SMALL SCALE BUSINESS ENTERPRISES IN NASARAWA STATE PROBLEMS AND PROSPECTS

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SMALL SCALE BUSINESS ENTERPRISES IN NASARAWA STATE PROBLEMS AND PROSPECTS

(A case study of Lafia LGC)

ABSTRACT

The study examines “Small Scale Business Enterprises in Nasarawa State Problems and Prospects” Lafia LGC as a case study. the study is a survey research. The main instrument for data collection is the survey questionnaires. The sample percentage method was applied for data analysis. Major findings of this investigation includes: government support to small scale enterprises in Nasarawa State. It also used many view to analyze the data in tabular form and test the hypothesis. In carrying out the research, the researcher made a lot of findings and based on the findings, recommendation on the best way to solve the outstanding problems of the company was suggested.

CHAPTER ONE

1.1   INTRODUCTION

The definition usually advanced all over the world is based on an arbitrary mix. The local condition and relative factors are also taken into consideration. Numerous definitions of small-scale business exist in the world and they vary from country within and between continents. There is no agreement in Nigeria and elsewhere as to what constitutes a small scale business, any business entity with annual revenue of less than one million. This group includes the majority of privately owned enterprises, in Nigeria, such a sole trader partnership co-operations society and private liability enterprise.in a small scale business enterprise capital is provided by the owner or group of individuals who formed the business and management of the business is solely carried out by them. The profit and losses of the business are borne by the owner or group. These type of business enterprises are very predominant in Nasarawa state and Nigeria at large, the main objective of which is to maximize profit.

The development and promotion of small-scale business enterprise would generate employment opportunity. Small-scale business can be in the following areas. Bakery, cloth drying, leather work, painting, tailoring, watch repairing, vehicle repairing, barbing etc. The structure of business ownership is of concern to government in terms of policy formulation either to encourage or discourage such sectors.

1.2   BACKGROUND OF THE STUDY

Lafia local government area isLocated at the southern part of the state, it is also one of the old LGA. That has been in existence since Native authority days. The local government area share boundaries with Nasarawa-Eggon, Kokona, Quan-pan, Obi and Doma LGA. Has a population 20,500 people by the 1991 populatoion census. Its major twons include Lafia, Assaku, Barikinabdulahi, kwandere, Adogi, Shabu,Arikya, Agyaragutofa, fadama Bauna, Akura and Ashige. Agriculture is the mainstay of the economy major food and cash crops produced are yam, rice, maize, sorghum, millet, and cassava, fruit cross such as guava, cashew, citrus and mangoes are grown in large and commercial quantities.

1.3   STATEMENT OF THE PROBLEM

Most businessmen want to be the sole owner of their own business, but how will they do it what about own profitable control?

Some have the capital to establish small business enterprises but they lack entrepreneurial ability and modern business technical knowledge.       

Some of the problems hindering the development of small business enterprises are lack of managerial ability, sufficient capital equipment and machines.

1. Transport: When transport is expensive, improvement in communication will reduce the emphasis attaches to the establishment business.
2. Efficiency control: It is the talk of increasing the efficient of such market activities as personal selling, advertising sale promotion and distribution also another problem but the manager certain key ratio that indicate how efficiently these functions are being performed.

1.4   OBJECTIVE OF THE STUDY

a.  To identify the problems that hinders the establishment of small business enterprises in Lafia local government area.

b.  To diagnose the factors affecting the effective contribution to the desired rapid growth of the business enterprise.

c.  To examine those problems and suggest possible measures to be taken in an attempt to solve them.

d.  To provide small scale businessmen with better access to source of modern technical and managerial knowledge and source of finance.

e.  Also to inform the businessmen and women the importance of keeping records of their business transact.

1.5   STATEMENT OF THE HYPOTHESIS

H_i:    Small business enterprises do not greet face problems of financial and credit facilities when establishing or running their business.

H_o:   Most businessmen do manufacture their own products locally made machine and equipment.

1.6   SIGNIFICANCE OF THE STUDY

The study will be of immense significance in the sense that it will enlighten the public (potential and actual small-scale businessmen and women) on ways and manners of establishing such business, how to raise funds and manage the business for long lasting and profitability reason.  

1.7   SCOPE AND LIMITATION

Due to the fact that small scale business in Lafia are numerous, it will almost be impossible to analyze each concisely.

This research covers the problems and prospects of small scale business in Lafia, there are limitations in the area of information used in research. The small-scale owners refuse to release some information that are much more elaborate and reliable because of the unattainable financial demand of this research work the researcher cannot effectively and efficiently carryout the work as may be required. Another limitation was time factor. The time given for this project assignment was quite inadequate for extensive coverage.

1.8   DEFINITION OF TERMS

i.   Small business enterprise: Is business entity with annual revenue of less than one million depending upon its size.

ii.   Business: Human organization that consist of social nature with co-operative effort working in different section of the business with the sole aim of making profit.

1. Financial statement: Embraces the balance sheet statement the trader to know the result of business and financial position the sources and used of capital.
2. Sales promotion: The effort to advertising to increase sale by creating or expanding the demand for product e.g. display, samples temporary, reduction in price, offering trading stamps etc.
3. Strategies: Is the determination of the basic goals and short terms goals and adoption of courses of action the allocation of resources necessary to carry out these goals.

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