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Problems Encountered By Managers In Setting Up A Small Scale Hospitality Business
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
There
exist lots and lots of business ventures that are being engaged by
individuals, group of people or association, firms, industries and
government with the main aim of maximizing profits. They range from
small scale to medium and large scale. In the Nigerian economy, the
small scale enterprises are the most common form of business. The aim of
any economy (either industrialized or non industrialized) depends
largely on how well organized the small industries are, for instance if
we look at the standard of practice of small scale industries in
economically developed countries. The small scale enterprise in Nigeria
seems too stagnant, less adventurous than developed countries. Meanwhile
in economically developed countries small scale business are better
organized and coordinated than in the developing countries because the
governments appreciate their significance to the national economy.
In the hospitality industry there are more small scale businesses than
the medium and large. Most of the small scale hospitality businesses are
essentially one person’s operation which makes such companies sole
proprietorship business ventures. The profit of the business is reaped
solely by the owner; this includes people or an individual who wants to
invest in that type of business. It is also the easiest form of business
ownership to organize in the hospitality industry because there is
relatively small capital to use for setting up small scale hospitality
business.
The owner also has managerial freedom and this will help
the owner employing his or her incentive to the maximum. Those business
owners are seen as entrepreneurs. Entrepreneurs are risk avoiders, not
necessarily risk takers; they appear to be risk takers because they see
market differently than the other forms of businesses. They can be
referred to as risk eliminators because they seem to methodically
eliminate all the factors that might prevent them from getting into a
particular market (Thomas and Norman, 2011).
Small businesses do not
conform to any parameters because much of their activities depend on the
industry in which they operate also line personalities and aspirations
of who is in charge of these businesses. They provide financial
opportunity and a chance to develop wealth. It is a place where
creative, motivated individuals can use their talents and expertise to
the fullest, because it provides satisfying careers and job
opportunities and it’s also the back bone of the market economy of the
word. Every big business in the hospitality today starts as a small
business, and it started with an entrepreneur, who at first earns little
or no profit.
In setting up small scale hospitality business
managers do encounter some problems which could be inadequate finance,
inadequate marketing of products, lack of competent staff, technologies
etc. therefore, this work intends to carryout a study on the problems
encountered by managers in setting up a small scale hospitality business
in Enugu urban using Emily Restaurant Enugu as a case study.
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ABSRACT - [ Total Page(s): 1 ]Small scale business is the hub and foundation of industrialization and development. this research is centered on the problems encountered by managers in setting up small scale hospitality business in Nigeria, as hospitality industry in recent time has contributed immensely to national economic development.The result is aimed at identifying the problems militating or hindering the smooth operation of small scale hospitality business such as restaurant especially in Enugu state.Data were collecte ... Continue reading---
