TABLE OF CONTENTS
CHAPTER
ONE
INTRODUCTION
1.1 Background
to the Study
1.2 Statement
of the Problems
1.3 Purpose
of the Study
1.4 Research
Questions
1.5 Research
Hypotheses
1.6 Significance
of the Study
1.7 Scope
and Limitation of the Study
1.8 Definition
of Terms
CHAPTER
TWO
LITERATURE
REVIEW
2.1 Nature
of Management in Small-Scale Business
2.1.1 Management
Practices: Historical Perspective
2.1.2 Management
Practices in Developing Countries
2.1.3 Basic
Functions of Management
2.1.4 Levels
of Management
2.1.5 Five
elements of Management
2.1.6 Styles
of Management
2.2 Types
of Management in Small-Scale Business
2.3 Principles
of Management in Small-Scale Business
2.4 Concept
of Small-Scale Business
2.5 Brief
History of Small-Scale Business
CHAPTER
THREE
RESERCH
METHODS
3.1 Research Design
3.2 Population of the Study
3.3 Sample and Sampling Technique
3.4 Research
Instrument
3.5 Validity of the Instruments
3.6 Reliability
of the Instruments
3.7 Procedure
for Data Collection
3.8 Method of Data Analysis
CHAPTER FOUR
RESULTS AND DISCUSSION OF FINDINGS
4.1 Introduction
4.2 Demographic Data
4.3 Hypotheses Testing
4.4 Summary of the Findings
4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND
RECOMMENDATIONS
5.1 Summary
5.2 Conclusions
5.3 Recommendations
REFERENCES
CHAPTER ONE
INTRODUCTION
1.1 Background
to the Study
The small scale businesses have a very important and
effective role in developed countries generally and in developing countries
especially because it is considered the backbone of their economies. Rajan
(2013) states that the definition of small scale businesses may vary from
county – to – country, year – to – year, from period to period and from time to
time according to the level of economic development reached in a country.
Sometimes it is defined in terms of number of workers employed and on the use of
electric power supply and also in terms of investment made.
Despite of these small scale
businesses when established varies in its mode of formation, its sizes, its
organizational set up, and in its activity. The reason for this is because the
type chosen by each individual operator will depend on the financial capability
to manage such business. Small scale
business forms the bedrock of the economic growth of every nation. This is
because no nation can achieve a viable economic growth and development without
the establishment of small scale business. The entrepreneurship which is part
of small scale business is very relevant to the empowerment of the citizens for
sustainable development. It gives substantial opportunities for the assumption
and the use of local raw materials for vertical and horizontal linkages.
Therefore, it has been said that the growth and development of small scale
business would improve the economy and welfare of Nigerians.
Also, new businesses bring new and improved products and services
thereby increasing competition and challenging existing business to improve
their performance. Since 1960s to date, small scale business have been given
due recognition especially in the developed nations for playing very important
roles towards posturing accelerated economic growth, development and stability
within several economics. However, it appears that, considering the enormous
potentials of the small scale business sector and despite the acknowledgement
of its immense contribution to sustainable economic development, its
performance still falls below expectation in many developing countries most
especially Nigeria. This is because sectors in these developing countries have
been bedeviled by several factors such as management ability militating against
its performance and leading to an increase in the rate of small scale
businesses failure. These factors include the unfavorable and very harsh
economic; conditions resulting from unstable government policies, strained by
the difficulty in accessing credits from banks and other financial institutions;
high operating cost, lack of transparency and corruption.
Small scale business generally have weak capital base since
majority of them are either sole- proprietorship or partnerships. They have no
opportunity to draw money from the capital market as big companies do.
Consequently, the only options is to borrow money and at times with
unfavourable term. Small scale business operators rely primarily on ‘own
equity’ bank financing, trade credit and cease financing to finance their
business. But before going into sources of financing, it is important that the
potential investor has an idea of an estimated level of fund needed for his
particular type of business. He needs to count how much money of his own (equity)
he is prepared to put into the business
before he thinks of borrowing and other financial assistance. Budget
becomes absolute necessity. Proper budget helps to ensure that proper controls
and evaluative procedures are established in a business.
1.2 Statement
of the Problems
Nigeria is classed as a developing countries among the
countries of the world based on their economic status. Although the country is
blended with varieties of human and material resources but very poor in the
management of those resources. The country is however dependent upon import
goods and services on daily basis, so as to meet human wants.
Problems like electric power supply, poor business
financing, poor government policies among others have been the major barriers
to economic advancement in the country. However, the role of small scale
business in the nation’s economic development remains sacrosanct, if the Gross Domestic
Product (GDP) of the country will increase. Advancement in the SME will
therefore boost the GDP and the nation’s economy.
It was observed by the researcher
tha most of the small scale business
have a lot of challenges which do not allow them to make profit and part of the
challenges of the issue of financing of the small scale business
Financing of the SME is a limiting factor to the development
of SME. The problems range from high interest rate, on loans, difficulty in
loan assessment, poor attitude to loan repayment among others.
1.3 Purpose
of the Study
The study is meant to investigate
(i)
To
determine whether managerial skill constitute major challenge in the
performance of small scale business in Ogbomoso North Local Government Area.
(ii)
To
determine whether finance constitute major challenge in the performance of
small scale business in Ogbomoso North Local Government Area.
(iii)
To
determine whether multiple taxation constitute major challenge of small scale
business in Ogbomoso North Local Government Area.
(iv)
To
determine the solution of small scale business in OgbomosoNorth Local
Government Area.
1.4 Research
Questions
From the above research objectives the following research
questions were formulated.
1.
To
what extent has managerial skills constitute a major challenge in the
performance of small scale business in Ogbomoso North Local Government Area?
2.
To
what extent has finance constitutes a major challenges in the performance of
small scale business in Ogbomoso North Local Government Area?
3.
To
what extent has taxation constitute major challenge in the performance of small
scale business in Ogbomoso North Local Government Area?
4.
What
are the solutions to the constraints of small scale business in Ogbomoso North
Local Government Area?
1.5 Research
Hypotheses
The
following hypotheses are formulated:
H01: There
is no evidence to show that poor planning affects the management of small scale
business.
H02: There is no evidence to prove that lack of financial support
and poor funding can lead to finance of small – scale business.
H03: There is no significant relationship to show that multiple
and high taxes and the management of small scale business.
H04: There is no evidence to show the
solutions to constraints small scale business.
1.6 Significance
of the Study
1
The
findings of this study which enable management of small – scale business to
appreciate better the need for a proper feasibility study and business plan
before starting up a business for easy management.
2
The
study will enable the government, private sector and prospective small- scale
business entrepreneurs to come up with policies that will improve the
management of small – scale business
3
The
study will be of immense help to other people and students who wish to carry
out other research in the field or related field.
1.7 Scope
and Limitation of the Study
The study covers small scale business in Ogbomoso North
local government and their financing challenges within the area. However Ogbomoso
North local government is one of the thirty – three local governments in Oyo
State in the Oyo North senatorial district. The local government comprises of various
small scale which have been the major key to the economic development of the
local government area.
In carrying out this research many factors served as
constraints.
1.
Negative attitude of respondent: - the problem facing the researcher
with the regards to the respondents relates to the non- cooperation and
uncompromising attitude of some respondents is giving out relevant information
or facts. The researcher was able to get the relevant information as the end of
the day.
2.
Time limitation: - time factor constitutes a major
limitation of this research study. It relates to the fact that the time for
this research work.
3.
Funding: - due to high financial involvement
of this project work, the researcher has narrowed the study to10 small scale
business in Ogbomoso North Local Government Area.
1.8 Definition
of Terms
The following are the major definition of research topic:
1.
Challenge: a job, duty or situation that is
difficult because you must use a lot of effort, determination, and skill in
order to be successful. In another way round challenge can be defined or say,
to compete against someone or ask them to prove that they can achieve a
particular goal. Challenge something, for instance, consumers are challenging
manufacturers to adopt greener policies.
2.
Financing: simply means asking any financial
institution (bank, credit union, finance company) or another person to lend you
money that you promise to repay at some point in the future.
3.
Small scale business: it sometime called a small
business. A small scale enterprise is a business that employs a small number of workers and does
not have a high volume of sales such enterprises are generally privately owned
and operated sole proprietorships, corporations or partnerships.
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