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PROCEDURES AND PROBLEMS OF SETTING UP A SMALL SCALE BUSINESS IN NIGERIA (A CASE STUDY OF THE RURAL AREAS)
This research work looks at the Procedure and Problems of Setting up a Small Scale Business inNigeria. This study reveals the numerous contribution of small scale business to our economic growth and political stability.
In the first chapter, the topic is introduced with the general background of small scale business inNigeriaalso included is the significance of the study, scope, limitation and operational definition of terms.
The second chapter goes to discuss the literature review including the meaning, features, forms, merits and demerits, source of fund, difference between small and large business, problems of securing of fund and importance of small scale business inNigeria.
Chapter three discuss about the research methodology, the area of the study, population, sample and sampling techniques and instruments used,
Chapter four discuss on presentation and analysis of data, findings and summary of findings.
Finally, chapter five discuss the summary, conclusion and Recommendation of the project topic procedures and problem of setting up a small scale business inNigeria(A case study of the rural Areas).
1.1 BACKGROUND OF THE STUDY
In recent years, the issues of mass unemployment particularly graduates unemployed has drawn the attention of both the state and federal government to the importance of small scale industries, not only as a means of creating job opportunities for the young school graduates, but also as a spring board for lunching the nation into an industrialized society.
It is however recognized that setting up and managing effectively and efficiently small scale enterprises involves a number of problems.
Therefore, if the aspirations of government and people in this direction are to be achieved, it is virtually considered necessary to identify these problems with a view to find solutions to them. It is in realization of this view that this study focuses on small scale business inNigeria, with a view to determine what the problems are and how these problems can be solved.
1.2 STATEMENT OF RESEARCH PROBLEM
Despite the much effort by the state and federal government to improve the lot of the rural population through the establishment of small scale industries, it appears that these businesses have not made the necessary impact on the economics of the rural population inNigeria.
The failure of this vital sector of the economy to achieve its stated goals, particularly inNigeria, is assumed to be due to a number of factors, prominent among these are;
- Capital shortage
- Infrastructural deficiency
- Lack of adequate accounting procedure
- Poor marketing facilities
- Poor or inadequate planning
It is therefore the proposition of this study, that giving adequate attention to the above problems, small scale businesses would be placed in their proper position to play a prominent role in the transformation of theNigeriaeconomy to a developed one. This study is therefore directed at evaluating this proposition.
1.3 AIMS AND OBJECTIVE OF THE STUDY
The aims and objectives of carrying out this study include; identifying the problems facing the establishment of small scale businesses inNigeria, with a view of attracting both the state and federal government attention to them.
The roles that small-scale business establishments play in transforming the Nigeria economy from an underdeveloped economy to an industrialized one; The study is expected to stimulate employment opportunity for many Nigerian by helping to create interest in the establishment of small scale industries.
These objectives are more expected to generate employment opportunities for many Nigerian as well as to uplift the standard of living of Nigerians.
This study also expected to bring into proper focus, the problem and strategies of small scale business management not only to potential businessman but also students and teachers of small scale business management.
1.4 SIGNIFICANCE OF THE STUDY
There have been a lot of research work and publications on financing small-scale business by eminent scholars in the past and in recent times. It is against this background that the research work on the topic becomes necessary in order to create more awareness and source of reference for the interested research on the same subject matter.
The research works is also designed as a contribution towards subsequent research works likely to follow and it is hoped that is would be of immersed help in analyzing the contribution of small scale business enterprises to national economic growth and the understanding of the need for government to re-consider the role of small scale business in the economy and give more attentions by reducing or eliminating the constraints facing such enterprises.
1.5 SCOPE OF THE STUDY
The scope of the study specifically is on the unique means of funding the procedure and problems of small scale business inNigeria, with the aid of textbooks and other relevant articles such as magazines in business finance. The study will also uncover some of the problems associated with financing small scale business through financial institutions.
1.6 LIMITATION OF THE STUDY
A study of this magnitude should normally be constrained by a number of factors, therefore, this particular study is no exception to this general rule.
Firstly, lack of time is mostly one major factor because the project is expected to be submitted in less than three months, the work has to be combined with classroom studies, and this situation is further compounded by the time available for lectures.
Secondly, financial constraints, I could not extend the scope of the study wider due to the present harsh economic conditions in the country.
Lastly, there were no well equipped libraries where I could borrow books to read for more relevant information for this project. Some of the textbooks used were borrowed from friends, who were not willing to give them out,
1.7 OPERATION DEFINITION OF TERMS
The small scale business acts passed by the United State Congress in 1953 state that a small business is “one which is independently owned and operated and not dominant in operation”.
Small business had be define in terms of number of employees, value or volume of assets, turnover, number of branches. But no quantitative criticism can really define a small business.
Some terms are briefly discussed below;
1. Franchise:- This is a legal right given to a person or a corporate body to produce or market particular goods and/or services within a designated locality using a trade mark.
2. Soft Loans:- Loans granted to a corporate body on liberal terms, not necessary backed up with collateral security.
3. Lease:- A lease is a means by which a person or corporate body obtains the right to use an assets with usually no provision for legal title to the leased asset to pass to the leaser.
4. Operational Problems:- Problems associated with carrying out the day to day activities of the enterprise.
5. Population:- This refers to the total number of small scale enterprises within a given local government.
6. Financing:- The provision of money or monetary support to an individual or enterprise.
7. Financial Structure:- It refers to the way in which organization’s assets are finance by a combination of long-tern capital and short-term fund.