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Effects Of Small Scale Business In The Development Of Nigerian Economy
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CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Most
of the world renowned companies and organizations started as a small
scale business with skills and efforts they grew up to the conglomerated
and multinational companies of today.
Small scale business occupies a
unique position in the economy of any nature and they are the bedrock
of any economic development. They constitute of the cornerstone of any
competitive economy and by far outnumber the large scale business. Also,
they provide large scale business, more fertile ground for creativity
and entrepreneurship. Hence, as a result of easy entry into the market,
small scale business spring up all the time keeping the competition
environment lively, a phenomenon that leads to productivity gains and
real economic growth, apart from the fact that they generate employment
opportunities, they are closer to the grass root and so on, ginger rural
development. They are less capital intensive and do not require
gigantic infrastructure for their operation.
Being part of the
economic system, small business entities are faced with numerous
problems, particularly funding and many ways these are very different
from the financial problems on large concern. However, the principles
underlying financial decision are similar irrespective of the size of
the business, hence, the basic goal so financial management through
acquisition, anticipation and allocation of funds equally apply to small
scale business.
It is widely known in business circles that small
scale business find it difficult to secure funds from financial
institutions due to the fact that they have difficulty in meeting the
collateral requirement that would qualify them for the financial
assistance from the back. This is not withstanding every business
whether small or large needs funds. Funds constitutes the life blood of
any business while other things follows.
Small scale business serves
as an engine room for economic development and government recognize the
fact that small business is the second largest employers of labour
apart from government. Government is also encouraging the establishment
of small scale business by forming such bodies like Small and Medium
Enterprises (SME). Government has also provided monetary incentive for
small scale industries. As stated earlier, small scale industries play
very important roles in the economic development of any country, state
or local government. For instance, in any depressed unemployment is the
increase, where the available resources are under-utilized and where
raw-material supply to our big industries is inadequate, establishment
of small scale business is considered as an alternative means of earning
a living and providing raw-materials to our big industries.
BRIEF HISTORY OF RENNY’S FAST FOOD
Renny’s
Fast Food started as a restaurant in the late 90s. It is owned and
managed by Mrs. Ngozi Obiaga as a hospitality industry, being a service
provider, it is aimed as providing quality service to its targeted
customers. It offers an indoor and outdoor catering services like;
weddings, birthdays, chieftaincy coronation etc. Its cooperate
headquarter branch is situated at No. 45 Ekwema Crecent Ikenegbu Owerri,
Imo State.
Presently, Renny’s Fast Food has a staff capacity of
about 65 and has some branches within and outside the state like Port
Harcourt and Bayelsa States.
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ABSRACT - [ Total Page(s): 1 ]The main purpose of this study is to know the roles and efforts of Small Scale Business Enterprises in the Nigerian Economic Development. Every nation no matter the nature and rate of available human and material resources under its disposal can hardly attain growth and economic development if the small scale business sectors of such nature is neglected or not given adequate financial supports cum other incentives that makes for the survival of these business. Therefore, the study has tried to u ... Continue reading---
