The Impact Of Business Failure In Nigeria (A Case Study Of Small Business In Federal Polytechnic Environment)

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Project and Seminar Material for Business Administration and Management BAM

Project and Seminar Material for Business Administration and Management BAM


Dedication


With gratitude of to God Almighty for giving me the understanding, knowledge wisdom and strength to complete the Higher National Diploma (HND) Programme.

This project is dedicated

To
The then
The now
And forever.


Acknowledgement


I give God the glory for seeing me through, in all aspect of mu academic carrier. I also thank God for giving me the wisdom knowledge and understanding to complete this project.

My special regard goes to my (HOD) DR. OBINNA C. IWUEKE who is also my supervisor, whom impact knowledge on me to complete this project. His fatherly advice cannot be forgotten.

I also thank my coordinator MR. UDOKA OPARAKU. D, my course adviser MR. MAXWELL UGIAGBE, me STANLEY IWUOHA and the entire staff in business administration and management who in one way or the other whom make this project successful.

I also thank God from the deepest part of my heart for the success of this project.


Abstract


The research work was carried out to find out the impact of business failure in Nigeria. (a case study of small business in Federal polytechnic environment). The study used survey design technique, the population of the study consist of 200 worker which used Yaro Yamen Formular were used to determined the sample size which where 133. Both primary and secondary sources of data where used to collect the information.

The researcher questionnaire analyzed using simple percentage and the hypothesis were tested with chi-square at (2) percentage level or significant. The major findings of the study where that the impact of business failure where base on the analysis of data collected from the different questionnaire administer to senior staff and junior staff of standard shoe manufacturing industry and Akaraka paint industry.

It has been concluded that many business fail due to the fact that, they lack the technical know how for running a business. The researcher recommend that effort should be made to improve employee relationship, and also there should be training for employee to carryout their job.


Table Of Content


  • Title page i
  • Approver ii
  • Dedication iii
  • Acknowledgement iv
  • Abstract v
  • Table of content vi

Chapter One

  • 1.0 Introduction
  • 1.1 Background
  • 1.2 Statement of study
  • 1.3 Purpose of the study
  • 1.4 Research question
  • 1.5 Research hypothesis
  • 1.6 Significant of the study
  • 1.7 Scope of the study
  • 1.8 Limitation of the study
  • 1.9 Definitions

Chapter Two

  • 2.0 Literature review
  • 2.1 Introduction
  • 2.2 Conceptual of framework
  • 2.2.1 Concept of business failure
  • 2.2.2 Symptoms of business failure
  • 2.3 Theoretical framework
  • 2.3.1 Structural contingency
  • 2.4 Empirical framework
  • 2.5 Researcher position
  • 2.5.1 Nature and types of small business
  • 2.5.2 Characteristic of small business
  • 2.5.3 Role of small business in the economy
  • 2.5.4 Problems of small business

Chapter Three

  • 3.0 Research methodology
  • 3.1 Introduction
  • 3.2 Research design
  • 3.3 Sources and method of data collection
  • 3.4 Population and sample size determination
  • 3.5 Sampling techniques/procedures
  • 3.6 Validity and reliability of measuring instrument
  • 3.7 Method of data analysis

Chapter Four

  • 4.0 Presentation analysis and interpretation of data
  • 4.1 Introduction
  • 4.2 Presentation of data
  • 4.3 Analysis of data
  • 4.4 Test of hypothesis
  • 4.4.1 Test of hypothesis one.

Chapter Five

  • 5.0 Summary, Conclusion and Recommendation
  • 5.1 Introduction
  • 5.2 Summary of findings
  • 5.3 Conclusion
  • 5.4 Recommendations.
  • References
  • Appendix
  • Questionnaire

Chapter One


1.0 Introduction


1.1 Background Of The Study

Business is important to our society because we depend on its for various services. While they depend on the environment. Business organization provide our basic needs such as food, clothing and shelter. They also provide us with moisture recreation, entertainment, education, etc. many of us work in business organization and therefore depend on them for our economic and social welfare.

One can see that our society cannot do without business organization. Over the years studies in management have often concentrated on large organization which are characterized by impersonal relation, formal structures and personal specialization.

The industrial revolution of the 19th century brought about radical change in the production process with a focus on achieving economic of scale and resources efficiency and effectiveness through large scale production. The large scale capital investment involved in large business make this category of business even risks hence, the need to place close supervision and control on their management as a way to protect the stakeholder interest.

However, studies of modern economics have show what it is difficult to achieved balance and sustainable economic growth by depending only on large business organization. Small and large business are known to contribute significantly in building a solid and rural economic base in both developed had been and less developed country.
It has been noted that 75% of business even through there are medium and large scale business which have failed either in the short or long run.

In this case, one would want to ask what factors that lead to these business failures and what are the consequences, effect of this failure to the company; employee and the society at large. Small scale business provide the training ground for business men. Experience and skills develop in running employed in large industrial set up. It has been appreciated that the managerial skill and knowledge needed to run large company cannot be developed overnight those who had experience in small scale business management can easily apply such knowledge and skill to manage bigger enterprise.

Many small scale business are mainly for the demand of their immediate local environment, and that their proprietor are usually conservative and suspicions unwilling to release information about their business for fear of taxation and unwanted competition.

No one aim to start a business which will be a failure, but it has been observed that many businesses have failed to survive, thereby disappointing their proprietor, although they may have contributed to their failure in one way or the other. Small business provide a very strong support for our economic development presently, our economy is dominated by small scale business and even the few existing large scale businesses heavily depend on them in several ways.


1.2 Statement Of The Problem

In recognition of the fact that causes of business failure in Nigeria are high priority to the survival on any business concerned. The impact is very substantial objectives or goals and the end towards which activity is aimed. They represent not only the point of planning but also the end toward which organizing, staffing directing, leading and controlling are aimed.

The rampant folding up both small and large business organization in the recent time have stemmed from mismanagement by owners and inability to perform managerial function. Coupled with lack of managerial skills. Properly train and educated in other to find the cause of business failure in small business enterprise in federal polytechnic environment.


1.3 Objective Of The Study

The main objective of this study is to determine the impact of business failure on economic development of Nigeria. The specific objective include:

  1. To determine the causes of business failure
  2. To find out how business failure affect employment.
  3. To find out how business failure affect payment of taxes to government.
  4. To examine the relationship between business failure and managerial process and skills.

1.4 Research Questions

The research question that guided this study included

  1. What is the relationship between business failure and employment.
  2. How does business failure affect payment of taxes to government.
  3. What is the relationship between business failure and managerial process and skills.

1.5 Research Hypothesis

The following hypothesis were formulated for the study:

Ho 1: Business failure does not have significant relationship with employment of citizens.
HA 1: Business failure has significant relationship with employment of citizens.

Ho 2: Business failure does not have significant relationship with payment of tax to government.
H A 2: Business failure has significant relationship with payment of tax to government.


1.6 Significant Of The Study

This study will serve for upcoming researcher in related field. It we be useful to entrepreneurs of small scale, medium and large scale business, the government and public who may want to engage in any form of business it will enable the entrepreneurs of small business to detect signs and symptoms of failure in good time. It will be a constant reference point for researcher in a similar study.

Finally the study emphasis more on business that have failed and highlight causes and impact, the effect or business failure in Nigeria.


1.7 Scope Of The Study

The research work focused on the impact of business failure on economic development of small business in Nekede.


1.8 Limitation Of The Study

Lack of textbooks and journals it is know fact that the university and polytechnic libraries and other public libraries in Nigeria lack much books journal and other publication which are much needed in project write-ups.

Finance:The cost of interest is high and as the student was unable to afford all the financial requirement of the research study.

Time:The period of time allowed for this project is small or the time required for this study is just not enough. A project of time nature need to be done gradually hence month can be over without getting the necessary fact needed for this study.


1.9 Definitions Of Terms

1). Business:

Any legal or commercial activity which a person engage itself in order to make profit.

2). Business Failure:

Inability of a particular business enterprise to continue to function as “going concerned”.

3). Insolvency (Bankrupt):

Inability of income to cover the expenses of a business.

4). Working Capital:

The actual money used in running the business.

5). Fraud:

Unlawful acquiring and diversion of wealth and income.

6). Operating Cost:

The current expenditure of that business and expenses of the business.

7). Economic Downturn:

Is when things goes wrong in a society.

8). Product Line:

The target of goods and services of business.

9). Revenue:

The total or gross earning of a business.

10). Management:

The process of planning controlling directing, co-coordinating and organizing resources (human and material) by a business organization in order to achieved their business objectives.

11). Profit:

The net income of the business, it is the excess of gross earning over expenses.

12). Economic Depreciation:

A prolong period of recession of significant and prolonged down-turn in the economy. The characteristic of an economic depression include dealing with business activities falling prices, rising unemployment increase investment etc.


I bet you, the complete material is fully loaded. This is just an excerpt. The Material is in MS-Word Format which you can easily edit and is comprehensive for a complete research work for this topic


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How to nail it on the head during your project defence


You are through with writing that project. Now what?

You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.

  • How am I going to start?
  • I hope I will do well enough to get an A.

You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.

I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.

Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.


Watch Your Body Language And Keep It Confident:

Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.


Dress In Your Most Comfortable And Impressive:

Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.


Speak With Authority:

Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.


Use, Your Gestures:

I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.


Have A Good Opening And Closing Line:

Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.


Make Sure You Know Your Work:

Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.


Prepare For The Questions:

Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.


These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.

SAMPHINA

SAMPHINA

Samuel Obiora Blessed is the CEO and founder of samphina.com.ng a.k.a Nigeria Students Media, the youngest engineering graduate of Federal Polytechnic Nekede in 2017 and the engine brain behind this great platform. He is the man behind the scene, filled with many potentials. A musician as well as a developer with the interest of Nigeria students at heart. If you need a professional website, contact him via WhatsApp or phone call @ 08143831497 to get the best.

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