ABSTRACT
This project examined the Survival of Small Scale
Business in the Development of Nigeria economy. It accessed the opinion of some
randomly selected staff of Oarie Equipment Service Nig Ltd. The study was
carried out through the use of questionnaire, observations and interviews of
personnel. The aim is to find out some of the factors that hinder the survival
of small scale business in Nigeria. A review of related literature examined the
concept. One hundred and thirty (130) staffs were used as sample in the company
under study. Three hypothesis were formulated from the analysis of data,
problems that hinders the survival of small scale business identified. In view
of these problems, the following recommendations are made among others. The
proprietors of small scale business should grant the importation of inevitable
raw materials duty free in order to reduce high cost of production. The
proprietor of small scale business of local and international bodies should
assist small scale business to grow, reduce and maintain proper financial
record keeping.
TABLE OF CONTENTS
Title
Page i
Certification
ii
Dedication
iii
Acknowledgements iv
Abstract
vi
Table
of Contents vii
CHAPTER ONE:
INTRODUCTION 1
1.1 Background to the Study 1
1.2 Statement of the Problem 2
1.3 Research Hypothesis 4
1.4 Purpose of the Study 4
1.5 Scope
of the Study 5
1.6 Significance of the Study 6
1.7 Limitation of the Study 7
CHAPTER TWO: LITERAURE REVIEW 8
2.1 Definition of Small Scale Business 8
2.2 Characteristics of Small Scale Business 9
2.3 Importance of Small Scale Business
Development in Nigeria 10
2.4 Planning the Business Ventures 12
2.5 Financing the New Business Venture 16
2.6 Problems Hindering the Survival of Small
Scale Business in Etsako West Local Government 24
2.7 Government Assistance to small scale business
27
2.8 Future prospect of small scale business in
Etsako West Local Government 30
CHAPTER
THREE: RESEARCH METHODOLOGY 32
3.1 Introduction 32
3.2 Research Deign 32
3.3 Population of the Study 32
3.4 Sampling Procedure 33
3.5 Method of Data Collection 34
3.6 Method of Data Analysis 35
CHAPTER
FOUR: DATA ANALYSIS AND INTERPRETATION 36
4.1 Presentation of Data 36
4.2 Data Analysis 37
4.3 Data Interpretation 45
CHAPTER
FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS 51
5.1 Summary 51
5.2 Conclusion
52
5.3 Recommendations 52
References 55
Appendix I 56
Appendix II 57
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Business
is defined as all the commercial and individual activities that provide goods
and services to maintain and improve our quality of life. Small scale business
in Nigeria was not pronounced until the emergence of the white men. Until
recently the concept of small scale business was taking seriously in Nigeria
due to the fact that most people depended on working in the offices after
graduating from school.
Small
scale businesses are known to be a major tool for rural industrialization and
equitable distribution of income. It also serves as a “nursing bed” for
entrepreneurial growth, development and maturity. Note that one factor that has
been identified as militating against rapid industrialization of Nigeria, is
poor supply of management talent and professionalism. Small scale business also
plays a very crucial role in the generation of employment because most of the
firms are labour intensive. Small scale industries contribute towards a more
equitable distribution towards a more equitable distribution of income in the
economy through the provision of livelihood and low cost goods and services
which satisfies the demand or need of low income consumers.
It
has observed that many Nigeria, especially the younger generation; do not have
a favourable disposition towards setting up a small scale. business. Instance
where some people manage to set up small scale businesses, we set the turn-over
of the business is very high. This project therefore is an attempt to look more
closely at small scale business in Nigeria, their problems and prospect.
1.2
STATEMENT
OF THE PROBLEM
Following
the down of global economic situation, the nation (Nigeria) and Etsako West
Local Government in particular, men have began to have a rethink of what they
can do. Successive government emphasized and encouraged self reliance for
economic survival. This is why the government has been making efforts to
encourage the establishments and growth of small scale businesses in the
country.
In
view of this, the federal government of Nigeria established the industrial
development centre. This was fashioned out to render extension service to the
small scale business sector through the Nigeria bank for commerce and industry
(NBC).
Despite
their effort, the problem of survival still threatens the small scale business.
A number of problems hinder the survival of small scale business. The
researcher in order to find out how this small scale business would survive,
decide to carry out an inquiring to this regard.
i.
On availability of entrepreneurial skill
hinder the survival of small scale business.
ii.
Limited capital needed also to render or
hinder the survival of small scale business?
iii.
The market available also affects
survival of small scale business.
1.3 RESEARCH HYPOTHESIS
The
following hypothesis drawn from this research work:
Ho: The
survival of small scale business operation is not traceable to lack of positive
business attitude.
Hi: The
survival of small scale business operation traceable to lack of positive
business attitude.
Ho: Lack
of financial record keeping does not affect proper accounting and survival of
small scale business.
Ho:
Lack of financial record keeping affect proper accounting and survival of small
scale business.
Ho: Competition
from foreign products does not hinder the survival of small scale business.
Hi:
Competition from foreign products hinder the survival of small scale business.
1.4 PURPOSE OF THE STUDY
This
research aims at taking a critical look of the survival of small scale business
in Etsako West Local Government, so as to ascertain following.
i. Small scale business can survive even in
an epileptic economy like the Nigeria economy.
ii. Whatever with adequate feasibility study, a
wider market can be explored.
iii. Small scale business play an important role in
the development of Nigeria economy.
iv. What are the factors preventing the survival
of small scale business.
v. Government assistance of small scale
business in Nigeria.
vi. Analyzing the future prospects of small
scale business in Nigeria.
1.5 SCOPE
OF THE STUDY
This
research is aimed at studying small scale business ownership and it is operated
by individuals in Nigeria. The entrepreneurs may decide to run the business
themselves or appoint manager and few staffs to help in managing the business.
The
focus of this study is limited to a selected small business enterprise in
Etsako West Local Government Edo State.
1.6 SIGNIFICANCE OF THE STUDY
The
research study will be of great importance to the enterprise under study in
terms of knowing their growth and management deficiency of their survival.
This
study will also be useful to students and researcher of small scale business
particularly in the area of analyzing the problems and prospects of small scale
business, it will enable them to know why some small scale business survive and
other fail.
Furthermore,
this research will be useful to my entire nation, because it will enable small
scale business owners to evaluate their business whether their standard of
performance is up to standard of performance is up to standard or not.
Another
significance of this study is that it will provide the basis for further
research work which will lead to a better basis for effective economic
development and growth.
1.7 LIMITATION OF THE STUDY
The
following factors militates this research work:
1. Hospitality and inadequate co-operation of
respondents: The owners and managers of the business enterprises finds it
difficult in releasing the information needed for this research work. Each time
the researcher visits their shops, she is told by the managers to call again
for the fact that he is buys and cannot attend to her now or that he is
traveling
2. The accuracy and reliability of data of
information supplied by the employers and staffs of the enterprise to the
researcher could be independently verified.
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