PROFILE OF EMPLOYEES OF SMALL SCALE BUSINESS
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PROFILE OF EMPLOYEES OF SMALL SCALE BUSINESS
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
It is common knowledge that for an economy to prosper, a strong emphasis must be placed on the profile of small enterprises currently in existence and their funding. In addition to being significant for the economy, it is a sensible strategy for lowering unemployment in Nigeria.
Every major business began as a tiny one, and every little firm began with an entrepreneur (small business), who initially made little to no money.
The majority of large business empires that now in Nigeria provide numerous jobs for the country’s teeming youngsters were brought about by fresh small-scale business ideas.
Untested notions evolve into annulations, which then lead to concepts that altered the business landscape. Many industrialised countries’ economies are built on small-scale business. Simply said, entrepreneurship is what propels the expansion of a small business.
Entrepreneurship is the use of resources in a novel way while taking risks to create a new endeavour, a fresh perspective on an established firm or idea, or a novel way to provide a product or service to the market. Entrepreneurship and the success of small businesses are closely tied.
It is challenging to divide them apart. Many unemployed Nigerians, including graduates, were intended to be lured into self-determination through self-employment due to the country’s high unemployment rate and the new government’s natural desire to ease social tensions among unemployed youths through the National Directorate of Employment (NDE) programme.
Graduates and school dropouts are now realising that, because of the divided state of the economy, neither the government nor the established private enterprises are prepared to directly assist them by providing paid jobs.
In acknowledgment of small businesses’ adaptability and flexibility as well as their ability to regenerate and spur economic growth, the government has been actively supporting their survival and expansion.
The government also promotes citizens to start their own small enterprises in an effort to decrease the nation’s unemployment rate, as well as the problem of commodities importation and, more importantly, to promote exporting.
The government has established a number of policies to promote their proliferation and transform them into true engines of growth and development because it believes that a vibrant and expanding small manufacturing sub-sector can significantly contribute to the implementation of a wide range development effectives.
It would seem reasonable to expect that small businesses in Nigeria would grow and flourish, but Akabueze (2002) stated succinctly that the rate of business failure continues to rise because of the barriers affecting business performance,
which include: a lack of financial resources, a lack of management experience, a poor location, laws and regulations, general economic conditions, as well as critical factors.
Other issues include a lack of raw materials, difficulty obtaining financing, a lack of qualified staff, an inability to control expenses, and issues with the dumping of cheap imports, among others.
Women entrepreneurs are increasingly taking the risk to venture into ownership of small-scale firms, either on their own or in conjunction with male entrepreneurs, despite the inherent obstacles connected with the growth of small-scale businesses (ILO, 2005).
The absence of employment prospects in the formal sector of the economy, easy admission, and restricted access to other businesses have all contributed to this being viable. Understanding the social and economic aspects impacting women’s entrepreneurial performance is crucial given the rise of female entrepreneurship.
That is why our study, which aims to close this gap, is necessary.To close this gap, this study uses a gendered based approach to conduct an empirical study on the variables influencing performance in small scale businesses in Lagos state, Nigeria.
Examining and elucidating the variables affecting small-scale firms’ performance in the informal sector is the study’s main goal. The following are the study’s main goals: to provide a descriptive profile of small business owners in the Lagos metropolitan region’s barrage area.
STATEMENT OF THE PROBLEM
Small-scale businesses are understood to be an essential part of economic growth and a key component in the attempt to raise nations out of poverty (Wolfenson, 2001). In emerging nations, small-scale firms are the main engine of economic expansion, employment creation, and poverty eradication.
They have served as the vehicle for achieving both quick industrialisation and accelerated economic expansion (Harris et al., 2006; Sauser, 2005). Additionally, it has been acknowledged that small businesses serve as a feeder for big businesses (Fabayo, 2009).
While small businesses’ contributions to growth are usually acknowledged, there are numerous challenges that these business owners must overcome in order to survive and grow over the long run. According to experts, beginning a business is a risky endeavour,
and small-enterprise owners’ odds of surviving past the five-year mark are extremely limited (ILO, 2005). According to several studies on the growth of small enterprises, emerging nations experience a higher rate of small business failure than developed nations (Marlow, 2009).
Without an effective managerial and functional business profile with a good organisation, no organisation, regardless of size, can survive.
For this reason, every organisation, especially small businesses, needs sound and qualified men and women to operate; in addition, there should be capable hands to manage the financial affairs in order to ensure a sound system of operation in the enterprise.
The backdrop that inspired the study, “Profile of Employees of Small Scale Business in Barrage Area of Lagos Metropolitan,” among others, has encountered various difficulties.
1.3.1 OBJECTIVES OF THE STUDY
i) To provide a descriptive profile of small businesses in the Lagos metropolitan region’s barrage area.
ii) To identify the variables affecting the performance of employee profiles in small-scale businesses in the state of Lagos.
iii) To identify the biggest issues and barriers faced by Lagos State’s small company owners.
iv) To offer suggestions and take action in ways that will help small businesses with their employee profiles.
1.4 RESEARCH HYPOTHESES
Ho: There is no correlating relationship between the profile of an employee and a small business.
H1: The profile of an employee and a small business are significantly related.
Ho: In small businesses, managerial effectiveness and business organisation have no bearing on raising employee profiles.
H2: In small businesses, managerial effectiveness and company organisation have an impact on raising employee profiles.
1.5 RELATIONSHIP TO OTHER STUDIES
The importance of this initiative cannot be overstated because it will aid small-business owners in understanding how excellent management serves as the cornerstone and measure of every organisation and improves the achievement of its goals.
Additionally, it will provide direction and guidance for the entire organisation in terms of allocating resources, boosting production, and elevating the organization’s position. Additionally, it will assist in raising employee profiles to match the requirements of working in a small business facility on a global scale.
Providing some crucial information on tactics for small business survival to students in every higher education institution. Additionally, it will offer a foundation on which additional research could be carried out.
The general public will benefit greatly from this research study by learning more about small businesses and employee profiles, it is anticipated.
1.6 SCOPE AND LIMITATIONS
The focus of this study is on the characteristics of small business workers in the Lagos metropolitan area, particularly in the barrage area. During the course of the investigation, the researcher experienced some constraints, including:
Time factor: Due to lectures and exams, the researcher was only given a small amount of time to complete the study.
Financial restraint: During the duration of the study, the researcher had access to funds, but they weren’t enough to cover the costs associated with the research effort.
RESEARCH MATERIALS: Finding appropriate research materials to employ in this study was challenging. It was challenging for the researcher to get specific information from the organization’s management team, and it was challenging to explain to the respondents the best ways to complete the questionnaire.
1.7 DEFINITION OF TERMS
Business: This refers to a person’s primary line of work.
Small Scale Enterprise: This type of company doesn’t generate a lot of revenue and only employs a few people. These businesses are typically sole proprietorships, companies, or partnerships that are privately owned and run.
Lagos state:Lagos is a state in the southwest geopolitical region of Nigeria. It is frequently referred to as Lagos State to separate it from Lagos Metropolitan Area.
Lagos State, the country’s largest urban area and the smallest of Nigeria’s 36 states in terms of land, is perhaps the most economically significant state in the country. If it were a country, it would have the fifth-largest economy in Africa and be a significant financial hub.
A profile is a succinct description of something or someone’s qualities.
Employee: A person with established rights and obligations who works full- or part-time under a written, verbal, or implicit employment contract. also known as a labourer.
1.8 ORGANIZATION OF THE STUDY
For ease of understanding, this research paper is divided into five chapters, as follows: The first chapter is devoted to the introduction, which includes a (overview of the study),
a problem statement, study objectives, a research question, the significance of the investigation, a description of the research methodology, a list of words used, and information about the study’s historical context.
The theoretical foundation for the investigation is highlighted in Chapter 2, which is why a review of related literature is included. The third chapter covers the study’s methodology and research strategy.
The gathering, processing, and presentation of data are the main topics of Chapter 4. The study’s summary, conclusion, and suggestions are presented in Chapter 5.
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