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ASSESSMENT OF MANAGEMENT OF SMALL SCALE BUSINESS IN NIGERIA

Format: MS WORD  |  Chapter: 1-5  |  Pages: 84  |  835 Users found this project useful  |  Price NGN3,000

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ASSESSMENT OF MANAGEMENT OF SMALL SCALE BUSINESS IN NIGERIA

 

CHAPTER ONE

INTRODUCTION 

1.1    BACKGROUND TO THE STUDY.   

Advanced countries have found that industrialization through highly complex and sophisticated technology don not create the required impact it is realize that it is the small and medium scale industries that provides the main impetus for national accelerated economic development. In Japan for instance, virtually every home is technically considered a factory. While in the United States, small scale industries employ about 60% of the labour force (NBC1 1995 managing directors address to the Lagos chamber of commercial and industry) thus the world over, the small and medium scale business have become the significance ingredients for economic development in recent time the federal government of Nigeria polices emphasize that setting up of small scale business by private individuals and the expansion of already existing ones. To this end, the government has established the peoples Bank. The Nigerian  Bank for commerce and industries (SSICS) industrial development centres (IDC). National Economic Reconstruction Fund (NER FUND) etc. All these are geared towards encouraging the growth of small scale businesses.

The main issue in this write up is the socio-political development of Aku Community. This btoad issue requires in-depth information on the social economic and political dynamics in Ikolo. To allow a scholarly discuss, I would rather particularlize than generalize the topic in other words, I will deliberate more on ht political development  in Ikolo with much bias on the governing of Ikolo Community Vis-a-sis the decision making processs in Ikolo community. The descendant of Okpara the husband of Umuasi and the founder of Ikolo community Ikolo people have great regards for age consequently, age assumes a sacred status community. Axiomatically, the government of Ikolo is vested with much power that like the parliament in the presidential system is capable of doing anything except turning a woman into a man biologically. Much more than the legislative body however, the Oha is also vested with executive and the judicial functions. It summarily means that the governorship of Ikolo revolves around the Oha Aku. Oha Ikolo: the Oha is the highest legislative organ (assembly ) of the community and as well as the highest adjudicating body. By formation Oha Ikolo is a collection/committee of the elderst men from each of the ten villages that make up Ikolo community. But for Ikolo-Ani and Amauwani villages.

In other words, Ikolo-ani and Amauwani villages have a different modus to the selection of an Oha to represent them. As against the automatic membership of the oldest amn as an Oha belongs to a deity known as the Agbuiyi: it is therefore, the chief priest of the Agbuiyi deity which is from (as the deity is of Ikolo-ani) that become Oha in the same vein Amauwani village produces two member of the council of elders one being automatic at the incidence of being the chief priest of Iyi-uzu the stream god of Ikolo and the second being a member as a result of his being the eldest and in the village numerically therefore, Oha Ikolo is composed of eleven physical persons. Though, the two Ohas of Amauwani are practically not recognized as they have only one share in Ikolo and even amongst the council of elders themselves. The Oha title taking ceremony, during the ceremony, they have two shares because each of them must have performed the ceremony.

1.2    THE STATEMENT OF THE PROBLEM

This study looks into the assessment of management of small-scale businesses in Nigeria. It should be noted that the number of small scale businesses in Nigeria has been on the increase in recent time. This trend of event suggests that in the years to come, the rate of entrepreneurship will rise tremendously. The problems that have provoked the study are:

1. Inability of small-scale business to attract capable and competent anagers.  The difficulties of the small-scale business owners to  loans form financial institutions.

3. Inability of exploit government programmes for assistance. The research is to investigate into the management of these small scale business, with special emphasis on selected enterprises in Enugu so as to sort out these peculiar problems militating against them and to put forward relevant suggestions and recommendation for their solutions. This will in turn help entrepreneurs in the management of their businesses.

1.3    PUROSE OF THE STUDY.

The study is founded on four key purpose:

1. There are no major problem faced by small scale business in Nigeria.

2. The greatest problems faced by entrepreneur are financial and managerial problems.

3. The inability to exploit government programmers to assistance by entrepreneurs affects the growth of small-scale business in Nigeria.

4. The inability of small-scale business owners to secure loans from financial institutions constitutes a major obstacle to the growth of small-scale business in Nigeria.

1.4    THE OBJECTIVES OF THE STUDY.

The objective of the study are:

1. To investigate into the management of small scale business in Nigeria

2. To find out the objectives strategies and responsibilities of small scale business in Nigeria.

3. To make useful suggestions and recommendations which are aimed at providing lasting solutions to their difficulties.

1.5    RESEARCH QUESTIONS.

In carrying out a research of this nature, certain questions are usually raised to help the researcher gather information’s or data necessary for the research work. On this case too, the researcher find it very important to raise the following questions:

A. Does inadequate capital hindered the effective performance of small scale business?

B. Does the managerial skills affect management of small-scale business?

C. Is low demand for product a problem to small scale business.

D. Can inaccessibility to credit facilities affect small-scale business?

1.6  SIGNIFICANCE OF THE STUDY.

The significance of the study is inherent in it objectives which generally assess the management of small scale business in Nigeria the study is significant because it shows how far the small scale businesses in Nigeria has gone since and caption and identified the problems area in small scale business  and profers relevant suggestion and recommendation in solving them. Further more the findings in this study will serve as a guide to entrepreneurs investors and prospective investors in the area of small scale business showing them how to avoid or tackle the difficulties presented in the study to foster indigenous small scale business. Lastly it will give the financial institution is the opportunity of self-appraisal to see if and how they meet the need of the Nations small scale business sector small scale business in the life wire of every Nations economy. How every, this research work, if carried out shall be of immense significance in the following ways.

First and foremost the work will be important and relevant to the federal, state and local government as it intends to unveil the problem and prospects of financing small scale business. This will aid the government to evolve effective and efficient policy decision on small scale business that will start the test of time secondly. The research work will also help the government in effort of industrialization through the small scale business and more income will be generated. Thirdly the work income will also conscientize the institutions which hither to looked at small scale business as being full of risks and therefore, not worthy to receive loans from them to do so without fears. Fourthly, it  will help individuals to pull their resources together through cooperatives to invest into small business as a means to self employment. Finally, small scale business appears to be indispensable especially in the rural areas because they provide the needed goods and services to the rural dwellers, therefore, this study will encourage the rural dwellers to also invest in small scale business to arert overdependence on government for employment.

1.7    SCOPE OF THE STUDY.

This study covers the activities of small –scale business in Enugu state with particular attention paid to Aku local government. Different programmes put in place by government since independence to sustain the growth and survival of small-scale business will be examined the problem encounted suboptimal performsnce of the sub-sector will also be treated.

1.8    DEFINITION OF TERMS.

The definition of the terms is one of the most important part of research because without a clear and common understanding of the essential terms the value of the research may be lost as a result of misunderstanding or confusion arising from their usage, Hence it will not be out of place to define some of this study.

1. Small scale business: according to Baumback (2012) defined a small business as one that is

i.   Actively managed by it owners

ii.  Highly personalized

iii. Largely local in its area of operations

iv. Of relatively small size within the industry and

v.  Largely depend on internal sources of capital to finance its growth.

According to small business administration (SBA) defined a small-scale as one that meet the following standards: Retail or services- annual sale or receive from one million to five million depending on the industries construction annual sale or receipt of more than 85 million average over a three year period manufacturing from 250 to 1,5000 employees depending on the industries.

2.   Management: according to Stoner  Etal (2015) is a systematic way of doing things, management is therefore the process of planning, organizing, leading and controlling the work of organization members of using all available organizational resources to reach standard organization goals. In other words management according to Ivancevich Lorenzi and Skinneer (2014) state that is a process involving certain functions and work activities that management must achieve business goals.

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