Partnership Business And Its Contribution To The Economics Development And Growth Of Nigeria
This study focused on the partnership business and its contribution to the economics development and growth of Nigeria, Enugu North as case study. The study is was specifically focused on examining if partnership business raised the economic well-being of the people in Enugu North; examining if partnership business has an impact in the economic development in Enugu North; determining if partnership business helped in uplifting the living standard of people/masses as a whole and recommending solutions to these problems facing them. The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are staff of Selected Companies in Enugu North, Enugu State
Table of Content
- 1.1 Background of the study
- 1.2 Statement of the problem
- 1.3 Objective of the study
- 1.4 Research questions
- 1.5 Significance of the study
- 1.6 Scope of the study
- 1.7 Limitation of the study
- 1.8 Definition of terms
- 1.9 Organizations of the study
Review of Literature
- 2.1 Conceptual Framework
- 2.2 Theoretical Framework
- 2.3 Empirical review
- 3.1 Research Design
- 3.2 Population of the study
- 3.3 Sample size determination
- 3.4 Sample size selection technique and procedure
- 3.5 Research Instrument and Administration
- 3.6 Method of data collection
- 3.7 Method of data analysis
- 3.8 Validity of the study
- 3.9 Reliability of the study
- 3.10 Ethical consideration
Data Presentation and Analysis
- 4.1 Data Presentation
- 4.2 Analysis of Data
- 4.3 Answering Research Questions
Summary, Conclusion and Recommendation
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendation
1.1 Background of the Study
The aforementioned practices of partnership business are however hampered by certain factors in Nigeria Economic Growth and Development in general and Enugu North L.G.A in particular such factors include: i. Financial constraint: For any enterprise to function effectively, money is needed to procure the needed resources without, which nothing could be done. For the partnership business to function properly, certain activities needed to be performed e.g. manpower planning, job evaluation etc. All these activities requires proper financing. ii. Unsrilled Partners: There is generally shortage of professional managers and as partnership business requires experts in all its departments to administer its functions. iii. Poor Planning: This imposes challenges on the functioning of organizational activities, especially in an organization like partnership business in Enugu North particularly. iv. Organizational Politics: Politics is inevitable in any human setting. It is the struggle between the group and persons within an organization. This results in con ict at interest. These politics can even take place between the partners which will head them not to achieve their objectives. v. Communication and Information Constraints: Poor and ineffectiveness of communication constitutes a serious problem to partnership business in Enugu North Local Government Area Enugu. Based on the above issues the researchers want to study the contributions of the contribution of partnership business to the Economic growth and Development in Nigeria. (A case study of selected companies in Enugu North L.G.A).
1.2 Statement of the Problems
Though, Partnering among business owner can be complex and it also takes time and effort to build the right relationship, and as a result of this partners are more likely to encounter challenges ranging from the objectives of the venture which are not 100 per cent clear and communicated to everyone involve, the partners having different objectives for the joint venture, high level imbalance in levels of expertise, investment or assets brought into the venture by the different partners, different cultures and management styles which is likely to result in poor integration and cooperation between the partners, and finally the partners may not be able to provide sufficient leadership skills and support in the early stages of coming together as partners being that most of the partners are manager of their various stage and are finding it hard to adapt to the partnership/or joint venture rules and regulation.
The Nigeria small scale business industry is one of the most dynamic, risky, challenging and rewarding business sector in Nigeria (Mills, 2001). As any other major sectors, it is exposed to a lot of predictable and unpredictable risks when engaging in a joint venture or partnership businesses. Among the risks faced by the the small scale sector are ownership risk, management and capital funding risk, economic risk, technology risk and social risk. Even though Risk is inherent in every partnership business and normally assumed by the owners unless it is transferred to or assumed by another party for fair compensation, it is also a challenges which pose a great danger for small scale business owners who may wish to come together to form a joint venture or partnership business if not deal with in the best possible way.
Non-Access to International Marketing: International marketing is a multinational process of planning and executing international marketing standards for pricing, promotion, distribution of ideas, goods and services to create exchange that satisfy individual and organizational on national and international level (Kottler, 2009). Firms expand into international markets slowly and deliberately over time for the market that are familiar to their home market, in order to participate effectively in global markets, SMEs are required to have and maintain significant capabilities in different areas ranging over the industry value chain, including production, design, distribution, branding, and marketing, as a result of this challenges small scale has tremendously find themselves merging or combining personal business capital together, sharing business ideas through establishment of a partnership/joint venture business in order to have access to international marketing and gain worldwide recognition.
Furthermore, Despite existing policies on financial support for small businesses, very few entrepreneurs receive financial help when they need it. Mambula (2002) find that 72 percent of entrepreneurs he studied in Nigeria considered lack of financial support as number one constraint in developing their business. Although in some African countries banks are by law required to set aside a certain percentage of their profits for small business loans, many banks would rather pay a fine than make what they believe to be a high risk loan to SMEs, this factor also prompt most small scale business owner to pool capital resources together to start up a partnership business.
Lack of Skills for entrepreneurship: The challenges facing entrepreneurs and small medium enterprises in Africa are varied and many; lack of financial support, weak economic infrastructure, and lack of policy coherence, and lack business support. Given the small number of indigenous African small firms compared to firms from other parts of the world, education and training support for entrepreneurs and small-scale enterprises will help establish a good foundation for small business growth (Biggs and Shah, 2006).
1.3 Purpose of the Study
The purpose of this study is to investigate the partnership business activities to Economic Growth and Development in Enugu North L.G.A.
Specifically the study aims;
- To determine if partnership business raised the economic well-being of the people in Enugu North
- To examine if partnership business has an impact in the economic development in Enugu North
- To determine if partnership business helped in uplifting the living standard of people/masses as a whole
- To recommend solutions to these problems facing them
1.4 Research Questions
This study sets to find out the contribution of partnership business to the Economic Growth and Development in Nigeria with particular reference to the selected companies in Enugu North L.G.A. This study seeks to provide answers to the following questions.
- Has partnership business raised the economic well being of the people in Enugu North?
- Has partnership business has an impact in the economic development in Enugu North?
- Has partnership business helped in uplifting the living standard of people/masses as a whole?
1.5 Significance of the Study
The choice of selected companies in Enugu North Local Government Area as a case study of this research work on the contribution of partnership business to the Economic Growth and Development in Nigeria is born out of desire to putthem ahead to their challenges. If partnership business will be properly organized and coordinated accordingly, it will be of great important in Economic growth and development to the masses and the country as a whole. This study is geared towards providing recommendations to these problems. This study would be useful to Enugu North Local Government Area which serves as the case study. This is expected to assist the management of this selected companies in looking into their Economic development and growth so far. The study will also help other companies in the country in mapping out structural and administrative policy. Finally, this study would be significant to other partnership business as a guide to Economic growth and Development and management in addition, Educators, Administrators, Managers, Teachers and future students, and Researchers would benefit from this study as it ill give them the right trash/directions to follow if they should need to research on a similar topic.
1.6 Scope / Delimitation of the Study
The research work titled the contribution of partnership business to the Economic Growth and Development in Nigeria is very wide to study. Therefore, to enable me research this work I have to circumscribe my research within amanageable limit by having selected companies in Enugu North L.G.A as my case study instead of Nigeria as a country.
1.7. Limitations of the Study
As with all studies, limitations exist and must be acknowledged. Moreover, the outcomes were based on the information solicited from the respondents and such might be subjected to human errors, omissions and possible mis-statements.
The limitations of the study are as given below: also the difficulty of timely availability of published data from various government and other agencies doing this job in our country. Researcher also faces the problem on account of the fact that the published data vary quite significantly because of differences in coverage by the concerning agencies.
The study could not show the whole scenario of the all small scale business in Nigeria. The questionnaire was not understood by some respondent.
Some respondent did not give enough concentration to understand the significant of analysis. The time was not enough to collect the data from the respondent.
1.8 Definition of Terms
This is the explanation of the meaning of some works that are technically used or constantly seen in this study.
i. Selected Companies in Enugu North:
This is the chosen case study which the research is being carried out on.
ii. Partnership Business:
This is voluntary association of two or more persons for the purpose of managing a business enterprise and sharing its pro ts or losses. The New Encyclopedia Britannica (2009).
iii. Economic Growth:
This is the economy’s most powerful engine for generating long-term increases in living standards. Lipsey & Chrystal (2007).
This is when the best potentials of a man is brought to the fore to solve his problems and make his environment a better place to live in. Nwatu Ralph (2008).
This is the two or more people who work together in a structural way to achieve a speci c goal or set at goals. Ihe (1999).
This is the employment and application of both human and material resources to achieve the objectives of an organization in most economical way. Nwudu, Ani & Agbo (2000).
This is the managerial function concerned with the setting of goals and objective (My Lecture Note).
This is the binding element that brings people together. The objectives can be a problem which is common needs and desire. It is the commonness or common goals that make people to form an organization.
1.9 Organizations of the Study
The chapter one consist of the introductory part of the study which includes the study background, the statement of the research problem, the study objective and scope of the study.
The second chapter is a critical review of other literatures relevant to the study and its objectives including the theoretical framework for the study. While the third chapter is methods of data collection, sampling and data analysis used in conducting the study. The fourth chapter centres around the research findings including an analysis of how it relates to previous findings. The fifth chapter consists of the summary of findings, conclusion and recommendations base on the study objectives.
Summary, Conclusions and Recommendations:
This chapter summarizes the findings on the partnership business and its contribution to the economics development and growth of Nigeria, Enugu North as case study. The chapter consists of summary of the study, conclusions, and recommendations.
5.2 Summary of the Study
In this study, our focus was on the partnership business and its contribution to the economics development and growth of Nigeria, Enugu North as case study. The study is was specifically focused on examining if partnership business raised the economic well-being of the people in Enugu North; examining if partnership business has an impact in the economic development in Enugu North; determining if partnership business helped in uplifting the living standard of people/masses as a whole and recommending solutions to these problems facing them.
The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are staff of Selected Companies in Enugu North, Enugu State.
With respect to the analysis and the findings of this study, the following conclusions emerged;
The research established that Income diversification was a strategy, which the partnership organization used to enhance its sustainability. The funds or sources of income were from diverse sources. These sources were however dwindling and their future was questionable and as such the partnership organization had put in place measure to avoid single sourcing by using diversification as a key element to sustainability because if one aspect of strategy failed, another can succeed and therefore, to achieve sustainability and to remain the partnership organization resorted to obtaining capital from various sources.
The study established also that Human resource sustainability was key in ensuring organizational strategy. the partnership organization was keen on enhancing the remuneration of the employees so as to retain their manpower and increase the prospects of sustainability by remaining competitive and also by improving the working conditions for the workers. Though there were challenges of maintaining a focused and competent workforce due to lack of adequate finances to offer good remuneration, the PBO was, according the managers committed to aligning staff knowledge and expertise, and their activities with the overall goal of the organizations. Non-alignment of employees to organizational mission and vision is one of the blunders that inhibit successful adoption of strategies and failure to achieve organizational sustainability.
Strategic alliances and mergers is another partnership strategy which was adopted by the partnership organization. the partnership organization has partnered and set strategic alliances with organizations offering similar services in the locality to expand access of its services to the larger public. A greater pool of resources ensures that programs are implemented effectively and the benefits of such services are felt in the community they operate in. This strategy was however facing the challenge of non-conformity and poor alignment of the goals, objectives as well as different visions and missions among the various organizations with which strategic alliance is sought.
To ensure sustainability, the study established that social enterprises, which generated income, were key to success. The study determined that the partnership organization has acquired thirty acres of land in which agricultural programs will be implemented. Plan were also underway to establish agricultural production units in which the community will benefit from the free crop and animal husbandry trainings, employment and the organization from the fees levied to institutions and sale of produce at subsidized rates to stakeholders. In addition to this, the organization intends to establish more commercial entities to ensure constant source of income. Proceeds from these commercial enterprises will cater for program activities and thus stakeholders and beneficiaries will continue to receive services for the long-term hence organizational sustainability. To achieve sustainability the partnership organization adopted strategic alliances and mergers where a greater pool of resources ensures that programs are implemented effectively and the benefits of such services are felt in the community in which the partnership organization operates in. for any organization to survive in the dynamic environment, it has to have fail proof strategies and proper implementation mechanisms. the partnership organization continues to strive to ensure that the strategies they have adopted are successfully implemented.
Based on the findings the researcher recommends that;
The organization should adopt strategies, which include income diversification where the organization relies on several sources of income. Financial sustainability is only one aspect of the partnership organization’s overall sustainability and it should build a broad range of organizational, technical, and human capacities in order to secure and manage sufficient resources to enable it to fulfill its mission effectively and consistently over time. The organizations should engage financial experts in attempt to achieve financial sustainability. These experts will help manage the finances in a prudent manner, make the organization financially sound and eventually sustainable.
To achieve sustainability, the partnership organization should consider partnering together with organizations that offer similar services to create stronger alliances with the end result of having combined advantage. Strategic alliances and mergers help avoid duplication of efforts among the partner organizations in various regions. The policy makers should ensure that as they set up social enterprises that generate income and support the operations of the organization, they have the right competences in financial management to realize the organizational mission. A clear standard procedure on how the proceeds from the enterprises will be employed will go a long way in ensuring sustainability.
In order to effectively adopt and implement partnership strategies the partnership organization needs to align staff knowledge and expertise, and their activities with the overall goal of the organization. The organizational vision should be properly communicated to the employees to foster commitment to strategic implementation. The employees should be actively involved in all aspects of partnership strategy formulation and implementation.
This is because the employees are the actual implementers of the strategies and they should feel involved. Non involvement of all employees at all levels in the formulation of strategy has also hindered strategy implementation in the organization. All employees should be involved in the process to make implementation easier. In addition, the organization should enhance employee expertise through capacity building forums and training to ensure that it has stable and qualified human resources to ensure efficient and effective implementation of the strategies.
How To Get The Complete Material For Partnership Business And Its Contribution To The Economics Development And Growth Of Nigeria
The Complete Material will be Sent to You in Just 2 Steps
Quick & Simple…
Make a Mobile Transfer or POS Payment of ₦3,000 to any of the Account Below
|Account No.: 0811003731|
|Name: Samphina Academy|
|Account Type: Current|
|Account No.: 1225513212|
|Name: Samphina Academy|
|Account Type: Current|
Or CLICK HERE To Pay With Debit Card
|FOR CLIENTS OUTSIDE NIGERIA|
|CLICK HERE To Pay With Debit Card ($15)|
|GHANA – Make Payment of 80 GHS to MTN MoMo, 0553978005, Douglas Osabutey|
Send the Following Details on WhatsApp ( 08143831497) After Payment
- Payment Details
- Email Address
- Partnership Business And Its Contribution To The Economics Development And Growth Of Nigeria
The Complete Material Will Be Sent To Your Email Address After Receiving Your Details
T & C Apply
This research material “Partnership Business And Its Contribution To The Economics Development And Growth Of Nigeria” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.
The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.
samphina.com.ng is only providing this material “Partnership Business And Its Contribution To The Economics Development And Growth Of Nigeria” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.