SMALL SCALE ENTERPRISES AND SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA
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ABSTRACT
This study was carried out to examine small scale enterprises and socio-economic development in Nigeria. Specifically, the study examined lack of management skill in the areas of finance affects the effectiveness of small scale enterprise, lack of planning affects the efficiency of small scale enterprise, lack of marketing strategies affects small scale enterprises and socio-cultural inadequacies affects the success of small scale enterprises. The study employed the survey descriptive research design. A total of 259 responses were validated from the survey. The study adopted the classical theory and the modern theory meaningful learning theory and the self-efficacy theory. From the responses obtained and analysed, the findings revealed that lack of management skills in the area of finance affect the effectiveness of small scale enterprises. Furthermore, the extent that lack of planning affect the efficiency of small scale enterprises is very high. Additionally, the study revealed that the marketing strategies which could be employed to aid small scale business include earned Media/PR, content marketing, partner marketing, affiliate programs and referral marketing. The study recommend there is the need for the Nigerian government to put in place new policy guidelines aimed at making the acquisition of funds easier for the entrepreneurs of small scale businesses. More so, entrepreneurs should aim as giving some basic skills training to the unskilled and semi- skilled people engaged to work for them so that they can contribute more positively to the work of the enterprise.
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