survival strategy in small scale business case study of some selected small scale industries in Lagos



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survival strategy in small scale business case study of some selected small scale industries in Lagos



ABSTRACT

This study was carried out to investigate into the Survival Strategies in small Scale Business in. Lagos State (a case study of some selected small scale industries). Information was sought on the activities and the performance of the small scale enterprises in Lagos State in the areas of loan acquisition, marketing research, personnel approaches, strategic locations, training and development. The research method used for the study was mainly descriptive with the aim of obtaining primary data on the survival strategies being designed, developed and implemented by the selected small scale industries (i.e. Becco Furniture Enterprises Nigeria Ltd. And Atlas. Drugs Company) as well as how these strategies affect each of the organization. The sources of data used for the study was primary source (i.e. interviews, questionnaires, observation etc.  Secondary source was also used which 'includes libraries, other information centers on desk studies etc. The findings of the study was based on capital, marketing research, training and development, personnel policies and location from the data collected, the research concludes that small scale business industries were unable to receive loans from financial institutions, which has been a shortcoming on the part of the entrepreneurs due to illiteracy or lack of collateral needed. Also most small scale industries do not research on the areas of marketing their product or some other promotional activities and this affects sales. Training and development also has hindrances to the effective performance of the small scale businesses, since most employers do not train their employees to acquire technical expertise. The researcher recommend that since small scale industries are very vital, to our economy, it is pertinent that, for an entrepreneur to have effective efficient functioning of these small scale industries in the areas of (capita1 loan acquisition, marketing research, personnel policies, implementation, training and development and strategic location) he or she must aim primarily towards a long survival of that business by implementing on the strategies and policies mapped out based on the above stated areas.  The recommendation based on capital is that, since government has set up many institutions to help in providing needed capital, the entrepreneurs should endeavour to utilize these opportunities and acquire the needed capital/loan facilities. On training and development, the researcher recommends that adequate training and development of employees should be embarked upon so as to acquire the necessary skills needed for effective operations.

 


TABLE OF CONTENTS

 

CHAPTER ONE - INTRODUCTION

1.1    Background of the Study  

1.2    Statement of the. Problem  

1.3   Research Questions  

1.4    Purpose of Study

1.5    Significance of the Study   

1.6    Scope and Limitations of the Study

1.7    Definition of Terms  

 

CHAPTER TWO – LITERATURE REVIEW

2.1    Introduction

2.2    Approaches to Defining a Small Scale Business Industries

2.3    A Nigerian Approach        

2.4    Historical Background of the Selected Small Scale

Industries in Lagos State.

2.5    Starting a Small Scale Business Industry

2.6    Scope and Fields of Small Scale Business

2.7    Importance of Small Business Enterprises

2.8    Small Scale Industries and Strategic Marketing

2.9     Problems of Small Scale Business Enterprises

2.10 Causes of Business Failure        

2.11   Some Survival Strategies for Small Scale Business

References

 

CHAPTER THREE: RESEARCH METHODOLOGY

3.1    Method and Sources of Data

3.2    Research Population 

3.3    Questionnaire Design/Administration

3.4    Method of Data Analysis  

 

CHAPTER FOUR - DATA PRESENTATION AND ANALYSIS

4.1    Introduction      

4.2    Explanation of method of Data Analysis Used

4.3    Presentation of Findings and Analysis in line with

Research Questions and Hypothesis

CHAPTER FIVE: DISCUSSION OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS

5.1    Summary of Findings

5.2    Conclusions      

5.3    Recommendations

References

Appendix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

INTRODUCTION

 

1.1   BACKGROUND OF THE STUDY

In the present day Nigerian economy, small-scale businesses are predominant. The importance can only be fully appreciated when one realizes the dominant role it plays in our economic development. Small scales industries are active in all sectors of economy. However, their influence is mostly experienced in distributive trade, transportation and loca1manufacturing. Their major functions are mostly mobilizing capital for investment, providing goods and services for the society at large. Creating employment for job seekers and contributing towards the community development. In careful study of the economics of Lagos State, one will observe that the little progress made so far could not have been made without the activities of small-scale business being carried out in the State. Most of the individually owned organizations often times provide capital to some of their workers to start off their own small-scale business as a reward for years of loyal service.

 

Owing to the important role of smalls scale industries in the economic development in Nigeria, 'the Federal Government of the Federal Republic of Nigeria, introduced and established some schemes and support agencies to help in the development and solving of small scale business-problems. Some of these support agencies include the National Directorate of employment (NDE), Entrepreneurship Development Programme (EDP) Small Scale Industries Division of the Federal Ministry of Industries, Industries Development Centres (IDCS). The goal of this programme (NDE) is to grant loans directly to young graduates to establish a small-scale industry of their choice. The programme was established in 1988 and it sparked off the highest number of small-scale businesses throughout the country. The area of production/operation includes soap making, cosmetics, dressmaking etc. The small-scale industries pay lower taxes, free technical advice add also the advantage of favourable government regulations and lower overhead expense.


 

With the introduction of structural adjustment programme for economic recovery, minimized or reduced dependence on imports and to bring the economy back on the path of steady and balanced growth. With this introduction (i.e SAP) into Nigeria by the. Federal Government, the scope of the business operations of the small-scale industries shows their strength in the sectors of economy such as the commercial sector (i.e. whole seller and retailer), service industries on contract construction industries.

 

Nzelibe 1988 says despite all these privileges, the general economic condition of small-scale industries is that the owners are weak. The financial institutions stringent requirements in securing loans have almost squeezed the small-scale enterprises out of business.

 

At least three (3) out of every four (4) small-scale businesses fail each year. It is absolutely difficult if not extremely impossible to obtain statistical data on the mortality rate of small-scale businesses yearly in Nigeria. The reason being that there is no legal requirement enforcing the regulation of small-scale business failure. Only the quoted companies are required to give notice of intention to wind-up. However, many professional observations have been made on the rate of business discontinuation in Nigeria. The committee on small-scale industry administration contends that 90% of such failure could be traced to lack of proper planning; inexperience, inadequate managerial competence, inadequate financing, poor-record keeping, and weak marketing skills. The remaining. 10% are accounted for by neglect on the part of the entrepreneurs, on the part of employee and natural disaster. Examples of professional observations made on small-scale businesses that have been discontinued are that of the popular kitchen tower restaurant formerly situated at Omole Ogba Opposite Murhi House which was set up in 1998 owning to lack of proper management.  The former restaurant buildings have been converted to offices. Another business was that of Textile Mills Ltd. That majored in the manufacture of textiles and fabrics and also clothing materials to cater for clothing, of the masses.  Due to mismanagement and misappropriation of fund, lack of good managerial ability on the part of the management of the company, it got folded up in March 2002.  Another of such business was the Anjorin Cooperative Society Oil Mill, Odogunyan. This Co-operative society Oil Mill was owned by Group of women who initiated and sited a palm kernel produce industry in 1990 with the aim of enabling the villagers/indigenes to crack their palm kernel with ease. However, the service did not last long as the machine broke down in 1992 and has been for repairs till date.

 


Therefore, the general aim of this study should be on formulating an effective strategy for survival of small-scale industries particularly in Lagos State.

 

 

 

1.2    STATEMENT OF PROBLEM

With reference to investigating into and bringing out the survival strategies in small-scale businesses in Lagos State, it is most annoying to note that despite all, the privileges from the Federal Governments schemes and support agencies established to boost the small-scale business e.g. the National Directorate of Employment (NDE) and Entrepreneurship Development Programme (EDP), the general economic condition, of small-scale industry is weak.  The major problem if the worsening economic state caused by the present down tum 'in the economy. Although, most of our economic policies are geared towards big businesses, the risk of starting a small-scale business and rapid failure of these ventures scare many people away from starting a small- scale business or industry.

 

There has been low scale volume as a result of an underlying problem such as poor supervision and control by sales managers, inadequate co-ordination of the various kinds of promotion poor compensation plan and no motivation and so on. Consequently, due to the importance of small scale enterprises in our dynamic economy, it is pertinent to find out the problems .associated with these small-scale enterprise and possibly proffer a solution in terms of strategy formulation so that the aims and objectives for which such enterprises is established shall be achieved.

 


This situation if not checked will lead to numerous adverse effect both on the entrepreneur and the society, to our economy , there will be retardation in the production of goods and services that enhances the standard of living in our society.  To the entrepreneur, the objective and the economic advancement dreams shall not be accomplished.

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This study was carried out to investigate into the Survival Strategies in small Scale Business in. Lagos State (a case study of some selected small scale industries). Information was sought on the activities and the performance of the small scale enterprises in Lagos State in the areas of loan acquisition, marketing research, personnel approaches, strategic locations, training and development. The research method used for the study was mainly descriptive with the aim of obtaining primary data on the survival strategies being designed, developed and implemented by the selected small scale industries (i.e. Becco Furniture Enterprises Nigeria Ltd. And Atlas. Drugs Company) as well as how these strategies affect each of the organization. The sources of data used for the study was primary source (i.e. interviews, questionnaires, observation etc. Secondary source was also used which 'includes libraries, other information centers on desk studies etc. .. Click here for more

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