperative is planning a new income-generating project. State two management practices that ensure success. (4 marks)
i. Thorough Feasibility Study and Planning: Conducting detailed market research, financial projections, and risk assessments before launching the project to ensure its viability and develop a comprehensive business plan.
ii. Transparent Financial Management: Implementing clear budgeting, strict cost control, and regular financial reporting to members to ensure accountability, prevent misuse of funds, and maintain financial health.