Accounting technicians scheme west africa
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- 4.6.5 Industrial Classification
- No. Industry/Divisions/Group
| 3. Public Sector/Private Sector Business enterprises can be classified according to whether they are largely owned by government and its agencies or by private individuals and firms. When a business is owned by government or its agencies, the enterprise is regarded as a public sector enterprise. If it is owned by private individuals/firms, it is regarded as a private sector enterprise. The extent to which government owns business enterprises in an economy indicates whether the economy is a planned or a free enterprise economy. 4.6.5 Industrial Classification The International Standard of Industrial Classification (ISIC) is a common method of classification of establishments into various economic sectors. This method adopts a numbering system that makes it possible to classify establishments precisely into divisions, then into major groups and then into subgroups. The numbers used for divisions and major groups are shown here No. Industry/Divisions/Group 01-09 Agriculture, Forestry and Fishing 10-14 Mining 15-19 Construction 20-30 Manufacturing 40-49 Transportation, Communication, Electric, Gas and Sanitary services 50-51 Wholesale trades 52-59 Retail trade 60-69 Finance, Insurance, Real Estate 70-89 Services 90-97 Public Administration 98-99 Non-classifiable Establishment A.7 Reasons for Business Failure Business ventures are usually driven by people with a will to succeed. The very idea of failure is something that many banish from their minds altogether. Drive, ambition and the will to succeed alone, however, are seldom enough to guarantee success in an increasingly complex and competitive world. Whether one likes it or not, a significant proportion of new ventures today will not make it to celebrate their fifth year in business. By taking cognisance of some of the reasons why business fail, you can help your business to become alert and to, at least, avoid some of the more common pitfalls and causes of business failure. Download 3.37 Mb. Share with your friends:
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