Principle of Business-Cottage Industries

definition of cottage industry

A small-scale business that produces goods, usually operated from a person's home or within a community.

Characteristics of Cottage Industries

Home-based

Manual labor

Small scale

Family-run

Local raw materials

Minimal capital

Advantages of Cottage Industries

Uses natural or recycled materials.

Advantages of Cottage Industries

Self-employment opportunities.

Advantages of Cottage Industries

Family labor reduces costs.

Disadvantages of Cottage Industries

Job insecurity during low demand periods.

Disadvantages of Cottage Industries

Errors can lead to resource wastage.

Disadvantages of Cottage Industries

Growth depends on government support.

Advantages to the Country

Can grow into larger businesses.

Advantages to the Country

Boosts national GDP.

Advantages to the Country

Generates employment and develops human resources.

Government's Role in Supporting Cottage Industries

Organizes regional trade fairs for exposure.

Government's Role in Supporting Cottage Industries

Provides financial support.

Government's Role in Supporting Cottage Industries

Sends officers for training and guidance.

Government's Role in Supporting Cottage Industries

Offers seminars and other training sessions.