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THE PROBLEMS AND GROWTH
OF SMALL SCALE BUSINESS ORGANISATION
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Small scale business or enterprise in Nigeria refers to small
firms owned and operated by a special group of people who see business
ownership and operation as answer to the Nigeria dream of self determination.
These people take the risks put in time and effort, and if successful, reap the
reward of profit which is the goals of any business.
These owners and operators are increasing in number, which
makes them very important to the market system of Nigeria economy. Today, small
businesses are the heart of that market economy with their buying and selling
of product and services. Small business or firm in Nigeria, have been established
to do just about any kind of business imaginable to manufacture and distribute
goods to sell them at retail and, of course to provide all kinds of needed
services. Some serves only the local community, while others function in
national and international markets.
However, large firms are dependent upon small firms mass
production industries could not distribute their goods and services without the
hundreds of small firms which do that job. It has been estimate that an average
of 500 suppliers and 300 retailers supports every major manufacturing firm in
the country (Clifford, M. Baumbae, 1992:7).
Consequently, in Nigeria, one might wonder that where to draw
the line between a small business and medium size of business. The Central Bank
for purpose of making loan to small scale enterprises defines themes those with
annual turnover not exceeding N10 million. However, the definition of small
business varies from nation to nation and is made in relation to the level of
development achieved by each country many reference periods. Their significance
in the national economy is tremendous. According to the report of the
organization for Economic Co-operative and Development (ECD) in pairs covering
sixteen (16) countries, small enterprises or small firms with less than 50
employees account for 90% of the total
antinational work force this is noticeable in Australia, Belgium,
Denmark, Japan, Norway, Sweden and Switzerland. Equally, in Ireland, 60% of
Industrial and Commercial firms employ between 2-20 people.
In the same manner about 70% of the work force in Nigeria is
employed by small enterprises. It is in
this perspective that oqunsola and Oja opined that small scale enterprises
contributed to the Gross Domestic Product (GDP) and the industrial sector 2% and
2% respectively.
Nwachukwu (1990), in his analytical write up sees small scale
enterprise as “one which is independently owned and operated, and not dominant
in it’s field” going by this definition over 85% of the enterprise in Nigeria
are small scale.
The small firms are found in manufacturing wholesales,
retailing, service industries, building and civil engineering construction,
transportation communication and finance. There is virtually no field of human
endeavour in Nigeria where one does not find small business.
To this end, the research study will take and analytical
pattern of the problems and growth of small scale enterprises in Uyo
Metropolis. Business is the sum total of the organized efforts by which people
engage goods and services needed to maintain and improve the standard of living
and quality of life to which each of us may aspire.
It is therefore, necessary for one to know the weakness of a
business to enable him or her plan it properly to avoid the failure of this
business. This is the background of this study, problems of business and how to
reduce some of this problem.
1.2 RESEARCH PROBLEM
In Nigeria today, both State and Federal Government are
placing much emphasis on the promotion of indigenous small-scale enterprise
with view to encouraging entrepreneurship. To this end the government has a
policy of providing special support and protection of these enterprises. It is
anticipated that these new enterprises would grow and produce some of the goods
that the country imported, thus concerning our windling foreign exchange
earnings.
However, this laudable objective has been eluded as a result
of poor credit management, poor sources of finances, inadequate training and
preparation as the part of the entrepreneur and inability to separate self from
business etc.
1.3 PURPOSE OF THE
STUDY
The purpose of this project is to assess, analyse and
evaluate the problems and growth of small scale business using some selected
business organization in Uyo as a case study.
1.4 OBJECTIVE OF THE
STUDY
The objectives of the study are as follows:
To find out the actual accounting procedures used in selected
small scale business in Uyo.
To find out how the accounting procedures contributes to the
growth of selected small scale business in Uyo.
To find out the various problems which the selected small
scale business in Uyo faces.
To offer suggestions for improvement and removing of these
problems.
1.5 RESEARCH
QUESTIONS
Does lack of funds really impede the development of small
scale ventures?
Is there any relationship between poor credit management and
the growth of the small scale enterprises?
What are the kinds of problems you face in running this
business?
Do you experience any increase in profit?
1.6 SIGNIFICANCE OF
THE STUDY
This study is signified giving the following reasons;
At the completion of the study, it is bound to spot-light the
weaknesses inherent in the system of accounting procedures in selected small
scale business in Uyo.
It may serves as a source of references materials to business
students from higher institutions who may want to investigate further into this
area of study.
It will be of great help to small scale business, it
highlight areas where improvements are necessary in such a business.
It will facilitate government planning and decision making
with regard to the environment.
1.7 SCOPE OF THE
STUDY OR DELIMITATION
This study focuses on the problems and growth of small scale
business in Uyo. The study examines a period of the last five (5) years and
above in the life of some selected small scale business in Uyo.
Aeries were also placed as the imbalance capital outlay, the
labour strength, internal control measures of selected small scale businesses.
The eight (8) selected small scale business are as follows:
Semco shoes Company –
17 Nyong Essien Street, Uyo.
Ekpe Iron Works –
47 Etuk Street, Uyo
U-Daniel Works –
14 Nwaniba Road, Uyo.
E. J. Enterprises –
5 Udosen Nkanta Street, Uyo
Bankers Hotel –
100 Oron Road, Uyo.
Joemel Electronic –
56 Oron Road, Uyo.
Ude Enterprises –
47 Abak Road, Uyo.
Dominic Dry Cleaners –
18 Udoinwana Street, Uyo.
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