The Strategies For Enhancing Business Survival
This research project is on the strategies for enhancing business survival in Oshodi LGA of Lagos state. The study was specifically carried out to identify the factors militating against business survival in small scale enterprises in Nigeria, analyze the different survival strategies available for SMEs in Nigeria, and ascertain the effect of the survival strategies on the performance of SMEs in Nigeria. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of SMEs owners in Oshodi LGA, Lagos State. In determining the sample size, the researcher conveniently selected 59 respondents and 50 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables, and mean scores. While the hypotheses were tested using Chi-square statistical tool. The result of the findings reveals that the different survival strategies available for SMEs in Nigeria includes; creativity strategy, high risk taking, opportunity identification and assessment, and risk management strategy. The study also revealed that the adopted survival strategies have a significant relative effect on the performance of SMEs in Nigeria. Therefore, it is recommended that adequate finance, condusive environment, and public policy framework should be developed by the Nigerian governments to support and encourage the SMEs. To mention but a few.
Table of Content
- Title Page
- Table of Content
- List of Tables
- 1.1 Background of the Study
- 1.2 Statement of the Problem
- 1.3 Objective of the Study
- 1.4 Research Questions
- 1.5 Research Hypothesis
- 1.6 Significance of the Study
- 1.7 Scope of the Study
- 1.8 Limitation of the Study
- 1.9 Definition of Terms
- 1.10 Organisations 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
- 4.4 Test of Hypotheses
Summary, Conclusion and Recommendation
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendation
1.1 Background of the Study
Business is an institution organized and operated to provide goods and services under incentive of private gain. the fundamental purpose of any business in the society is to provide goods and services for consumption and the process make profit. business is any human activities that is involved in the production and distribution of goods and services through a socially organized system of exchange. business comprises a wide variety of activities aimed at satisfying the needs and desire of people. It is the sum of total of human activities involved in a production and distribution of goods and services for the purpose of satisfying human wants. Business also refers to the whole field of industry, trade and finance and comprises activities such as agriculture, mining, quarrying, manufacturing, processing and retail distribution and services of all kind (Etuk 1995).
SMEs have been accepted worldwide as instruments of economic growth and development. Governments, particularly in the developing countries, have made tremendous efforts and established policies towards enhancing the capacity and sustainability of SMEs. However, despite government institutional and policy support, there is a grave concern and scepticism about whether SMEs can bring about economic growth and development, particularly in developing countries. In Nigeria, there have been a series of government interventions to boost the activities of SMEs through the establishment of agencies and programmes to provide consultancy, information, and guidelines to Nigerians who establish and own businesses. Some of these programmes include: Small and Medium Enterprise Equity Investment Scheme (SMEEIS) established in 2001 and the Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN) established in 2003. Other agencies include: the National Directorate of Employment (NDE), Skills Acquisition Centre and Industrial Development Centres. SMEs are faced with challenges which affect their ability to function and contribute optimally to the economy.
Business survival is the continued existence of a business despite prevailing unfavorable environment. A business cannot survive for a long time if it does not make use of strategies that will enable it maximize sufficient profit. Profit can be used to meet the home for business man. It could also be used to pay salaries of employees, buying raw materials etc.
Upon this background therefore, this research work seeks to examine the strategies that can enhance the survival of small scale business enterprises.
1.2 Statement of the Problem
The contributions of small scale business to the growth of any economy cannot be over emphasized. A cursory survey of small scale business enterprises in Nigeria reveal the incessant case of collapse of such business enterprises within few years of their existence. the ugly situation is traceable to the use of ineffective business strategies by owners or operators of these enterprise. The continued collapse of small scale business enterprises will Leighton the level of unemployment and poverty in the country which will sub squally impact negative on the nation’s gross domestic product (GOP). These issues raised the concern of the researcher in examining the strategies for enhancing business survival in Nigeria.
1.3 Objective of the Study
The main objective of this study is to examine the strategies for enhancing business survival in Oshodi LGA of Lagos state, specifically the study intends to:
- Identity the factors militating against business survival in small scale enterprises in Nigeria.
- Investigate the different survival strategies available for SMEs in Nigeria.
- Analyze the effect of the survival strategies on the performance of SMEs in Nigeria.
1.4 Research Questions
The study will be guided by the following questions;
- What are the factors militating against business survival in small scale enterprises in Nigeria?
- What are the different survival strategies available for SMEs in Nigeria?
- Does the adopted survival strategies have a significant relative effect on the performance of SMEs in Nigeria?
1.5 Research Hypothesis
- Ho: The adopted survival strategies does not have a significant relative effect on the performance of SMEs in Nigeria.
- Ha: The adopted survival strategies have a significant relative effect on the performance of SMEs in Nigeria.
1.6 Significance of the Study
This study when completed will be a valuable help to various stakeholders for implementations with the concerned efforts of all and sundry including: governments at all levels, SME promoters etc.
- Policy makers: It guides them in making policies and regulations that will create enabling environment for small and medium scale enterprises.
- SMEs: This study will enable them to identify the problems confronting the development of small and medium scale enterprises and also the surviving strategies available for them
- Investors/Entrepreneurs: It will enable them to know what they expected of government in the promotion of small and medium scale enterprises. It will also enable them to know the cost involvement in establishing the small and medium scale enterprises.
- Companies: They will also benefit from this study, since they are interested in the overall success, operational and financial efficiency evaluation of the firm.
- Student/Researchers: This study will also be a benefit to them, since they are curious in studying or knowing more about the topic and in their research work.
1.7 Scope of the Study
Because the researcher could not be able to cover the whole of Nigerian small and medium scale enterprises (SMEs). The researcher narrowed it down to the number of registered small and medium scale enterprises. This study the strategies for enhancing business survival will be carried out the Oshodi LGA in Lagos state.
1.8 Limitation of the Study
The challenge of finance for the general research work will be a challenge during the course of study. However, it is believed that these constraints will be worked on by making the best use of the available materials and spending more than the necessary time in the research work. Therefore, it is strongly believed that despite these constraint, its effect on this research report will be minimal, thus, making the objective and significance of the study achievable.
1.8 Definition of Terms
These are approaches, tactics, process adjustments and realignment of organizational objectives that are intended to give an organization a competitive edge in the market
Survival strategy as a logical and/or rational pattern that is implanted and implemented to continuously overcome life’s challenges so as to gain sustainability in one’s chosen environment, in turn, gain financial peace.
Small and Medium Enterprises (SMEs):
These SMEs or units engage in small-scale business ventures of which their turnover rate is small. An individual, family or group of people who have come together pooled their resources to start the business venture may own small and medium sized enterprises. Small and medium-sized enterprises’ capital base is limited due to their inability to access funding from financial institutions that put in place a strict regulation that shut down most SMEs.
1.10 Organization of the Study
The study is categorized into five chapters. The first chapter presents the background of the study, statement of the problem, objective of the study, research questions and hypothesis, the significance of the study, scope/limitations of the study, and definition of terms. The chapter two covers the review of literature with emphasis on conceptual framework, theoretical framework, and empirical review. Likewise, the chapter three which is the research methodology, specifically covers the research design, population of the study, sample size determination, sample size, and selection technique and procedure, research instrument and administration, method of data collection, method of data analysis, validity and reliability of the study, and ethical consideration. The second to last chapter being the chapter four presents the data presentation and analysis, while the last chapter(chapter five) contains the summary, conclusion and recommendation.
Summary, Conclusions and Recommendations:
This chapter summarizes the findings on the strategies for enhancing business survival in Oshodi LGA of Lagos state. The chapter consists of summary of the study, conclusions, and recommendations.
5.2 Summary of the Study
In this study, our focus was to examine the strategies for enhancing business survival in Oshodi LGA of Lagos state. The study was specifically carried out to identify the factors militating against business survival in small scale enterprises in Nigeria, analyze the different survival strategies available for SMEs in Nigeria, and ascertain the effect of the survival strategies on the performance of SMEs in Nigeria.
The study adopted the survey research design and randomly enrolled participants in the study. A total of 50 responses were validated from the enrolled participants where all respondent were SMEs owners in Oshodi LGA, Lagos State.
Based on the findings of this study, the researcher concluded that;
- The factors militating against business survival in small scale enterprises in Nigeria includes; lack of well planned marketing strategy, lack of well planned marketing strategy, shortage of skilled manpower, lack of infrastructural facilities, poor implementation of policies, and inadequate funding.
- The different survival strategies available for SMEs in Nigeria includes; creativity strategy, high risk taking, opportunity identification and assessment, and risk management strategy.
- The adopted survival strategies have a significant relative effect on the performance of SMEs in Nigeria.
The following recommendations are hereby put forward for numerous small scale business owners’ consideration:
- Adequate finance, condusive environment, and public policy framework should be developed by the Nigerian governments to support and encourage the SMEs.
- Owners and managers of small businesses should endeavour to pay more attention to the nature and intensity of competition among Small and Medium Enterprises in Nigeria, especially those in the related businesses to be able to survive.
- Owners and operators of small businesses should strive to develop their competences in managing and sustaining their businesses by constantly engaging in capacity building, training, research and development.
- They should also lay more emphasis on strategies such as more investment in the most profitable products, design the products to meet needs, profit and differentiate themselves from other businesses by producing unique product, this will add service value and convenience to their customers.
- Attention should be given to the development of more centres as this will aids in making the business environment conducive for more investors and It is a known fact that some small and medium scale enterprises are operating at a very abysmal level. Therefore, the need of authority concern at all level to intensify effort toward boosting their performance (SMEs), as it has been considered to be a catalyst for economic growth and national development both in developed and developing countries.
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