AN ASSESSMENT OF SMALL-SCALE ENTERPRISE AND GROWTH OF THE SOCIETY
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background of the Study
It is impossible to overstate the value of small businesses, particularly in emerging nations like Nigeria. Worldwide, small firms are recognized as catalysts for socioeconomic growth because they promote entrepreneurship, innovation, and the efficient use of resources like raw materials. They also aid in balancing the socioeconomic infrastructure of rural and urban regions and industrial growth. Additionally, small-scale businesses generate significant employment prospects at cheap capital costs and, because to their resilience and flexibility, are better able to respond to unforeseen changes in the economic and financial situations.
In agreement with the aforementioned stance, Okonkwo (2021) argued that Nigeria's industrial future is critically dependent on the twin pillars of a stable macroeconomic environment and a vibrant and dynamic small-business sector, both of which are built on an active partnership between the public and private sectors. However, significant issues have hindered small-scale businesses' ability to make these admirable contributions to society. Some of them are plain to see, while others are too subdued to be seen. They slowly eat away at the fundamental base of small-scale companies, like cankerworms, bringing about an unavoidable catastrophe.
According to Onuoha (2020), a small-scale firm is any manufacturing, processing, or service sector with a capital investment of up to N150,000.00 (one hundred and fifty thousand naira only) for the production of one piece of equipment. According to Obi (2018), a small company is one that is independently owned, run, and does not command a significant market share.
Many small company owners are in such a rush that they neglect administrative tasks including staffing, coordinating, planning, organizing, and regulating. According to Okechukwu (2019), an individual running a company on their own has a greater chance of success if they are aware of the challenges and opportunities present. However, many owners of small firms start out in the industry simply because another individual has found success in the same field.
Redibough and New Dyde (2022) noted that every new company endeavor starts with the concept to make a product(s), provide a service, or sell a product or service that already exists. According to Drucker (2021), the foundation of the management process and the secret to expansion, success, and survival for managers of small businesses is basic and planning. A business plan simplifies company operations by stating what must be done, how it must be done, by whom it must be done, and what resources must be accessible or not.
This study aims to explore the function of small enterprises in the development of society in light of the strategic relevance of this type of company. Using a case study of certain businesses in the Abak Local Government. Five chapters make up the book. The basic introduction subject in Chapter 1 covers the introduction, problem statement, and goals. Review of relevant literature is covered in Chapter 2's "literature review" section.
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