SMALL-SCALE BUSINESS AND DEVELOPMENT OF SOCIETY
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SMALL-SCALE BUSINESS AND DEVELOPMENT OF SOCIETY
Chapter one
GENERAL INTRODUCTIONS
INTRODUCTION
The value of small businesses, particularly in emerging countries like Nigeria, cannot be overstated. Small-scale firms are widely recognised around the world as engines of socioeconomic development, stimulating innovation and entrepreneurship while also facilitating the use of raw materials and other resources. They also contribute to the balance of industrial growth and socioeconomic infrastructure in rural and urban areas.
Furthermore, it is somewhat labour intensive; small-scale businesses create significant job possibilities at minimal capital cost, and because they are robust and adaptable, they can better adjust to unforeseen changes in the economic and financial environments.
In agreement with the preceding position, Okonkwo (1983) contended that Nigeria’s industrial future is critically dependent on the twin pillars of a stable macroeconomic and a vibrant and dynamic small-scale business sector, both of which are built on a foundation of proactive government-private partnership.
However, the ability of small-scale firms in industries to make these noble contributions has been hampered by significant challenges. Some are evident, while others are too subtle to be noticed. They, like cankerworms, gradually eat away at the fundamental foundation of small-scale companies, producing the final downfall.
According to Onuoha (1994), a small-scale firm is any manufacturing, processing, or service industry with a capital investment of no more than N150,000.00 (one hundred and fifty thousand naira) in the production of any equipment alone.
Obi (1998) defined small-scale businesses as independently owned and run and not dominating in their sphere of activity.
Many small-business owners are in such a rush that they overlook some managerial duties like planning, organising, regulating, staffing, and coordination.
Okechukwu (1987) believed that a business owner has a better chance of success if he understands the issues and opportunities involved.
However, many small-scale business owners get into the business because someone else has done well in the same field.
Even though Redibough and New Dyde (1980) stated that every new company endeavour begins with the intention of producing a product(s), providing a service, or selling existing items or services.
Drucker (1964) stated that for small-company owners, strategic business planning is the foundation of the management process and the key to growth, success, and survival.
A business plan specifies what has to be done, how it should be done, who should do it, and whether or not the necessary resources are available; it also simplifies company actions.
Given the strategic relevance of this type of business, the purpose of this research is to look into the role of small enterprises in societal growth. Using a specific firm in Abak Local Government as a case study.
The work consists of five chapters. Chapter one, titled “general introduction,” discusses the introduction, problem statement, and objectives. Chapter two, titled “literature review,” discusses relevant literature.
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