Entrepreneurship Effectiveness In Small-Scale Industries (A Case Study Of Macon’s Bakery Industry Enugu)
The role of small scale industries to any economy is indispensable recently. His emphasis has been on measures to accelerate their expansion and growth. To give this effort proper direction, it is identifiable that the key ingredient in translating this dream into reality is effective entrepreneurship. The research is able to reveal the characteristic nature of small scale industries, how small scale industries are financed and some of them are from personal savings and from relatives, the causes of failure of small scale industries covered also the importance and the needed factors to be considered before setting the industries. In this regard, the study laid much emphasis on the whole idea of entrepreneurship effectiveness in small scale industries. The solution and recommendations are subsequently based on the observation and research findings for effective entrepreneurship on small scale industries.
The roles played by small scale industries in the growth of any economy cannot be over emphasized. This has been the singular reason why both government groups and individuals in business always place greater emphasis.on the unique human activity. This also accounts for its dominating prominence in government policy statement. Much multinational or even supranational business today stated as small scale business. This therefore implies that small scale is the beginning of every big business.
The present day America is the richest country in the world judging by the economy. The history of industrialization in this God’s own country has shown the absolute importance of small scale industries in the economy and scheme of things. careful study and investigation has released that in America, only 1/10 of 10% of the total number of firms in the economy employ more than 2,500 workers. It is also further show that 89% of the total firms in the economy employ less than 100 employees, and 65% having less than 20 employees in their payroll.
As a standard of judgment using number of employees, this has a least proved that in spite of here economic glory, America is not land of giant corporations. Many countries of today like, South Korea, Taiwan, Honkong and Singapore are making enormous successes in the world export industrial market as a result of emphasis on small scale industries.
As a way out, the efforts of every segment of Nigerian government for small scale industries enhancement cannot therefore be surprising thus, our part administrators, national planners and development project imitators cannot excuse their lack of careful planning in this regard, therefore, following the result of these falterers in our national development economy and planning strategy, the continue ineffectiveness of our small scale industries have promote the reason for this work. The research work therefore is an attempt to looking into a key and embodying factor in small scale industrial effectiveness.
Entrepreneurship effectiveness in small scale industries the scope of the project would be limited to a case study of Macon’s Bakery industry in Enugu state capital. The general opinion reveled that in spite of its key roles and functions in the success of any ventures or business adequate entrepreneurial impact has neither been felt nor matched the search for small-scale industries enhancement and growth.
Investors have not shown commendable interest to accept entrepreneurial role, and this has led to a low venturing rate in spite of all this, there are still multifarious prospective areas in the manufacturing, merchandising and service sectors of the economy that exist, this was actualized through the various efforts made by the government, private individuals, industrial and financial institutions and others commercial agencies towards including small scale enterprise. For effectiveness, there is need to make adequate appraisal of entrepreneurial role towards funding of the enterprises to actual managing. These measures will ensure that the entrepreneurs achieve the reward profits.
As we said earlier, small is the beginning of large scale, the effort on small scale enterprises were stepping-stones to large-scale corporation.
Prosperous individual like Ekenedirichukwu, Ifesinachi, Dantal, Hamza Adebowale, Samusie and a host of others started as a small scale business. It is a waste of time for one to keep waiting for large capital to accumulate before establishment thus the statement “from grass to grace”.
Taking the manpower and development needs of this country into consideration, any capital savings must be reinvested for further capital formation in the best way for multiplier effect on the economy towards. Small-scale enterprises promotion. In effect, our dreams will come true and fruitful if the necessary linkage between small-scale enterprise and small- scale entrepreneurship is created.
1.1 Background of the Study
The idea has been that the glory of any economy, whether industrialized or underdeveloped depend very much on how well organized and managed the small scale industries are given. This fact, most of the developed countries of the world are champions of small-scale industries.
In the real sense, the central objectives of the small-scale enterprise are to make profits for the owner or manager/entrepreneur for expansion purpose. As a result, there should be equilibrium between the goals of the managers and those of the worker to achieve desired psychological, economy and entrepreneurial effectiveness. Therefore, profit is a reward for an effective entrepreneurship. It is a foundation to small- scale industrial development, which is consequently and acid text for entrepreneurship effectiveness.
Therefore, government being very keen, has to establish the peace of industrial funding and management to attain the much needed entrepreneur effectiveness. Other programmes aimed at promoting entrepreneurial development and enterprises in small- scale should be considered by the government.
Furthermore, entrepreneurship effectiveness is a primary function of ventural personal evaluation to determine entrepreneurial qualities, taking decision creativeness ingenuity, innovative mind and skill minimizes the risk and optimizes reward. It is there based on the above establishment facts of entrepreneurial and small business circumstances that the project writers intend to build some of the assumption underlying the project topic.
The Historical Background of Down Function Group of Company Nigeria Limited
Down function which was sited at 8 Nza street Independence layout Enugu established in 1970 for the purpose of public relation services. This involves such things as advertising and promotional services, that is they help firms and organizations. They were into consultation with people who could represent what they actually want to portray as per calendar advertisement and business advice and services. Through the years it becomes important and necessary that they should engage into management consultancy, which deals with fundamentals management concerns as business policy and management of organizations. The reasons for diversion is to enable graduates of management who needs some years of practical training and managerial leadership to properly mature and graduates into management consulting profession. When it became known of their consulting services that is towards management upliftment, they now started practicing as management consultants tendering independent advice and existence to their clients. But them, there was no code of conduct bye-lack to regulate the moral and ethical standard of individual consultants.
In view of this, the firm continued on consultancy services till date at list to make sure that management in their management problems could reach out for their services. once they play the role of improving the quality and enhancing the duty of the management consulting, research and training and also for the performance of this duty providing management advices and consultancy services to organization both large, medium and small as well as achieve their objectives.
1.2 Statement of the Problem
Despite all efforts made by individuals, groups and government to ensuring greater effectiveness in the operation, funding and management of small scale business, the overall successes recorded by some of these small scale business operators are still nothing to write home about on the average, only very few usually see the light of the day soon after coming on streams.
This proper performance has been attributed to a lot of problems encountered by small-scale business such as problems include:
1. Inadequate Funding:
This refers to the degree of sponsorship, funding and support which the prospective or financially buoyant businessmen renders to willing young graduates who which to go on their own if adequate fund is rendered to an individual who is willing The venture rate on small scale industries will be determined.
2. Inadequate Managerial Ability:
This involves lack of management planning i.e improper planning carried out by the entrepreneurs. This examines all the major causes of success and failures of most small-scale entrepreneurs. It also determines the level of educational and business awareness of prospective entrepreneurs and also the degree of feasibility studies carried out.
3. Liquidation is a Stated Problem:
It is true that the establishment is easy to operate, so it is easy to go out of operation small scale business is often operated with limited capital that is why in most of our various industries liquidation is certain to occur.
4. The Inappropriate Technology:
The technical know how applied by small-scale business operators is antiquated. There is no adequate control technique. like in accounting, organizational performance review and functional feed-back mechanisms.
Then the focus of this write up therefore is to asses the degree of sponsorship or availability of funds for small business units and to ascertain the pilot role of government and its numerous agencies towards development of small scale business. And to evolve and recommend measures aimed at ensuring effective entrepreneurship in small-scale industries.
1.3 Purpose of the Study
There is need to consider the successes and failure of small-scale business and suggesting ways of making them more receptive towards our economy.
As to be inferred from the above discourse entrepreneurship effectiveness is a sensitive issue with complex social economic implications of course no one is in doubt of the important role of small-scale enterprise in our national economy. Entrepreneurship effectiveness in small-scale industries is perceived as a key option to economic recovery. Considering the forgoing, it is the intention of this project to critically look at the financial and the investment potentials of the individuals, the ever-large number of unemployed but employable graduates of entrepreneurial personality vise visa. The appreciation of the clarion calls by the federal and state government for self-employment.
This brings into focus the remote and possible causes of the successes or failures of small-scale entrepreneurship in order to appraise them and evolve careful solutions to most problems and hinder small-scale enterprises. This study as well has a particular purpose to accord appreciation to the various area of small enterprises, as to ensure an augmented entrepreneurial effectiveness. In reflection to this study, small business play a catalytic role in setting up new core industries, unlike small scale ratcheting, areas of manufacturing and services need to be fully explored and ventured for an integrated entrepreneurial effectiveness.
1.4 Significance of the Study
Entrepreneurship effectiveness in small-scale industries is not merely a matter of enterprises. The underlying interest is to improve industries performances and the role of small-scale industries. It cannot be argued that the significance of this study is for academic requirement, but must be borne in mind that learning institution are established to produce capable entrepreneurs for the efficiency of small scale industries.
At the end of this work, a significant effort will be highlight the ideal circumstances for entrepreneurial effectiveness. The organizational risk bearest as well as risqué managements would be opportune to avoid themselves of such the prospective enterpriser could make themselves available with materials that could broaden enlightens on entrepreneurial risk path.
Truly, the awareness this work is bond to create would no doubt stimulate self-employment among our young and potential graduates, induce small scale entrepreneurial growth as well as promote the productive capacity of our economy.
Therefore, this study the economic and business needs of our people, it is significantly an enlighten into a small-scale business and potentials of entrepreneurial personality for effectiveness.
1.5 Scope and Limitations of the Study
While writing this project efforts are being made to ensure that all necessary materials will be used for successful research task.
Again struck care will be taken, based on the limited information and available data to this discourse “Entrepreneurship effectiveness in small scale industries, a case study of Macon’s Bakery Industry Enugu.
Despite all the level of research exposure of the work, inadequate books relevant to the topic, time and most significantly financial resources were constraints to this study.
1.6 Definition of Important Terms
An entrepreneur is one who plans, organized and manages a business. He is the undertaker or enterprises of entrepreneurial personality. He is a financial commitment and assumes all the risk in the business. His reward for effectiveness is optional profit.
Entrepreneur and Entrepreneurship:
This is the skill, the process and act of assuming an entrepreneur. It is also a way of introducing new ideas in response to one’s situation or simply creative innovations.
Ability to produce the intended or actual result, being efficacious and efficient.
This is a situation in which ventures are backed with adequate analysis of entrepreneurial personality with adequate towards the business, thereby making a desirable profit in equity. It is also cannot adequate entrepreneurial stimulation settings up an eventual managing.
Small Scale Industries:
small scale industries are that which has an independent management, owner supplied capital, mainly local areas of operation, relatively small with the industry. Small-scale industries are generally low in terms of number of person employed and in the amount of investment and annual business turn over. Infact, a small-scale industry seems less systematized and formalized than what can reasonably, appear a medium or large-scale industry.
The rate of entrance into the small-scale industries low in the sense that 53.33 and 20% respectively of the responses in this case indicated that the rate has either been low or very low. Further more, it was observed that majority of the young graduates who wish to establish small-scale industries of private source of financing. Most of them had hoped on government directorates and banks in a sample study of this, 7.2% of the respondents hoped on this public financing and support yet, a reasonable percentage of the respondents lacked awareness of any existing public funding sources. This factor of lack of awareness had contributed no doubt, to low rate of venture into small-scale entrepreneurship.
This situation led the researcher to conduct on interview with the Nigerian Bank for Commerce (NBCJ) they offer variety of assistance for the viability of small scale industries, these include provision of loan and advances, feasibility study, etc. as to the study, it is observed that the feasibility studies is one of the major problems and factors for the incessant failure of small scale business. In a response to that sample study, majority of the respondents identified it as the significant factor for entrepreneurship and management succession has also greatly contributed to poor performance of our small-scale enterprises.
Though there was no visible evidence of scale management in the privately owned small-scale industries sampled in grouped1, the responses indicated its.
High influence against the effectiveness of our small-scale industries.
Having made a review of related literature of this project, analysis and data presentation gathered, the researcher finalized the findings in making feasibility recommendations and solutions towards effectives entrepreneurship in our small-scale enterprise.
- It is clear and obvious that the respondents response in the rate of entrance into small scale industries is low, yet it has been know that it is the back bone of every economy, the federal and state ministries of industries and their agencies should help to step up efforts in the campaign to awaken consciousness of our potential investors. Towards this, the government should monitor more closely it agencies which coordinate various employments and entrepreneurship programmes and make more funds available to them for disbursement to the entrepreneur
- Government should also consider the funding of small-scale industries without delay and granting of loans for fresh projects.
- It is hereby recommended that entrepreneurs should seek to fusibility guide in order to facilitate the provision of the feasibility study.
- The decision to assume entrepreneurship is a great test of ones own managerial competence. A successful entrepreneurs most be a personality of entrepreneurs, during and captious and ready to take calculable risks. Infact an entrepreneur who reconcile all the entrepreneurial guiltiest with the analysis of feasibility study would the identify the roles of entrepreneurial fitness and the area where delegation of authority and responsibility is desirable.
Small-scale enterprises are the key to our economic restriction yet the entrepreneurship rates into this sector our economy is law. However, the glimpse of hope for a glorious industrial economy is achieves on the present growing awareness on the need to accelerate the peace our industrial growth.
More over, Nigeria can join the race. An approach towards encouraging our existing small-scale business and adequate stimulation and indusial of potential ones should be the theme.
This is a great challenger to our numerous finacial industrial and employment agencies what should put more efforts to present their roles towards entrepreneurship effectiveness of various small-scale industries.
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