The Effect of Economic Recession on Entrepreneurial Activities: A Case Study of Furniture Makers in Nasarawa State
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- NGN 5000
Background of the Study
Economic recessions are periods of negative growth that lead to decreased demand for goods and services, increased unemployment, and heightened uncertainty. For entrepreneurs, particularly those in manufacturing sectors like furniture production, recessions can severely disrupt business operations. The furniture manufacturing industry in Nasarawa State, which relies on the steady demand for household and office furniture, faces unique challenges during economic downturns. During recessions, consumers often cut back on discretionary spending, affecting the sales of non-essential goods like furniture. Entrepreneurs in this sector must navigate these challenges while trying to maintain profitability and growth (Adebayo & Bello, 2023).
This study investigates the effects of economic recession on entrepreneurial activities, focusing on furniture makers in Nasarawa State. It aims to explore how recessions affect the business strategies, financial performance, and survival of small and medium furniture manufacturing businesses.
Statement of the Problem
The impact of economic recessions on entrepreneurship, particularly in the furniture manufacturing sector, is a significant concern. Furniture makers in Nasarawa State have experienced reduced sales and increased operational costs during recessions, which affect their ability to sustain operations. However, the specific effects of economic downturns on these entrepreneurs have not been comprehensively studied.
Objectives of the Study
- To assess the impact of economic recession on the business performance of furniture makers in Nasarawa State.
- To analyze the strategies employed by furniture makers to cope with the challenges posed by economic recessions.
- To recommend measures that can help furniture makers survive and thrive during economic downturns.
Research Questions
- How does economic recession affect the entrepreneurial activities of furniture makers in Nasarawa State?
- What strategies do furniture makers use to cope with the effects of an economic recession?
- What measures can be taken to help furniture makers survive and thrive during periods of economic recession?
Research Hypotheses
- H0: Economic recession does not significantly affect the entrepreneurial activities of furniture makers in Nasarawa State.
- H0: Strategies to cope with economic recession do not significantly improve the business performance of furniture makers.
- H0: Measures to mitigate the effects of an economic recession do not significantly enhance the survival of furniture makers.
Scope and Limitations of the Study
This study focuses on furniture makers in Nasarawa State and evaluates how economic recessions affect their business activities. Limitations include the variability in the size and resources of different furniture businesses, which may influence their resilience during economic recessions.
Definitions of Terms
- Economic Recession: A period of economic decline characterized by a decrease in the GDP, rising unemployment, and lower consumer spending.
- Entrepreneurial Activities: The actions taken by entrepreneurs to start, operate, and grow a business.
- Furniture Makers: Entrepreneurs or businesses involved in the production and sale of furniture, including residential and office pieces.
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