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EFFECTS OF
SMALL BUSINESS ENTERPRISES EMPLOYMENT GENERATION IN NIGERIA
ABSTRACT
The current
research study attempts to identify performance measure of small business
ventures by focusing on the role of entrepreneurship in management practices to
explain the performance of small business enterprises in Lagos State, and by
doing so develops conceptual models of small venture performance in
manufacturing industry within its unique conditions. After reviewing theory and
research on small venture performance measures in general and in manufacturing
industries in particular, we propose that performance measures of small
business ventures constitute a combination of short-term and long-term
measures. Furthermore, both types of measures include both subjective and
objectives dimension. Using data from a survey of 55 workers from an enterprise
in Lagos State, we found out that the characteristics of entrepreneurs have a
strong impact on the performance of small business enterprises in Lagos State
as the majority of the respondents generally supported the research
proposition. The study emphasizes the importance of mapping the ventures
achievements, allocating resources, and developing managerial skill to improve
its performance and ability to survive in the long run.
TABLE OF
CONTENT
CHAPTER ONE
INTRODUCTION
1.1 Background to the study
1.2 Statement of the problem
1.3 Objectives of study
1.4 Research Question
1.5 Research Hypothesis
1.6 Significance of the Study
1.7 Limitation of Study
1.8 Definitions of Terms
CHAPTER TWO
LITERATURE
REVIEW
2.1 Introduction
2.2 Conceptual classification of Definition
of Small business Enterprises
2.3 Theory of Research on small Business
Performance measure
2.3.1
Objectives Vs. objective performance
2.3.2
Short-terms Long-term performance Consideration
2.4 Small Business Enterprises and Management
2.4.1
Advertisement Management
2.5 Promoting for Global Competitiveness
through Best Practices
2.6 Entrepreneurship and small Business
Enterprises in Lagos State
2.7 Financing the Small Business Enterprises
2.8 Development programmes to Assisting the
Development of Small
Business
Enterprises
2.9 Limitation & Shortcoming of Small
Business
CHAPTER
THREE
RESEARCH
METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Study Population
3.4 Sample & Sampling Techniques
3.5 Sources of Data
3.6 Nature of Data
3.7 Statement of Hypothesis
3.8 Method of Data Analysis
CHAPTER FOUR
PRESENTATION,
ANALYSIS & INTERPRETATION
4.1 Introduction
4.2 Respondent’ Socio-Demographic
Characteristics
4.3 Respondent’s Response to The Research
Questions
4.4 Test of Hypothesis
4.5 Decision of Result
CHAPTER FIVE
SUMMARY,
CONCLUSION & RECOMMENDATION
5.1 Summary of Major Findings
5.2 Conclusion
5.3 Recommendations
5.4 Suggestion for Further Study
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
This project
takes a broad look on the small business enterprises and their effect
employment generation in Lagos State
performance, evidence from Charles Isimeme and Son Nigeria Limited,
Sharon House, Plot 6, Bisi Oluwole Crescent, Agbado Lagos. Management practices
of small business enterprises is a type of business which does not require any
legal procedures and can be owned and managed by one man or by group of friends
as the case may be. In Nigeria, the Third National Development Plan (1975-1980)
Defines a small business enterprise as a manufacturing or service organization
which employs not more than 10 people.
In addition,
the individual research unit of the Obafemi Awolowo University (1987) defines
it as “One whose total assets or capital is less than 50,000 Naira and
employing fewer than 50 fulltime workers”. Glosetal (1976) referred to it.
Skill of
motivating employees that will enable the employees work towards achieving
great success.
Skill to
tackle problem before they arise i.e a good sales manager should have the
foresight to see problems that can arise in the future and should take
appropriate safeguard.
Time
management skills which involves manager working under tight schedule and has
to keep up to the deadlines fixed by the clients, he has to have exceptional
time management skills.
A sales
manager has to be diplomatic and tactful so that he can easily mediate the
internal conflict that arises time to time in every company.
Negotiating
skills which involve a sales manager properly negotiating with the customers as
well as with the employees.
ADVERTISEMENT
MANAGEMENT
Advertisement
contributes immensely in promoting the total sales of the business. Earlier
advertisements used to appear in print media or electronic medical that is in
the newspaper or in TV, radio and cinema. But nowadays, advertisements are
being displayed on vehicle like buses, taxis and in public place like shopping
mail and streets.
Reach of
advertisements has further been widened by arising of TV commercial and by
advertising in company webs and other websites. Advertising creates public
awareness about the particular product, which results in increase in sales and
in turn increases profits. So, advertisement management plays a vital role in
the success of a small business.
PROMOTING
SMALL BUSINESS FOR GLOBAL COMPETITIVENESS THROUGH BEST PRACTICES
The ultimate
in competitiveness through best practices is the ability of the firm to gain
and sustain competitive advantages over its rival at least in some areas of its
operations so as to succeed in today’s highly competitive business world. This
advantage may derive from a lowest cost position, which a firm enjoys in the
industry while realizing better-than average returns on its investments. On the
other hand, a firm may gain a competitive advantage by offering products or
services with greater differentiation, which customers perceive as unique and
attractive and are, therefore, willing to pay premium prices for them.
These two
broad – based options (low cost strategy and product differentiation strategy)
for achieving strategic advantage dominated the scene for decades before the
recent emergence of speed or quick response as an important form of competitive
edge. This is the ability of a firm to respond to customer needs faster than
competition. A firm must hold at least one of these options in order to succeed
and earn above average returns on its investments. A firm that earns more than
one of them is in a particularly strong competitive advantage when customers
perceive that its products or services
are better than those of its rivals. An enterprises can, however, create this
perception in numerous ways, including those mentioned briefly above. Studies
have shown that in the long run, an enterprise that is unable to have one or
more of these competitive advantages most probably cannot earn above normal or
average profit (Dess and Miller, 1993). This is so because performance that
results in only normal profits is not particularly noteworthy or attractive
since normal profits are just average. It is necessary for enterprise, large or
small, to strive to perform and earn above normal profits through “pursuit of
advantage that is now the central theme of strategic management at the business
level”. He further emphasized this point in his article “competitive advantage:
The cornerstone of strategic thinking”, where he stated.
The
process of strategic management is
coming to be defined, in fact, as the management of competitive advantage i.e
as a process of identifying, developing and taking advantage of enclaves in
which a tangible and perceivable business advantage can be achieved.
Since SMEs
compete in the same markets with their large rivals offering the lowest prices
can be successful in some instances, but it can be a dangerous approach to
building a competitive advantage. By their nature, SMEs have special advantages
over their large rivals that enhance their creating competitive advantages
using factors other than low cost.
The existing
firms, whether small or large, typically do not welcome new competitors and may
adopt various tactics to discourage new entrants to the market, the entrepreneur
who wants to break into an existing market requires to fortify himself with
some strategy advantage or ‘entry wedge’ to do successfully. Before selecting
such a strategy, it is necessary for the entrepreneur to recognize and
understand the underlying forces of competitive pressure so that he or she best
position his or her enterprise to cope with the industry environment,
otherwise, he or she would find it very difficult to create a competitive
advantage. A renowned marketing and strategic management expert, Michael
Porter, in his work competitive advantage, presents five marketing forces that
collectively determine the nature and degree of competitive in the industry:
Bargaining
power of buyers
Threat of
substitutes
Bargaining
power of suppliers
Rivalry
among existing competitors
Threat of
new competitors
Depending on
the circumstances in a given industry, the power of buyers and the threat of
substitutes influence the prices that competing firms charge. The bargaining
ability of powerful suppliers’ impacts on the cost of raw materials and other
inputs just as the intensity of competition influences prices as well as cost
of doing business in areas such as product development, sales force,
advertising, plant and so forth. The threat of entry puts a limit on prices and
shapes the required investment in order toward off new entrants (Moore and
Petty, 1997).
As “A
wholesales whose annual sales do not exceed 9.5 million dollars is a small
business”. A manufacturing company that does not have more that 250 employees
is ordinarily classified as a small scale enterprise and under some
circumstances it remains in that classification even though it employs up to
1000 workers.
Management
practices of small scale enterprises are however very important in the Nigerian
economy and it would not be overstatement to say that are the foundations upon
which the large business are built.
Some of the
importances are listed below:
They
constitute the very basis of the national economy.
They
initiate the development of local technology.
They provide
an effective means of stimulating indigenous entrepreneurship.
They foster
greater employment creation per unit capital invested.
They help to
mitigate rural-urban migration.
Having
defined small scale enterprises, emphasis will now be placed on sourcing of
funds, promotional mix and marketing. The situation quite easy to state but the
task of accomplishing it requires the combination of many resources of the
organization which would be communicated in form of messages to the consumer
and Nigeria as a country. This will lead to increase in the business profit.
Small scale enterprises sources for funds from friends, relatives and personal
income but sometimes find it difficult to secure loans from banks they have no
collateral securities.
Promotional
Mix: Is made up of advertising, personal selling, publicity and sales
promotion. It is obvious that a business cannot exist in isolation of the
society in which it operates. Therefore, promotional activities and source of
fund should view with all seriousness and its importance is immeasurable and
unlimited in the processing and marketing of goods and services.
1.2 STATEMENT OF THE PROBLEM
Management
practices of small scale enterprises has a lot of positive impact on
performance and such impact includes processing, distribution and marketing of
products to the consumers in the desired quantity through middlemen or directly
to the consumers. However, this service could be hindered by the following
factors:
Financial
Shortage: Capital is in short because the business lacks the collateral
security to enable it secure loans for expansion and this impose a serious
constraints on the aspirants of the entrepreneurs and business ventures.
1.3 OBJECTIVES OF STUDY
To determine if advertising is effective in
the promotion of sales in small business enterprises.
To ascertain
whether sales will improve in future if there is further improvement in
innovation.
To know the
extent to which SBEs have contributed to improvement on the industrial
productivity in Nigeria.
In the
course of this study, the researcher recognized the hostile economic climate of
the country as a result of the government economic policy and its effect on the
business. The report will focus mainly on the following:
The impact
of unstable policies introduced by the government and its effect on process and
fund management. This impact of the unstable exchange rate on the economy
causing inflation and loss in money value.
The
distribution policy of the economy and its effect on the business. The effect
of some government agencies on management practices of small scale enterprises.
To offer advise on how management practices of small scale enterprises could
increase its profit and also how it can survive by procuring enough funds,
through marketing activities necessitate this study.
1.4 RESEARCH QUESTIONS
Do small and
Medium scale enterprise create more employment opportunities for the citizenry?
Do small and
medium scale enterprises generate more income for the government?
1.5 RESEARCH HYPOTHESIS
Ho: Small
and medium scale enterprises do not create more employment opportunities for
the citizenry.
Hi: Small
and medium scale enterprises creates more employment opportunities for the
citizenry.
Ho: Small
and medium scale enterprises do not generate more income for the government.
Hi: Small
and Medium Scale Enterprises generate more income for the government.
1.6 SIGNIFICANCE OF THE STUDY
Nigeria
organization regularly spend huge sum of money and other resources on
processing and promotional strategies. The study of the effective processing
and promotion strategies for product is to identify the areas that can be
improved upon and maximize the returns on promotional activities. This study is
aimed at encouraging management practices of small scale enterprises to look
into future rather than limiting its ideas on the present happening in the
country.
It is viewed
that most management practices of small scale enterprises in the next few years
find it difficult to replace their machinery and equipment because of high
replacement cost even though they have been making profit in the past, it could
lead to the fold up of many business and as such the consumer will suffer
because small scaling distribution of resources and products is even.
1.7 LIMITATION OF STUDY
This study
covers areas of Ogun State and will be restricted to Charles Isimeme and Sons
Nigeria Limited, Sharon House, Plot 6, Bisi Oluwole Crescent Richard Olagoke
Street, Alli-Ishiba Igbala, Sango- Otta, Ogun State.
The
management practices of small scale enterprises is a business that can be set
up with some amount of capital which is relatively scarce and difficult to
raise. Also, there is limited time available for this study coupled with
academic work. It cannot be studied in a single study, however the availability
of raw materials and human resources and types of funds are relevant to this
type of business.
1.8 DEFINITION OF TERMS
Small scale
enterprises serve as a good starting point for young entrepreneurs. They have
some special characteristics that distinguish them from large ones. People go
into such business to make money or as a result of inheritance, others find
themselves in small businesses due to job dissatisfaction or desire for
independence. For the purpose of this research work, there will be need to
defines the following terms as they will be used interchangeably.
Business:
There is the sum total of the organized efforts by which people engaged in
commerce and industry provides the goods and services needed to maintain and
improve the standard of living and quality of life to which each of us may
aspire.
Entrepreneur:
This is the individual or group who engages in business under capitalistic
system to earn to a profit anticipating and satisfying the needs and wants of
the people.
Marketing:
This consists of those efforts which affect transfer in ownership of goods and
care for their physical distribution.
Marketing
Mix: This refers to the combination of decision elements in a company’s
programmes.
Selling:
This refers to the functions and activities undertaken to secure the ‘scale’ or
distribution of the quality and design of the products manufactured by a firm
among consumers.
Sales
Promotion: This includes “those marketing activities and publicity, that
stimulate consumer purchasing and dealer effectiveness, such as displays, shows
and expositions, demonstration, and various non recurrent selling effort not in
the ordinary routine”.
Personal
Selling: This is defined as the sellers promotional presentation conducted on a
person-to-person basis with the buyer i.e. a direct face-to-face form of
promotion.
Advertising:
This is a non-personal sales presentation usually directed to a large number of
potential customers with identified sponsor. It involves the mass media such as
newspaper, television, radio, magazine etc.
Product:
This is defined as a bundle of physical, service and symbolic characteristics
designed to produce consumer want satisfaction.
Production:
This refers to the volume, value or quantity of goods and services produced in
a given period by a worker, plant, firm or economy. It is the sum total of the
results achieved by the various factors used together.
Productivity:
This is concerned merely with the total value or volume of output or
production.
Innovation:
This is the creation of new ideas to keep an organization healthy or the
introduction of something new like product, policy or procedure.
Price: This
is defined as an exchange value of a good or service. The value of an item,
then, is what it can be exchange for the market place.
Programmes:
This is a specific plan diverse to meet a particular situation. It is a
combination of policies, procedures, rules, budget, task, assignment etc. for
the specific purpose of carrying out a particular course of actions.
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