ABSTRACT
This topic analyzed the impact of small scale business in national economic growth and development in the country. It also paid attention to the founding of these enterprises. Where as failure of the large scale import department assembly to propel the country into a satisfactory course of industrialization, necessitate the demagnification of strategy of enhancing the production of small scale enterprises, the achievement under the new strategy has not been adequate with expectations of the stated objectives which were economic growth and development mobilizes the available local resources, employment generation and industrial dispersal as well as mitigation of rural migration. This paper indentified this lack of list achievement with problems associated with several inadequate of financial resources as well as infrastructural deficiencies. Chapter one contains a general discussion of the contribution of small scale business to economic growth and development as seen by different people. It went further to state the problem to be studied and why this study was carried out, the scope and research questions. A number of past related literature examined by other studies as it relates to the impact of small scale business in Nigeria are highlighted in chapter two. Chapter three deals with the design of the study, the methods used in collecting relevant data. It also deals with the way the questionnaires were distributed and the treatment of data and statistical techniques used. The data got from the research survey were analyzed and interpreted. Finally, the summary of findings, conclusions in the research and recommendation made by the researchers. If small scale business will put the recommendation on how to achieve economic growth and development to use, such as increasing availability of credit, by raising interest rate ceiling and permitting a “spread” that makes it worthwhile for banks to lend to small scale business or by increasing the number of investment etc. problems of small scale business will be a thing of the past.
TABLE OF CONTENTS
Cover page – – – – – – – – – – – i
Approval page – – – – – – – – – – – – ii
Dedication – – – – – – – – – – – – – – iii
Acknowledgment – – – – – – – – – – – iv
Abstract – – – – – – – – – – – – v
Table of contents – – – – – – – – – vi
Chapter One
- Introduction 1
1.1 Background of the study 2
1.2 Statement of the problem 7
1.3 Objective of the study 7
1.4 Research question 9
1.5 Scope of the study 10
1.6 Significance of the study 10
References
Chapter Two
- Literature review 12
2.1 Nature and the scope of small scale business 12
2.2 The role of small scale business in economic growth 15
2.3 Starting a small business 20
2.4 The economic imperative of small business development in Nigeria 22
2.5 Importance of small business enterprises. 26
2.6 Advantages of small scale business. 27
2.7 Advantages of self employment 29
2.8 History of Ezinne bakery. 30
References
Chapter Three
- Research design and methodology 32
3.1 Population of the study 33
3.2 Sample size 34
3.4 Questionnaire design 35
3.5 Data presentation 35
3.6 Summary of finding 43
3.7 Recommendation 43
3.8 Conclusion 44
REFERNCES
Appendix 1
Department of Business
Administration and Management
School of business studies institute of
Management and technology
Enugu, Enugu State
Date: 2nd October, 2013
Dear Sir,
Questionnaire
We are final year students of the above mentioned polytechnic conducting a research on the above topic in partial fulfillment of the conditions for the award of ND in Business Administration and Management.
Please answer the questions as honesty as possible as all information supplied would be treated in full confidence. The questionnaires is purely for academic purpose.
Moreso, you are not required to disclose your identity. Thanks in anticipation for your cooperation.
Yours students
Reg No 96-100
Appendix II
Questionnaire
Instruction: Please tick to the chosen answer in the box provided.
- Sex
Male
Female
- Age
18-25years
26-32years
33-40years
41-47years
48-57years
- Marital Status
Single
Married
Question
- How does small scale business provide opportunities for individual freedom, economic growth and development?
- Through mechanized equipment
- Training of staff
- Transport facilities of goods
- All of the above
- To what extent does small scale business help in mobilization and optimum utilization of exploited resources of the country?
- To a very significant extent
- To a significant extent
- To an extent
- To no extent at all
- How does small scale business help to reduce the scarcity of goods or service?
- Advertising
- Marketing
- None of the above
- All of the above
- To what extent does small scale business help in reducing the rate of scarcity of product in the country?
- Infrastructure
- Competition
- Lack of management
- Faulty location
- None
CHAPTER ONE
- INTRODUCTION
This topic analyzed the impact of small scale business to national economic growth and development in the country. It also paid attention to the finding of these enterprises.
Chapter one contains a general discussion of the contribution of small scale business to economic growth and development as seen by different people. It went further to state the problem to be studied and why this study was carried out, the scope and research questions. A number of past related literature examined by other studies as it related to the impact of small scale business in Nigeria are highlighted in chapter two.
Chapter three deals with the design of the study, the method used in collecting relevant data. It also deals with the way the questionnaire were distributed and the treatment of data and statistical techniques used. The data got from the research survey were analyzed and interpreted. Finally the summary of finding, conclusion in the research and recommendation made by the researcher.
1.1 BACKGROUND OF THE STUDY.
The impact of small scale business in fostering economic growth and development has been well articulated in different areas of the study.
The specific attention on them is based on their expected impact and potential contribution on board and diversified production base, as well as their acceleration effect in achieving macro objectives, pertaining to full employment, income distribution and the development of local technology.
They are particularly most conducive for diffusion of management skills and emulation of indigenous entrepreneurship overtime. (Ani, et al. 2000
Small scale provides financial opportunities and a chance to develop wealth. It is a place where creative, motivated individuals can use their talents and expertise to the fullest because it provides satisfying careers and job opportunities. Also it is the back bone of the market economy of the world. Most big businesses started as an entrepreneur (small business), who at first earns little or no profit. It was the new idea of small business that brought about Ekene Dilichukwu Transport, the Fanmilk, Nnewi “Tokumbo” parts and even the many commercial banks in Nigeria.
Small business is the basis for the economic well being of many developed Nations, including U.S.A/Japan. (Ezeh:1999)
The unemployment situation in the country coupled with the new government instinct towards easing social tensions among unemployed youths through the programme of the National Directorate of Employment (NDE) are intended to lure a lot of unemployed Nigerians including graduates into self determination through self employment. Graduates and school leavers are now realizing that government and the established private companies are not ready to come to their aid directly through paid employment due to dwindling state of the economy. Short of the alternatives, Nigerians including our graduates are therefore launching themselves into various small scale business ventures, such as soap and cosmetics production, restaurant, fast food, publishing, writing, baking, advertising and other small business venture which depends mostly on local raw materials.
The determination to succeed is also fast becoming the order of the day among Nigeria youths.
Government has been playing appreciative role in promoting the survival and growth of small scale enterprise in recognition of their flexible and adaptive nature as well as their re-generative power in promoting economic growth and development. Government also encourages people to establish their own small business so as to reduce the problem of unemployment in the country and also reduce the problem of importation of goods, more so, to produce exportable goods ( Agbo:2002)
Government in believing that a dynamic and growing small manufacturing sub-sector can contribute significantly to the implementation of a wide range development has thus enunciated various policies to encourage their proliferation and make them veritable engines of growth and development. The basic activities of government policies as maintained in the monetary and fiscal policy measures, are to improve the financing and other supportive services of small scale businesses by expanding and improving access to credit and infrastructural facilities reducing their production costs, boosting their profitability, enhancing their survival and growth capacities as well as expanding their contributions to non-oil exports by making their products competitive in the export market. (Lawa;1991).
Hardly could any major industry succeed without the services of small business enterprises. The major goals of any profit oriented business is to make profit. Therefore, small scale business, bakeries would produce what the customers want and by so doing, they maximize profit and only bakeries that are effective and efficient can satisfy customer’s needs.
In reality, it is possible to run business without profit for a time, but it is not possible to survive in business without customers. Customers are the central theme of any business, without a total commitment to them, the impact to economic growth and development will have limited and brief effects.
1.2 STATEMENT OF THE PROBLEM
These days it is very difficult for government to employ all graduates into paid employment. This has made the rate of unemployment and crime to be on the increase in Nigeria. Based on this, there is a wide cry for government and individuals to partner with a view to curb this problem of unemployment and crime rate. This is so because these developments have hampered both the economic growth and development of the country. In view of the above it has become pertinent to look into the impacts of small scale business in the economic growth and development of Nigeria.
1.3 OBJECTIVE OF THE STUDY
The importance of small scale business in the promotion of economic growth and development has always been at the forefront of development strategies by various governments in Nigeria.
However, many developing countries have failed to adopt this strategy owing to their belief that it is a relatively slow process of industrialization which may not be very compatible with their desire to catch up with the industrialized countries. The strategy of individualization often requires continuous dependence on major supplies overseas for the provision of raw materials and spare parts needed for uninterrupted production in these industries.
Therefore the aim of this study is to know:-
- Whether small scale business provides opportunities for individual freedom, economic growth and development.
- To find out if small scale business helps in mobilization and optimum utilization of unexploited resources of the country.
- Whether small scale business helps in reducing the rate of scarcity of product in the country.
- To know whether small scale business helps in removing economic backwardness of rural areas.
1.4 RESEARCH QUESTION
- How does small scale business provide opportunities for individual freedom, economic growth and development?
- To what extent does small scale business help in mobilization and optimum utilization of exploited resources of the country?
- How does small scale business help to reduce the scarcity of goods or service?
- To what extent does small scale business help in reducing the rate of scarcity of product in the country?
1.5 SCOPE OF THE STUDY
The study is therefore limited to bakery industries in Enugu Urban because of time and material resources to see to the whole state.
1.6 SIGNIFICANT OF THE STUDY
This study will be beneficial to bakery owners, business managers, consumers of bakery products and students of business. It will also serve as a source of reference for further research on related topics.
REFERENCE
Agbo, G.O (2002) Small Scale Business Management Enugu, IYICE Venture Production.
Ani, B.N, Agbo, G. Nwandu (2002) Small Business Entrepreneurship, Enugu NERCE Publication.
Ezeh, J.A (1999) Fundamentals of Small Business Management, Enugu Glanic Venture.
Lawal, O.A (1991) Success in Economic West African Edition, African University Press in Nigeria.
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