Feasibility Studies And Co-Operative Formulation Investment Drive
This study is aimed at assessing the usefulness of feasibility studies in the course of co-operative formation and investment drive. A total of 134 respondents were selected from the population figure out of which the sample size was determined. The primary source of data collected was mainly the use of a structured questionnaire which was designed to elicit information on feasibility studies and co-operation formulation investment drive, and the secondary source was a nonparametric statistical test (Chi-square) which was used to test the formulated hypothesis using SPSS (statistical package for social sciences). The data collected will be analyzed using frequency table, percentage and mean score analysis. The results will show that public knowledge of the helpfulness of the feasibility studies is above average. This study will be of immense benefit to other researchers who intend to know more on this study and can also be used by non-researchers to build more on their research work. And so potential investors in the private and public sectors should be educated, so as to ensure increased performance in the actual execution of any business idea. This necessitates the need for a robust feasibility study done to help fuel investment drive while promoting sustenance of business start-ups.
1.1 Background of the Study
For over a decade now, the Nigerian economy has been in dire strait or doldrums. The continued economic crunch has highlighted the need for feasibility studies before embarking on any project. Feasibility studies involved closer examination of cost and benefit of a project with a view to ascertain whether it is feasible, viable and profitable to undertake such a venture. The drive for investment can only take place when there is sufficient money or resources. The importance of a well-prepared feasibility studies in the course of cooperative formation and investment drive cannot be overemphasized.
A well-prepared feasibility studies can be used to obtain loan form banks and thus attract other investment, co-operative project backed by good feasibility studies are difficult to wind up easily planning business is an absolute must say Banmbank (1992: 31). Having the right goods at the right place at the right time and prices is the accepted objective. He also believes that control is indispensable. The whole idea of a feasibility study or report compliments and facilitates these two all important functions in the business planning and control. Thus, a feasibility study shows whether a propose business opportunity will succeed or rail after a careful consideration of alternative against the firms’ objective. Different view energy why people from or join a cooperative society or cooperative. Cooperative afford for socio – economically disadvantaged people an alternative way of doing business. It follows naturally that the intention or motive for establishing a sole trade, partnership or joint stock company are similar but not same for establishing a cooperative society.
According to Omuoha (1999:28) profit motive in the motivating factor for private entrepreneurs while service to member in the motivating force for cooperative the necessity for making a choice between investment alternative arises frequently in business decision (Ude 1990:64). Accordingly, it is necessary to appraise your project. To determine whether it is worth going into the business or not. For any project, these are alternative technologies, production equipment, building and other investment. As each decision is concluded the next issue is the problem of selecting the most viable of the various alternatives. It is against this backdrop that this study is aimed at the usefulness of feasibility studies in the course of co-operative formation and investment drive, so as to help co-operators and the general public know the importance of a feasibility report, in any business venture most especially cooperative business venture.
1.2 Statement of the Problem
The spate of business failure in Enugu state is on the increase. According to Louck (1989:5) “to start a business is very easy but to stay in business is very difficult. Most businesses have failed due to lack of proper planning foresight by their promoters. This is most in the case of small-scale business which are characterized by owner and personnel. The importance of feasibility studies in the course of cooperative formation and investment drive cannot be overemphasized or ignored. The failure of some co-operative business venture deserves to be questioned: were feasibility studies prepared, how good were the feasibility studies, were the provisions well implemented, the nature of the staff quality etc. Their day to day operations usually are in the hands of the owners who may not possess the requisite know how. It is against this background that the wants to embark upon the research topic titled “feasibility studies and co-operative formation / investment drive. (A study of the usefulness of feasibility studies in the course of co-operative formation and investment drive).
1.3 Objectives of the Study
The main objective of this study is to x – ray the usefulness of feasibility studies in the course of co-operative formation and investment drive.
The specific objectives include;
- To identify the extent of the use of feasibility studies as a tool for investment selection among the co-operatives
- To assess the level of awareness of the usefulness of feasibility studies in operating a business
- To ascertain the relationship between feasibility studies and business performance among co operatives
- To determine the relationship between feasibility studies and co-operative formation / investment drive
1.3 Research Questions
- Do people know that the use of feasibility studies is necessary for successful operation of a business?
- Is there a significant relationship between feasibility study and business performance among co-operative?
- Is there a significant relationship between relationship between feasibility studies and co-operative formation / investment drive?
1.5 Research Hypotheses
- H0: There is no significant relationship between feasibility study and business performance among co-operative.
- Hi: There is a significant relationship between feasibility study and business performance among co-operatives.
- H0: There is no significant relationship between relationship between feasibility studies and co-operative formation / investment drive.
- H1: There is a significant relationship between relationship between feasibility studies and co-operative formation / investment drive.
1.6 Significance of the Study
This study will highlight on the relevance of feasibility studies and cooperative formation/ investment drives. This will be immense benefit to these wanting to engage in new venture. It will also helpin minimizing business failure among cooperatives, since people will appreciate the need to embark on feasibility studies in the course of cooperative formation/ investment drive. Again, apart from contributing to the existing literature on this topic, it will be of immense benefit to those who might like to undertake further studies on this topic or related issues. It is also hope that the adoption and implementation of the finding and recommendations of this study will in no doubt help significantly in boosting our economy through business success engendered by the use of feasibility studies among cooperatives.
This study will be of immense benefit to other researchers who intend to know more on this study and can also be used by non-researchers to build more on their research work.This study contributes to knowledge and could serve as a guide for other study.
1.7 Scope of the Study
The study centers on feasibility study and cooperative formation/ investment Drive. Mainly the importance of feasibility report, motives for forming or joining a cooperative society/ investment Drive and feasibility studies. Sampled members of cooperative societies, management, and officials responsible for government departments charged with cooperative affairs were administered with questions.
1.8 Limitations of the Study
The researcher in the course of this work seriously encountered financial and time constraints. Exorbitant, unreasonable, high and great transportation cost, apathy, limited cooperative books, journals, and other publications. Higher level of risk of traveling by road and the geographical spread of the data base constituted limitations in themselves.
1.8 Definition of Terms
A closer examination of the costs and benefit of a project to ascertain whether it is feasible, viable and profitable to undertake as a venture.
A written documented plan or a blueprint of operation of a business project.Investment Commitment of fund in the purchase of assets intended to yield future returns.Project Plan to invest money in the purchase of assets or a combination of assets intended for installation to yield return in the business concern.
This has to do with ways by which cooperative society can be formed. That is step involved in forming a viable cooperative society.
It is association of persons who have voluntary joined together to achieve a common end through the formation of a democratically contributed enterprise, making equitable contribution of the capital required and accepting a fair share of the risk and benefit of the undertaking in which members actively participate.
Conclusion and Recommendation
From literature, we can say that the impact of investments in an economic system is justified by the fact that action triggers investment organizations and implementing various projects increase their supply of goods and/or services, leading to additional income. At the same time, any investment project generates additional needs or applications in sectors related to upstream (supplier of raw materials, utilities, etc.) or downstream (distribution or consuming of goods/services offered), which causes an increase in revenue at the chain all economic entities engaged and involved. This necessitates the need for a robust feasibility study, to help fuel investment drive while promoting sustenance of business start-ups. We conclude from this study that public knowledge of the usefulness of feasibility studies is above average. And in agreement with literature, business performance is greatly impacted by robust feasibility studies done to help in decision making as well as promote investment drive.
Cooperative Societies are just one of the many institutions by which society organizes economic activities in the most practicable and efficient way. And so potential investors in the private and public sectors should be educated on the usefulness of carrying out a robust feasibility study so as to ensure increased performance in the actual execution of any business idea.
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