Growth And Development Of Small And Medium Scale Enterprises Through Salesmanship
The roles of small – scale business as a catalyst to the development of growth of a nations economy but cannot be over emphasized. This has been demonstrated in economy of nations like Japan, Indonesia, South Korea, Malaysia among others. Bearing this fact in mind and having a careful look at the problems facing this important sector of the economy in Nigeria, paramount among is the issue of inadequate and often been described as the life blood of any business ventures “Finance”. The overall impact of funds on the rapid growth and development of small – scale business has consistently been a cause of concern to the industrialist. A critical assessment of this sector clearly revealed how the issue of inadequacies has constituted a major predicament to the successful growth of small-scale business in our country. The essence of this extended essay is to examine the roles of small – scale businesses in the country. It is belief that this extended essay will be of immense benefit to the Nigeria Industrialist most especially the small – scale entrepreneurs.
1.1 Background of the Essay
The history of indigenous businesses in Nigeria has the history of small-scale enterprises. Independent businesses are everywhere and in line of work in our community.
Many people want to become their own boss someday. This goal serves as an incentive for millions to become business entrepreneurs most especially now that people have come to realize that it does not pay much to work as civil servant. But rather think of operating businesses of their own.
In recent times in this country, government (federal and state) level have championed the campaign for individuals especially the unemployed ones to become creative and bring to a halt the searching for a White Collar Jobs that are not available; rather people should engaged themselves in thinking of how to get themselves involved in doing one thing or the other on their own in order to create employment for themselves and if possible employ other people.
Making this possible will matched the nation towards its long awaited industrial take off. It is a consensus opinion that small â€“ scale and medium size entrepreneur can assist in re â€“ shaping our economic system.
However, a close look at the performance of small â€“ scale businesses in Nigeria portrays a situation of neglect, apathy and general underdevelopment. This situation had seriously hampered the rapid growth of this important sub sector of the economy, pathetic situation could be attributed to a number of problems hindering the development of small â€“ scale businesses such as managerial problems, marketing problems, lack of high caliber of employees and lack of quantitative data among others.
The above-mentioned factors have hindered the development of small-scale business. The acute shortage of required capital to meet the business operational requirements has cultivated has cultivated the fluctuating performance and its declining role in the development of nations economy. The difficulties of small-scale businesses in obtaining required credit facilities and varieties of credit issues has further complication the financial problem facing these industries.
1.2 Objective of Essay
The aims of this study are as follows: –
- To identify possible constraint facing the business with a view to finding solutions.
- To undertake an intensive investigation on how the establishment of small-scale business could help in economic development.
- To critically examine how small scale business can be managed.
- To humbly fulfilled the requirement for the award of National Diploma in business studies (Department of Purchasing and Supply) College of Business and Management Studies.
1.3 Significant of the Essay
The important of this study cannot be over emphasized. In the course of this extended essay the following importance will be revealed.
At the end of this essay, it is hoped and wished that the study will be of an enormous importance to other fellow student and the general public as a whole.
It is equally hoped that the essay will be of great assistance to the government in making decision concerning economic development.
1.4 Scope and Limitations of Essay
- The extended essay is all about the significance of small scale businesses in economic development with a specific reference to the Nigeria economy.
- Effort on the course of these essay study were constraint by the following factors:
- Having little experience in writing these extended essay work is an obstacle, hence, how to go about it for ideas was a big problem.
- Seeing the supervisor twice a week or sometimes only once a week was also a problem
- Spending money in going about the process of writing the essay is a major problem.
- Time was also not sufficient enough to obtain all the relevant fact in respect of the essay.
However, all the limitation mentioned above were put aside to conclude the extended essay study.
1.5 Definition of Key Terms
A Multi – dimensional process involving re â€“ organization and re orientating the entire economic and social system. This involves, in addition the improvement of income and output, radical changes in institutional, social and administrating structure as well as in popular attitudes, customs and beliefs. In other words, it is a process of change from one stage to another, which is a positive change.
It is a service provided by people in the increment of skills, capacity, freedom, creativity, self-discipline, responsibility and material well being where poverty, unemployment and inequality have reduced tremendously.
This is a quantitative increase over a country’s level of output both goods and services at a particular period of time.
Gross National Product:
The (GNP) is the sum total market value of all final goods and services produced in a country in one year.
Using the services of some and pay in return a form of salary or wage.
One who initiates, establishes, organizes, maintains and expands economic activities.
This is the wearing or loss of quality of fixed assets from use.
A factory where raw materials are used to manufacture usable and consumable goods.
This is the state of being reckless and extravagance the use of resources.
Summary, Conclusion and Recommendations
The chapter summarizes all that has been written in the previous chapters this chapter also give some recommendations on how to go about the solving some of the problems identified and on what line of action should be taken to improve the situation under study.
The objective of this study is to observe and assess the rate of small – scale business in economic development. The extended essay highlights the importance of small – scale in developing nation like Nigeria without small – scale businesses the large-scale businesses cannot operate effectively. The concept of economic development and various definition of small-scale businesses within and outside the country were also given in the study. The role of small-scale businesses to economic development, which constitutes the theme of the study, were looked into in a greater length as well as problems facing the small – scale businesses as such as financial and policy problems. Also prediction was made that the future of small-scale businesses in Nigeria will be bright.
Having highlighted the roles and problems of small – scale businesses. The conclusion arrived is the advantages of establishing a small – scale businesses outweighs its very few disadvantages. All communities big or small have small – scale business entrepreneurs they may not be millionaires but they are successful in their own way it is also worthy of note that since the chief executive of a small – scale enterprises is either a owner or a partner. He or she should work harder with more personal involvement in the running affairs of the business.
Having examined the rate of growth and development of small – scale businesses through salesmanship , it is hoped that the policy makers such as government, Central Bank of Nigeria, federal ministry of trade and Industries would note that small – scale business should be assisted as they confirmed them selves as wealth creators and the employers of labour. In the light of this, the following recommendations are put forward to help alleviate the problems of small – scale firms.
Adequate access to capital and credit is a key requirements of a small scale industrial programme towards development therefore, special institutions such as small – scale enterprises credit scheme, development banks and small – scale industry loans should be encourage to liberalized the term capital for small – scale enterprises.
ii. Government Agencies:
The relevant government agencies should request feasibility studies from small – scale firm for proposed new projects or expansion of exiting ones. This will serve, as an aid to government in determining how much should be set aside for the industrial sector. It will also enable the government agencies to know which firms need tax holidays and special government assistance.
iii. Adequate Pool of Entrepreneurs:
It is imperative to create adequate pool of entrepreneurs and equip them with relevant skills required in business operations. The rise of an energetic and skillful group, creative and innovating entrepreneurs is a key to accelerating economic growth. “Being the man whose leadership creativity and ability to convert economic resources into viable industries. They are primarily responsible for mobilizing resources and channeling them to product use and initiating the action of the wheels of population” therefore, if developmental strategies in encouraging small – scale businesses are to be meaningful. It is necessary that the Nigeria pool of entrepreneurs should translate these plans into reality.
iv. National Directorate of Employment (NDE):
The nation directorate of employment should liaise with small – scale enterprises to disseminate vital information that would be relevant to small scale enterprises the directorate should be responsible for organizing workshops, seminars, and symposium where exchange of ideas counseling and general enlightened campaigns can be impacted. The government should direct banks to grant out loans to entrepreneurs at low interest rates. Unless these are done, the small scale businesses will continue to drift while the multi – national corporations keep flourishing. Nigeria must come out with a definite industrial policy that would not centralized solely on the large multi – national corporations in factors allocation of foreign exchange and directives towards the areas of operations, it should also skewed to favour the small – scale business. Special enough capital should be allocated to Nigeria banks of commerce and industry and to all other commercial banks in Nigerians to give out credit to small – scale business entrepreneurs at a very lower interest rate.
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