Effect of Demographic Factors and Financial Training towards the
Level of Financial Literation of Crafts and Furniture SMEs in
Sleman District
R. Hendri Gusaptono, C. Ambar Pudjiharjanto, Yuninur Fadzilah
Universitas Pembangunan Nasional Veteran Yogyakarta,
Keywords: Financial Literacy, Demographics, SMEs
Abstract: The low level of financial literacy SMEs are one of the causes of the lack of access to financial institutions in
this sector. The SMEs tend to lack understanding of financial products offered by other financial institutions
so that they are only able to depend on conventional banking financing. This is the background of the research.
To analyze the data using descriptive statistics and multiple regression. Based on the results of data analysis,
it was concluded that the average level of financial literacy of crafts and furniture business owners in the
Sleman sub-district has a fairly high level of financial literacy. The level of literacy is significantly influenced
by demographic factors and financial training, both together (simultaneously) and each variable. The lowest
value of financial literacy is in financial planning.
1 BACKGROUND PROBLEM
Indonesia is a country that has the 4th largest
population in the world, with a total population of
more than 265 million people, ranked one below the
superpower, namely the United States, which has a
population of more than 362 million inhabitants.
Although the population of Indonesia always
increases every year, according to data from the
Central Statistics Agency in March 2018, the poverty
rate has decreased to 9.82%. This figure is certainly
an extraordinary achievement, considering that since
1999, the percentage of Indonesian poverty has
always consisted of 2 digit numbers. The success of
reducing the percentage of poverty is inseparable
from the role of Small and Medium Enterprises
(SMEs), according to Katadata.co.id in 2016 the
SMEs sector has been able to dominate 99.9% of
business units in Indonesia and able to absorb almost
97% of the Indonesian workforce. From this figure,
the types of micro-businesses absorb the most
workforce by 87%, medium businesses by 4%, small
businesses by 5.7%, while large businesses can only
absorb 3.3%.
According to a survey conducted by the Ministry
of Cooperatives proving that the competitiveness of
SMEs in Indonesia is quite good, a survey conducted
by the Financial Services Authority (OJK) in 2016
showed that the financial literacy rate in Indonesia
was 29.6%, and financial literacy for SMEs actors by
27.7%. This figure is an increase compared to the
results of the 2013 FSA survey, which was still
21.8%. However, this figure is relatively small when
compared to the level of financial literacy in other
Southeast Asian countries.
The OJK survey in 2016 divides the level of
national financial literacy into conventional, sharia,
and mixed (composite) categories. The conventional
financial literacy rate is 29.5%, sharia 8.1%, and
composite 29.7%. The people with the highest
average financial literacy level were DKI Jakarta at
40%, and the lowest in West Papua at 19.27%, while
DI Yogyakarta was ranked 3rd with a large
percentage of 38.55%.
The Governor of Bank Indonesia (BI) Agus DW
Martowardjojo revealed, the problems in running
Micro, Small and Medium Enterprises (SMEs) are
not limited to financial management and limited
resources management, but also access to capital
owned by business actors. The low level of financial
literacy of SMEs is one of the causes of the lack of
access to financial institutions in the sector. The
SMEs tend to lack understanding of financial
products offered by other financial institutions so that
they are only able to depend on manual and
conventional banking financing, until 2016 the
Gusaptono, R., Pudjiharjanto, C. and Fadzilah, Y.
Effect of Demographic Factors and Financial Training towards the Level of Financial Literation of Crafts and Furniture SMEs in Sleman District.
DOI: 10.5220/0009960006310638
In Proceedings of the International Conference of Business, Economy, Entrepreneurship and Management (ICBEEM 2019), pages 631-638
ISBN: 978-989-758-471-8
Copyright
c
 2020 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
631

number of adults who have bank accounts only
reaches 36%.
According to Abdulloh Mubarok and M.
Faqihudin (2011), in general, SMEs ' problems can be
classified into external problems and internal
problems. Internal problems include the quality of
human resources, capital, financial administration, or
accounting, while external problems include the
business climate, market access and facilities, and
infrastructure.
In general, the activities of SMEs only emphasize
the production and marketing fields, while the
financial reporting activities are ignored. The
activities of preparing financial statements, are still
considered luxurious and not yet comparable to their
uses. As a result, the SMEs do not know exactly how
much income should be received, how much
operating costs should be incurred, and how much
should be left, which they know is only the current
financial condition.
Yogyakarta Special Region is one of the
provinces with the highest level of financial literacy
number 3 in Indonesia, according to the results of a
survey conducted by the OJK in 2016. However,
according to the Head of the UMKM Office and the
Yogyakarta Special Region Cooperative, Tri
Saktiyana said that based on field observations,
almost 98% of SMEs do not understand how to
organize financial statements properly. Therefore, the
SMEs cannot calculate profits accurately, so that the
development of the business scale is hampered. Also,
according to Tri Saktiyana, the absence of a neat
checking account makes them unable to access the
People's Business Credit (KUR). The SMEs who
have been able to access KUR is only around 10%,
while the rest are still in the form of startup funded by
cooperatives and own capital.
According to the Head of the UMKM Division of
the Yogyakarta UMKM and Cooperative Office,
Agus Mulyono, there are still around 238,000 SMEs
in Yogyakarta. Of this amount, 60% of them are
micro-businesses, and around 30% are small
businesses, the remaining 10% are medium
businesses. Agus Mulyono said that the difficulty of
SMEs entrepreneurs to access the capital was because
the SMEs did not make business plans when starting
a business, because the majority of them only
followed trends the existing.
In general, according to the Yogyakarta Central
Statistics Agency (BPS), the business climate in
Yogyakarta is somewhat conducive, as evidenced by
an increase in production growth of large and medium
manufacturing industries (IBS) in the fourth quarter
of 2016 increased by 12.8% compared to the same
period in 2015. The increase in Yogyakarta's IBS
growth index in 2016 was boosted by positive growth
in almost all types of industries. Among them the
food industry, apparel, rubber, rubber and plastic
goods, machinery industry, and equipment and crafts
and furniture.
Many variables affect someone's financial
literacy, including demographic factors and financial
knowledge. Previous research conducted by Chen and
Volpe (1998) states that men have higher financial
literacy than women. It is supported by research
conducted by Jeyaram and Mustapha (2015) that men
have better levels of financial literacy than women.
Apart from gender, education, age of manager,
and length of business are also aspects that affect a
person's level of financial literacy. Also supported by
the results of a study conducted by Bonita and
Setiawina Nyoman Djinar (2017) that simultaneously
variables of education level, length of business, and
gender significantly influence the level of financial
literacy. But according to the results of a study by
Cynthia Nur Fitriana Ichwan (2016) found that
education affects financial literacy while
demographics and length of business do not affect
financial literacy. This was also supported by the
results of a study conducted by Mukhtar et al. (2017)
that found that the level of education, age, and length
of business did not affect financial literacy, but
training influenced financial literacy. Yogyakarta
Special Region Province is included in the top 3
provinces with a high level of financial literacy of its
citizens in Indonesia, especially SMEs in Yogyakarta
itself from year to year, always experiencing an
increase. One of the regencies that has the highest
number of SMEs in Sleman Regency, with the most
distribution being in Sleman District. To be a known
level of financial literacy of SME crafts and furniture
that is in the district of Sleman, the researchers were
motivated to research.
2 LITERATURE REVIEW
2.1 Understanding Financial Literacy
Education Development Center (ECD) states that
literacy is the ability of individuals to use all the
potential and skills possessed in their lives, not just
the ability to read or write alone. According to the
National Institute for Literacy, defining literacy is the
ability of individuals to read, write, speak, count, and
solve problems at the level of expertise needed in
work, family, and society.
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Ridwan and Inge (2003) state that finance is the
science and art of managing money that affects the
lives of everyone and every organization. Finance
deals with the processes, institutions, markets, and
instruments involved in the transfer of money
between individuals as well as between business and
government.
To clarify the notion of Financial Liters, the
OECD (2012) states that financial literacy is a
combination of the awareness, knowledge, skills,
attitudes, and behaviors needed to make sound
financial decisions and ultimately achieve individual
financial well-being. According to the Australian
Government (ASIC, 2014), Financial literacy is about
understanding money and finance and being able to
apply that knowledge to make effective decisions
confidently. Financial Literacy is one's understanding
of financial concepts and choices in the context of
their economic situation, combined with their
behavior and judgment to apply knowledge to achieve
the desired level of financial welfare, which is another
understanding of financial literacy according to
Australian Unity.
Mendari and Kewal (2014), financial literacy is a
basic need for everyone to avoid financial problems.
According to the Financial Services Authority, the
financial literacy is defined as a series of processes or
activities to improve knowledge(knowledge),
confidence(competence), skills(skills)of consumers
and the public at large so that they can manage their
finances better (Financial Services Authority, 2014).
So that the conclusion of financial literacy is the
knowledge and understanding of financial science,
ways to plan, manage, and invest the money owned
both for individuals, communities, or businesses that
they manage to reduce the risks in finance.
2.2 Financial Literacy Aspects
Chen and Volpe (1998; Dancing and Kewal, 2014)
states that financial literacy is divided into 4 (four)
aspects, namely:
a. General Personal Finance Knowledge,
including understanding several matters
relating to basic knowledge about personal
finance.
b. Saving and borrowing, this section covers
knowledge relating to savings and loans, such
as the use of credit cards.
c. Insurance, this section covers basic knowledge
of insurance and insurance products such as life
insurance and motor vehicle insurance.
d. Investment, this section covers knowledge of
market interest rates, mutual funds, and
investment risks.
Based on the Functional Financial Literacy Model
(Heenkenda, 2014), there are five domains of
financial literacy, that is
a. Saving behavior, which contains Banking
practice, parents' influence, and saving habits
b. Investment and payment mechanism, which
contain People's attitudes towards better
financial practices, Money investment
behavior, Principal financial decision-maker of
the household, and Households’ payment
mechanisms,
c. Awareness on financial which contain
Knowledge about financial products and
services and usage, Factors affecting for
selecting a financial institute, and Methods of
obtaining information about financial services
d. Risk Management which contains Borrowings
in an emergency, and Retirement plan and
insurance
e. Financial Knowledge Which contains
Knowledge of financial planning, Preferred
financial objective, Recordkeeping behavior,
and Knowledge interest rates and concept of
inflation
2.3 Factors Affecting Financial
Literacy
According to the Financial Services Authority (2014),
factors that affect the level of financial literacy,
namely:
a. Gender
b. Level of education
c. Level income.
According to Cynthia (2016), demographic
factors that can affect a person's level of literacy are
Gender, Educational History, Age Old Age
Enterprises.
According to Neha and Shveta (2018), factors that
can influence the level of financial literacy from
demographics and socio-economics are Age, Gender,
Family background.
2.4 Demographic Factors
This study uses demographic factors as one of the
research variables. The demographic factors used are
Gender, Education History, Age, and Length of
business operation.
Effect of Demographic Factors and Financial Training towards the Level of Financial Literation of Crafts and Furniture SMEs in Sleman
District
633

2.4.1 Gender
Sex (sex) is the difference between women and men
biologically since someone was born (Hungu, 2007).
Women and men have special conditions that are
different, both in terms of physical-biological and
psychological terms. The difference is the source of
the different functions and roles carried by women
and men. If you pay attention to the different roles and
functions carried by women and men, it will be seen
that the movements or trips made by women have
different patterns from the movements or trips made
by men (Amaliyah and Witiastuti, 2015).
Margaretha and Pambudhi (2015) state that
gender influences financial literacy. Nababan and
Sadalia (2012) state that men tend to have higher
personal financial literacy than women. Men do not
consider many variables related to investment
decisions, because the character of men, is inversely
proportional to women that is very independent, not
too emotional, very logical, easy to make decisions,
very confident, and do not need a sense of security.
Women tend to be more careful in making financial
decisions.
2.4.2 Age
According to the RI Department of Health, age or age
is a unit of time that measures the time of the
existence of an object or creature, both living and
dead. In the US, for example, people in the prime age
group (25-65 years) tend to do about five percent
better to understand the question than those who are
under 25 years or over 65 years. Lusardi and Mitchell
(2011) hypothesize that individuals tend to
accumulate knowledge over time, which then decays
as they age.
2.4.3 Level of Education
The level of education is the highest level of formal
education ever undertaken by respondents (not
including courses). The level of education possessed
by a person is thought to affect the income received
at work, and education provides knowledge not only
in the implementation of work but also the foundation
to develop themselves in utilizing the facilities and
infrastructure that are available for the sake of smooth
work (Artianto 2010).
According to Fernando (2016), that education
level is the most important thing in one's life, with the
education of someone who is of productive age can
compete in the job market. The higher the education,
the more knowledge, understanding, and broad
insights that increase income.
According to Law No. 20 of 2003 concerning the
National Education System, the measurement of the
level of formal education is classified into 4 (four),
namely:
1) Level of higher education, which is a minimum
of never having taken a tertiary level.
2) Higher education level, namely high school
education or equivalent
3) . Medium education level, namely junior high
school education or equivalent
4) Level low education, namely elementary
school education or equivalent
2.4.3 Long Operating Operations.
According to Patty and Rita (2010), stated that the
length of the business is the period the entrepreneur is
in carrying out his business or the period of work of
someone in pursuing a field of work. According to
Priyandika (2015), the length of a business is the
length of a business or business actor doing his
business. Besides, Priyandika (2015) also said that the
length of a business could lead to an experience of
doing business, where experience can affect one's
observations in behavior. The length of time the
business will affect its productivity (professional
ability or expertise) so that it will increase efficiency
and be able to reduce production costs smaller than
the sales.
2.5 Financial Training
According to Mukhtar, Ira, and Darman (2014) state
that financial training is very useful for the level of
financial literacy of women entrepreneurs in the
creative gloves industry donggala. According to
Pangabean (2004), training can be defined as a means
used to provide or improve the skills needed to carry
out current work. Whereas education places more
emphasis on increasing one's ability to understand
and interpret knowledge.
An important attribute of successful micro-
entrepreneurs is their ability to save and reinvest their
results to expand their business. One of the financial
constraints experienced by SMEs is the lack of
available trained personnel (Catal, 2007) and
information gaps (Saulles, 2006). Financial training
affects the level of financial literacy among SMEs,
which makes them more vulnerable to financial crises
compared to large companies in the economy.
According to the 2009 European Commission
Report and the OECD Report 2002, ongoing training
and continuous learning are considered important
elements of competitiveness and strategic
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management. On the other hand, Nunoo and Andoh
(2012) show that better financial literacy can provide
benefits for SMEs such as 1) Increased demand for
financial services, 2) More efficient, 3) Better risk
management, 4) Reduction in volatility economics, 5)
Increased intermediation and 6) Accelerating
financial development. This situation will cause
increased competition in the financial markets and a
more balanced distribution of capital for the people.
3 RESEARCH HYPOTHESIS
The hypothesis formulated in this study is based on
the formulation of the problem; the hypothesis is:

:
Demographic factors and financial training
simultaneously affect the level of literacy.


: The length of time the business operates affects
the level of financial literacy


: The size of SMEs managers affects the level of
financial literacy

:
Age of managers of SMEs affects the level of
financial literacy


: The education level of SMEs managers
influences the level of financial literacy


: Financial training affects the level of financial
literacy
4 RESEARCH METHODS
4.1 Research Design
This research is a type of quantitative research, which
will describe the
results of statistical tests on the
factors that affect the level of financial literacy of
handicraft and furniture business SMEs in Sleman,
Yogyakarta. The research method used in this study
is a survey method. This research was carried out in
the Sleman sub-district, Sleman regency, Yogyakarta.
The location of this research was chosen purposively
with the consideration that Sleman is one of the
districts that have a relatively fast-growing level of
SMEs development. According to the Australian
Unity Financial Wellbeing Questionnaire - design
and validation (25th July 2014), financial literacy can
be measured using 5 (five) indicators, namely.
Gender is one of the qualitative variables, therefore to
be a quantitative variable, gender is formed into a
dummy variable with (0) if it is male, and (1) if it is
female. Age was classified into five classes as
follows: (1) 20-29 years (2) 30-39 years, (3) 40-49
years, (4) 50-59 years, and (5)> 60 years. The
business duration Divided into five classes, namely
(1) <3 years, (2) 3-5 years, (3) 6-8 years, (4) 9-11
years, and (5)> 12 years. Manager's Education Level
1) No School, 2) Elementary School, 3) Middle
School, 4) High School, and 5) Higher Education.
Financial training is formed into a dummy variable
with (1) if you have received financial training, and
(0) if you have never received financial training.
To evaluate effect demographic Factors and
training business financially on financial literacy, a
series of OLS regressions were run, and our
specification is:
Υ = α + β_1 X_1 + β_2 X_2 + β_3 X_3 + β_4 X_4
+ β_5 X_5 + e (1)
Where Υ is financial Literacy, X_1: length of effort,
X_2: gender, X_3: manager's age, X_4: education
level X_5: financial training,
5 RESULT
5.1 Financial Literacy
The results of measurement of the average level value
financial literacy of the management of SMEs Crafts
and Furniture in Sleman District who were
respondents in this study amounted to 90.89 with a
standard deviation of 11,374, which means the
deviation from the average value is quite small (little
data variation). An average value of 90.27 indicates
that the financial literacy level of SME managers is
already high.
5.2 Regression Analysis
Table 1. Regression analysis
Model
Unstandardized
Coefficients
Standardized
Coefficients
t Sig.B
Std.
Error Beta
(Constant) 49.500 5.543 8.930 .000
Long
Operating
Operations
.209.032 1,086 2,014 2,187
The sex of
SMEs
managers
.194.043 3,003 2,207 6,626
Age of
managers
of SMEs
.222.049 1,274 2,079 2,649
Effect of Demographic Factors and Financial Training towards the Level of Financial Literation of Crafts and Furniture SMEs in Sleman
District
635

The
education
level of
SMEs
managers
.491.000 1,007 5,344 5,753
Financial
training
5,178 2,309 .218 2,242 029
Table 1 shows the results of testing the hypotheses
of the factors that influence the level of financial
literacy among craft and furniture SMEs in the
Sleman district.
The second hypothesis, which states that the
length of time the business operates affects financial
literacy, is accepted. The third hypothesis, which
states that gender variables influence financial
literacy, is accepted. The fourth hypothesis, which
states that the age of the manager, influences financial
literacy, is accepted. The fifth hypothesis, which
states that the manager's education level affects
financial literacy, is accepted. The sixth hypothesis,
which states that financial training affects financial
literacy, is accepted.
6 DISCUSSION
The test results show that gender, age of manager,
length of business of operation, level of education of
managers (demographic factors) and financial
training affect the level of financial literacy among
SMEs managers, the probability value of the
simultaneous influence obtained from the regression
with the help of SPSS is over 0,000 less than 0.05, so
the first hypothesis is accepted. This study is in line
with the results of research conducted by Bonita and
Setiawina (2016), which states that demographic
factors (sex, length of business, and level of
education) simultaneously influence the level of
financial literacy of traders in traditional markets in
the city of Denpasar.
The test results show that the length of time the
business operates affects the level of financial literacy
among SME owners or managers, so the second
hypothesis is accepted. Vijayanti and Yasa (2016)
revealed that business duration has a direct influence
on the efficiency of a business.
Based on the results of descriptive statistical tests
that have been carried out on SMEs based on the
length of their business in operation, the results show
that the longer the business is established and
managed, the higher the financial literacy level of the
SME owner. The time owned by a business actor in
running his business affects the maturity in making
decisions, the longer the business operates, the more
experience and lessons have by the business actor. So
that the longer the business is established and
operating, the higher the level of financial literacy
that is owned by SME entrepreneurs.
The test results show that gender affects the level
of financial literacy among SME owners or managers,
so the third hypothesis is accepted. In this study, it
was found that women have higher financial literacy
than men. The results of this study are consistent with
the results of research by Margaretha and Pambudhi
(2015), which shows that gender influences student
financial literacy. Krishna's discovery, et al. (2010)
stated that female students have higher financial
literacy compared to male students. Based on the
results of descriptive statistical testing of
demographic factors on the level of financial literacy
shows that women have a higher level of financial
literacy. Men do not consider many variables related
to investment decisions, while women tend to be
more careful in making financial decisions (Christanti
and Mahastanti, 2011). These different characteristics
cause differences in the level of financial literacy in
women and men.
The more cautious nature of women in making
decisions about investing causes women to learn
many things about financial concepts to make the
right decisions. This condition causes the level of
knowledge of women is higher than men, with a high
level of knowledge; the level of their understanding
will be deeper. Therefore female respondents will try
to learn many financial concepts so that their financial
literacy levels tend to be high.
The test results show that the age of the manager
affects the level of financial literacy among SME
owners or managers, so the fourth hypothesis is
accepted. According to Lisa and Bilal (2012), based
on World Bank, survey results found that financial
literacy tends to peak among adults in the middle of
the life cycle, and is usually lowest among young
people and parents.
The test results show that the level of education
affects the level of financial literacy among SMEs
owners or managers, so the fifth hypothesis is
accepted, this study supports the results of research
conducted by Bonita and Setiawina (2016) which also
found that the level of education will positively
influence the level of financial literacy traditional
market traders in the city of Denpasar. According to
Fernando (2016), that education level is the most
important thing in one's life, with the education of
someone who is of productive age can compete in the
ICBEEM 2019 - International Conference on Business, Economy, Entrepreneurship and Management
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job market. The higher the education, the more
knowledge, understanding, and broad insights that
increase income.
This statement is supported by the results of
descriptive statistical tests that have been carried out
on SME actors based on the level of education of
SME actors who have differences at each level of
education. SMEs who have been educated through
junior high, high school and university are able to
understand the statements meant by researchers when
conducting interview sessions to fill out the
questionnaire, so that it can make a picture that the
higher the educational level of SMEs, the higher the
knowledge and ability to understand every statement
or question raised to them.
The test results show that financial training affects
the level of financial literacy among SMEs owners or
managers so that the sixth hypothesis is accepted, this
study supports the results of research conducted by
Bayrakdaroğlu and Fırat Botan San (2014) which
found that the level of financial literacy from
managers increased with training finance.
According to the study of Drexler et al. (2010),
financial training based on standards and
fundamentals, using simpler training and practical
rules, can produce economically meaningful
improvements in SMEs. In other words, training
SMEs, according to their basic financial needs, is the
most appropriate and efficient way for the economic
development and growth of these companies.
This statement is supported by the results of
descriptive statistical tests that have been carried out
on SMEs based on financial training experience.
SMEs who have attended financial training can
respond smoothly and quickly to the statements
referred to by researchers when conducting interview
sessions to fill out questionnaires, while SMEs
practitioners who have never attended financial
training tend to experience a lot of confusion still
when answering. Financial training that is also
supported by education from SMEs actors can make
the SME's understanding of finance or business
management financially increased.
7 CONCLUSION
Based on the results of data analysis conducted in this
study, it was concluded that the average level of
financial literacy of handicraft and furniture business
owners in the Sleman sub-district has a fairly high
level of financial literacy. The level of literacy is
significantly influenced by demographic factors and
financial training, both together (simultaneously) and
each variable. The financial literacy variable in this
study uses five indicators, of the five indicators,
financial planning, which has the lowest average
value is 3.72. The low value held by financial
planning indicators is because there are still many
SMEs that have not yet made financial statement
records, also exacerbated by the absence of separation
between private money and venture capital so that
many SMEs have complained about running out of
venture capital and the difficulty of developing their
businesses. The allocation of most of the profits
received into inventory without any planning and
calculation of inventory turnover, making many
inventory items unemployed, causing maintenance
costs, and stagnating business operating capital.
8 SUGGESTION
Based on the results of research and data analysis that
has been done, the suggestions that can be given are
as follows:
1. For Further Researchers
Based on the value of the adjusted R square is 0.622
or 62.2%. This means that 62.2% of financial literacy
variables can be explained by five independents
(independent) variables. The difference of 37.8% is
explained by other variables outside this research
model. Therefore, further researchers are expected to
research with more variable variables. Ensuring the
number of SMEs that are still operating is a must
before researching so that researchers can search for
data more effectively and efficiently.
2. For the Local Government
Based on the results of a survey that has been done, it
shows that there are still many business actors who
have not participated in financial training conducted
by the Sleman district government.
One indicator of financial literacy that still has little
value is financial planning. Therefore the government
must add material related to financial planning in the
training that is held such as investment planning, risk
or insurance, personal tax planning, old age planning,
and inheritance planning.
3. For SMEs
The number of SMEs actors who make records of
financial statements and financial planning is still
very small, so the initial step that must be taken is to
inventory the types of income and routine expenses.
Effect of Demographic Factors and Financial Training towards the Level of Financial Literation of Crafts and Furniture SMEs in Sleman
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637

In this way, businesses can learn patterns of income
and expenses as well as savings.
So by making a record of business finances and
separating between personal money and business
operating capital, it will accelerate the development
of the business being run.
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