The process of measuring or comparing one’s own products, services, and practices with those of the recognized industry leaders in order to identify areas for improvement.

It is a form of business organization established for the purpose of purchasing and marketing the products of its members, i.e., shareholders, and/or procuring supplies for resale to the members, whose profits are distributed to the members (in the form of patronage dividends), not on the basis of the

members' equity.

When the preconditions for take-off are met, a society can take off. Educated individuals start inventing new processes and tools, and access to capital through financial markets and banks make it possible to produce goods and services on a larger scale.

It boosts economic revenue on a smaller scale, but one that’s of vital importance, directly and positively affecting the health, quality of life and purchasing

power of residents in the local community.

Is the ultimate source of many inputs such as raw materials and energy, which firms use in their productive activity? includes geographical and ecological factors such as minerals and oil reserves, water and forest resources, weather and climatic conditions are all highly significant for various business activities.

Form of business which has unlimited liability. Creditors may proceed not only against the assets and property of the business, but also after the personal properties of the owner. In other words, the law basically treats the business and the owner as one and the same.

Is a framework or tool used to analyses and monitor the macro-environmental factors that may have a profound impact on an organization’s performance.

Are to a certain extent controllable because the firm can change or modify these factors to improve its efficiency. However, the firm may not be able to change all the factors.

Analysis is a framework that helps analyzing the level of competition within a certain industry. It is especially useful when starting a new business or when entering a new industry sector. According to this framework, competitiveness does not only come from competitors. Rather, the state of competition in an industry depends on five basic forces.