The Advantage of Business Ownership on the Socio-Economic Status of Entrepreneurs in Poblacion San Juan, Batangas

Abstract

INTRODUCTION

Family income is a basis of socio-economic status. Being rich or poor can be caused by how active and efficient a family is in generating income. Aside from being an employee, having an own business is one of the best choices when talking about earning an income. Regarding that, either having their own small business or work for a salary are the main source of income for the people of Poblacion, San Juan, Batangas. This research tends to know the edge of having small business over working as an employee when talking about their status in the economy through family income.

METHODS

The study used the descriptive method of research to know the advantages of business ownership towards socio-economic status. Thirty respondents were chosen among the entrepreneurs from Poblacion, San Juan, Batangas through random sampling.

RESULTS

This research showed that the majority of the business owners or more than half of the respondents belong to lower middle income with ₱15000-₱30 000 monthly income. There were also entrepreneurs who belong to middle class (₱31000-80000), upper middle income and rich. Only two out of the 30 respondents belongs to poor who have less than ₱10000 monthly income. It can also be inferred in the research that having an own business is an advantage, not only in terms of financial rewards but also on their lifestyle. Being the business owner gave them more freedom as their boss himself/herself, therefore, they can control their own time and decisions about their work. Moreover, majority of the respondents strongly agreed that having an own business can help a lot of people through providing work and is also one of their advantage.

DISCUSSIONS

Based on the results, business ownership could truly help in achieving the desired socio-economic status. Therefore, business owners should make their business more successful to gain higher income and also to continue helping other people. They should know how to use their income properly, and set aside the personal expenses from business expenditures. Completing every responsibility of their own and having plans and strategies could also be helpful.