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Answer: A cooperative is an independent group of people who have come together voluntarily to achieve their common economic, social, and cultural needs and objectives through a democratically governed and collectively owned business.
A co-operative has the following major characteristics:
- It is a self-governing group of people.
- Individuals unite/join at their own volition.
- To achieve their mutual economic, social, and cultural demands, the members should band together.
- It is a democratically run and collaboratively owned business.
Self-help, self-responsibility, democracy, equality, equity, and solidarity are all ideals that cooperatives are built on. Cooperative members believe in the ethical qualities of honesty, transparency, social responsibility, and care for others, as did their founders.
The idea of one man, one vote is observed in cooperative societies. A cooperative society is a voluntary group of individuals who have banded together to satisfy their economic, cultural, and social requirements.
