PROBLEMS AND PROSPECTS OF SMALL SCALE BUSINESS IN NIGERIA

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PROBLEMS AND PROSPECTS OF SMALL SCALE BUSINESS IN NIGERIA

(A case study of small businesses in Sabon Gari, Zaria)

ABSTRACT

This project title “Problems and Prospect of Small Scale Business in Nigeria” (a case study of small businesses in Sabon Gari, Zaria) is geared towards the evaluation of the problems and prospect of small scale business in Nigeria, it views and the difficulties involved in carrying out such task. This project is divided into five chapters, the first chapter comprise of introduction and historical background of case the study. The second chapter comprises the meaning of small scale business, purpose of small scale business, benefits of small scale business in the Nigeria economy, strategies for survival of small scale business and prospect of small scale business. The third chapter comprise of how the data is collected and the sample size. The fourth chapter comprises of data presentation and analysis and test of hypothesis. The final chapter is the conclusion of the study. Also appropriate recommendations were made as to how to have an effective solution to the problems of small scale business. This is an intellectual work and like all other intellectual work did draw a final conclusion. 

CHAPTER ONE

INTRODUCTION

1.0   INTRODUCTION

The essence of economic development in any country is influenced by the volume of economic activities within that country. Economic activities are generally undertaken by business organizations that operate within that country and this business organization can be generally categorized into large and small scale business organization.

The large scale businesses in Nigeria are characterized by huge amount of capital investment, skilled and often expatriate controlled management and ownership structure. Small scale business on the other hand, is often indigenous, low in capital investment and usually one man dominated.

Despite this, large scale business are the main engine of growth in the country, their performance is generally influenced by performance of much smaller firm.

1.2   BACKGROUND OF THE CASE STUDY

The healthy functioning of small scale business is of paramount importance in an economy of any country because they generate employment opportunities and make individual self-reliance. Some economic activities are more especially handled by small-scale businesses which enable them to contribute to the success of large scale business. In the area of product distribution only a few manufacturers of consumer goods find it desirable to own all of their wholesale and retail outlets.

Small scale businesses are known to purchase raw materials, equipment and supplies from the large concern. Thus, creating market for the large scale enterprises, for example, chattered accountants, auditors, lawyers who either operates as individual or small firm provide valuable service to the large firm.

However small scale businesses, especially sole proprietorship, in developing countries is progressively becoming significant this is for the economic well-being of our nation which must be developed for industrialization and ultimate consumption. The impact of small scale manufacturing sector has been significant for economic development of our nations.

Small scale business enterprises could be used in developing countries as ready tool for the implementation of its economic and social objectives such as:

1. Generate substantial employment opportunities for the unemployed youths at much more lower cost in the term of capital employed as compared with large scale industries.
2. Mobilized available untapped local resources of raw material and skills.
3. Stimulate growth of indigenous entrepreneurship.
4. Individual dispersal to rural area thereby helping to reduce the incidence of rural-urban migration with its disturbing social-economic and political implementations.
5. Provide Effective Avenue for import substitution thereby saving much needed foreign exchange.
6. Lead to disposal of uncomplicated technology for easy acquisition and understanding by the predominantly semi-socio economic situation.

1.3   STATEMENT OF THE PROBLEM

The role and contribution of small scale enterprises to the economic growth of Nigeria cannot be over emphasized in the context of development and reliance, despite the importance of small scale businesses but mighty enterprises inhibiting it from its functions efficiently and effectively.

Following the many observations of professionals made on rate of business discontinuance in Nigeria, one can agree that lack of finance; managerial skills and incompetence have been the major problem of small scale business in Nigeria today.

Although government and business owners are now putting more effort in the provision of adequate capital, efficient and effective managerial skills of small scale enterprises through bank and employment agencies such as National Directorate of Employment (NDE) respectively. Much is still desired from the availability, procedures and conditions obtaining the finance and good managerial skills.

This research work recognized the finance and managerial manpower in small scale business enterprises can help boast their moral, rules towards the socio-economic and political sector of the country.

1.4   OBJECTIVE OF THE STUDY

The need for this study need not to be overemphasized because of the importance of the topic under study, a cot of research work has been done over a period of time on the problems and prospects of small scale businesses.

The aim of this research work focus attention on the ways and means of overcoming the obstacles that hinder the success and growth of small scale businesses in Nigeria.

1. To examine the problems of managing small scale businesses.
2. To identify the factors that affect the growth of these businesses.
3. To find ways of solving these problems so as to improve the economy growth of the nation.
4. To find out the problems and prospects of small scale businesses in some selected small scale businesses in area of Sabon Gari, Zaria.

1.5   SIGNIFICANCE OF THE STUDY

The significance of this research work is to solve most problems of small scale businesses in Nigeria. This is done by identifying the problems, analyze them and try to find lasting solution to the problems.

Finally, it ensures proper formulation of policies. This is based upon analysis of the problems and policies formulated for effective and efficient running of the business.

1.6   RESEARCH METHODOLOGY

Research connotes the systematic and objective investigation of the subject or problems in order to discover relevant information about such a problem.

In this study, the researcher uses two basic research method to collect the data required. These are primary and secondary data collection and information.

1. Primary data were gathered through the use of questionnaire, interview and observation method.
2. Secondary data was collected from relevant books in the libraries, published materials, journals, etc.

1.7   RESEARCH QUESTIONS

A research question on problems and prospect of small scale businesses in Nigeria is designed as follows:

1. What is the type of business ownership?
2. What is the nature of business?
3. What category of manpower is employed?
4. What are the sources of financial or capital of the business?
5. Are you statistical with the requirement of banks for granting loans?
6. How do you based you’re your business plan?
7. Do you have problem of staffing?
8. How often do you arrange for training and development of your workers and what are the methods used?
9. Do you motivate your workers and what are the methods used?
10. Do you always meet up with the demand of your customers?
11. Do your technical and managerial competences determine the levels of your business success?
12. Does government rules and regulation affect the operation of your business?
13. What in your opinion are some of the problems affecting your business?
14. What do you think can be done to overcome some of these problems?

1.8   RESEARCH HYPOTHESIS

To conclude in any research work, there is the need to make certain statement that will be subjected to scientific testing. The result will either be accepted or rejected.

It is on the basis of this result that findings of the essay would be established for this work, the following hypothesis are raised;

H_o:   The inability of small scale enterprises to raise and utilize fund is not a major contribution to their failure.

H_i:    The inability of small scale enterprises to raise and utilize fund is a major contribution to their failure.

1.9   SCOPE OF THE STUDY

This research work will help students and researchers to have in depth knowledge of what small scale business is all about. Attention will be paid in studying the problems of some small scale businesses and prospects of overcoming these problems in the future.

Finally, this research work shall be a breeding ground for any person who is interested in carrying out similar research.

1.10 LIMITATION OF THE STUDY

In undertaking a research work, one is bound to face some limitations. Firstly, this research is strictly for academic purpose and the researcher limit his work to the data available.

Secondly, there is need for the researcher to examine a large number of businesses across the country and across to cover a wide geographical area in depth and detail taking into consideration the limitation imposed by time, energy and financial resources for moving from one part of the country to another.

Therefore, this study is limited within the area of Zaria town, particularly, Sabon Gari Local Government Area of Kaduna State.

1.11 DEFINITION OF RELEVANT TERMS 

SMALL SCALE BUSINESS

The federal ministry of industry (1912) defines a small scale business as one with total investment not exceeding N60.00 and employing not more than 50 persons.

Small scale business is a business authorized and issued share capital of N100,000 with a staff strength of 45 governing an area of about 1 hectar of land.

Small scale business is a business that is managed by its owner or owners in a personalized way that output any formalized management structure.

Small scale business is also a business that employs a small number of worker and does not have a high volume of sales.

PROSPECTS

This is the possibility or likelihood of some future event occurring. It is also the possibility that small scale business will grow.

SABON GARI ZARIA

Sabon Gari is a town and Local Government Area of Kaduna State. Its headquarters are in the town of Sabon Gari.

REFERENCE

Adekanya F. (1990); Survival option of small scale businesses in Nigeria.

Kolasa B. (1972); Responsibility in businesses issue and problems.

Osuala E.C. (1987); Introduction to research methodology.

 SOLD BY: Excellent Project| ATTRIBUTES: Title, Abstract, Chapter 1-5 and Appendices|FORMAT: Microsoft Word| PRICE: N3000| BUY NOW |DELIVERY TIME: Within 24hrs. For more details Chatt with us on WHATSAPP @ https://wa.me/2348055730284