PROJECT TOPIC- ENTREPRENEURIAL MANAGEMENT OF SMALL SCALE BUSINESS IN NIGERIA
This study examines Entrepreneurial Management Of Small Scale Business In Nigeria using A Case Study Of Coca Cola Nigeria Plc Benin City. Professionally, entrepreneur today has undergone different states of education and developments as these (entrepreneurs) are seen as the heart of any profitable economy and Nigeria as a developing nation is not an exception to this known fact. The data extracted from the questionnaires were analysis using tabular presentation, percentages and chi-square statistical techniques. Based on this statistical analysis appropriate results were achieved in regards to the objective stated. From the analysis we find that most business owners do not consider the previous experience before going into business and that the major reasons of business failure is lack of insurance of the business against unforeseen circumstances such as theft, burglary and fire accident. We therefore recommended that for there to be development of the economy, the government alone should not be left to accomplish these tasks, also individual should come out in mass and engage in various small scale business operation.
1.1 Background to the Study
Nigeria like any other country is faced with Entrepreneurial management of small scale business, with the recent economic situation in Nigeria the success of business (especially small- scale Business) lies to a great extent on the quality of management. The entrepreneurs of small scale business have been found not performing to expectations because of the problems faced by them in the management of the affairs of their business.
The financial problem has to do with the inability of the small-scale business to acquire enough capital to carryout business and other financial activities. Management scholars have come up with various definitions that will lead to solving the problems of entrepreneurs in trying to manage their small-scale business.
According to Frank (2010), young saw Entrepreneurship “as ability to make new combination, managerial skills, perception of opportunity risks taking, inventiveness etc”.
Loucks (2008) defines an entrepreneur as an individual who perceives needs, conceives goods and services to satisfy the needs, organizes factors of production to create and market the products.
The world banks also defined entrepreneur as people who perceives profitable opportunities that are willing to take risks in pursuing them and have the ability to organize a business, universally, there is no generally acceptable definition of entrepreneur as it is seen to be different thing to different people
1.2 Statement of the Problems
In other to quicken the pace of economic development, will be important to increase the standard of living and reduce the level of unemployment to a minimum. Most government of West Africa has continued to lay emphasis on the need for establishment of small-scale industry. Unfortunately, the march towards rapid industrialization has been quite difficult, due to a number of factors. It is a fact of economic life that even nations depends largely on how the economy respond to its national aspiration, however, small and medium scale enterprises in Benin are far performing below expectations. This can be attributed to a lot of factors hindering the improvement of small and medium scale in Delta metropolises.
PROJECT TOPIC- ENTREPRENEURRIAL MANAGEMENT OF SMALL SCALE BUSINESS IN NIGERIA
1.3 Research Questions
The following research questions shall be provided answers to:
- Is lack of skill and experience militating against any future the small scale industry may have?
- Does small business organization lack access to adequate credit facilities?
- Does staff strength affects small business management?
- Does demand for collateral security has a negative effect on small scale business management?
1.4 Objectives of the Study
The main purpose of the study is to ascertain to entrepreneurial management of small-scale business in Nigeria.
The specific objectives are:
- To examine if lack of skill and experience militate against any future the small scale industry may have.
- To investigate if small Business Organization lack access to adequate credit facilities.
- To determine if staff strength affects small business management
- To find out if demand for collateral security has a negative effect on small-scale business management.
1.5 Statement of Hypotheses
The following hypotheses shall be tested:
- That lack of skill and experience did not militate against any future the small scale industry may have.
- That small business organization did not lack access to adequate credit facilities.
- That staff strength do not affects small scale business management.
- That demand for collateral security has no negative effect on small scale business management.
1.6 Scope of the Study
Project will be limited to entrepreneurs management functions, its roles and some likely problems that might be encountered in the running of small –scale business in Asaba Delta State and ways of finding a lasting solution to it. To this end a critical analysis will be made on the roles of the entrepreneur in small-scale business management and also the importance of small business in Delta State.
Finally, some problem facing entrepreneurs regarding the small-scale business are also within the scope of this project.
- Significance of the Study
Entrepreneurs of small-scale business set up their organization with
the aim of achieving their stated goals, which include effective and efficient management of human and material and with the aim of making profit, which answers that the business is a going concern however, the increasing rate of small scale business failure in the country calls for a detail study of what would be the causes of failure and their possible solutions. The relevance of this study is therefore firstly to afford readers a cleaner under standing of the importance of small-scale business management and its contribution to economic growth and development in Nigeria of knowledge of students.
Also to identify the problems of entrepreneurs in the management of small-scale business in Nigeria and provide possible solution to this problems .in addition, this project will serve as a reinforcement of knowledge to students and entrepreneurs.
- Limitations Of The Study
There is hardly any research conducted without the researcher experiencing some constraint. As regard this research work on entrepreneurial management or small scale business management in Benin City, the limitations are as follows:
The first of the factors are financial problem, which has great impact on this work. The project would have been detailed than this, but because of the finance involved in typing, getting more necessary materials, and the transport cost of getting more materials and information for this work etc.
Another problem that limited the study of this project is the time involved. The time involved though long, is still not sufficient to carry out a more detailed research work.
The problem faced by the researcher in meeting the right persons that will understand him to assist in getting the information needed in gathering data.
Finally, the materials available for this project work is also a problem because there are no sufficient textbook for consultation of this up.
1.9 Operational Definition of Terms
This is act of learning the skills needed to assume the risk of establishing a business. In other words, is about developing the wining strategies and executing them with all it vigor, persistence and passion needed to win any competition.
Craftsman entrepreneur: This is an entrepreneur that is a technical nature and this is an entrepreneur who has received well rounded education involving both technical and non technical education.
Opportunistic entrepreneur: Business is defined as all the commercial and industrial activities that provides goods and services to maintain and improve our quality of life.
Management: Management is process or the art of combining organizational resources and working with people in order to achieve organizational set goals. The essence of management is effective and efficient goal achievement.
Small –scale: Small-scale industry or small-scale business that include modern enterprise employing up to fifty full time, workers, family business engage three or four workers. Besides small-scale business that include non-manufacturing business such a maintenance and repair services, trade and transport in which the operation and administrative management rests in the hands of one or two people who make decision.