SMALL SCALE ENTERPRISE ESTABLISHMENT AND MANAGEMENT IN NIGERIA: A SURVEY OF SOME SELECTED SUPERMARKETS IN IDAH LOCAL GOVERNMENT METROPOLIS KOGI STATE
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FIRST CHAPTER
1.0 INTRODUCTION
1.1 CONTEXT OF THE EXPERIMENT
According to Aluko (2005:32), Nigeria is one of the world’s poorest nations, despite having received approximately $340 billion in oil revenues over the last two decades. According to him, the human development index is a crucial component for determining the degree of poverty in a society. This covers life expectancy, or death rates, nutrition, pandemic, lack of access to clean and drinkable water, access to public health services, poor sanitation, rapid HIV/AIDS spread, and unemployment rates. Nigeria’s performance in this area is much inferior than that of other countries. Additionally, Nigeria’s per capita income is declining. Aluko emphasized that we are poorer now than we were in the 1960s and early 1970s since our per capita has decreased from $1,450 in 1960 to $340 now. Seventy percent (70%) of the Nigerian population lives below the international poverty level of $1 per day. The country’s contribution to the world Gross Domestic Product (GDP) is insignificant at 0.22 percent.
This research focuses on how the formation and management of small and medium-sized businesses (entrepreneurship) might aid in the reduction of these threats and enable the country to realize its 20-20-20 goal. However, a country’s status and position on the global development scale is determined to a large extent by its economic structure, as measured by the sectoral contributions of the primary (Agricultural and Mining), secondary (Manufacturing, utilities, and construction), and tertiary (all service activities) sectors to national income, input, and employment generation.
The term “Small Business Enterprises and Entrepreneurship” will be discussed succinctly, however, in order to focus on our research purpose and to be particular. Small businesses and entrepreneurship, in the view of the experts, play an essential role in the majority of economies, whether established or developing. This is due to the catalytic significance that small businesses and entrepreneurship play in the economic and technical growth of nations.
1.2 STATEMENT OF PROBLEMS
There must be an impetus behind every scientific endeavor. Regarding this investigation, the researcher noted the following:
Nigeria is having unemployment and rural-urban migration issues at present. This has been compared to the alarming number of high school, polytechnic, and college graduates produced annually.
2. An increase in the rate of armed robbery, 419, terrorism, and insurgency, as well as other connected crimes, among unemployed youngsters.
As a result of the unemployment rate in our country, we have a prostitution, human trafficking, and child abuse problem.
Government organizations, multinational corporations, and other large businesses are laying off a portion of their employees, while others are shutting down, and in some businesses, employees are being sent on involuntary leave due to a reduction in production capacity or to reduce operating costs in order to remain in business.
In this regard, the researchers believe that the establishment of small and medium-sized businesses and the promotion of entrepreneurship can assist in the creation of employment opportunities for these adolescent groups, as well as in the reduction of crime, rural-urban migration, and other factors. Thus, with minimal encouragement and financial help, many of the current educated unemployed workforce (youths) can launch their own businesses utilizing their already obtained educational and technical abilities.
1.3 RESEARCH HYPOTHESIS
It is an educated prediction on the part of the researchers as to what the results of their investigation will be. Nonetheless, the scholars involved in this study will pose some of the following research questions:
1. Ho: The formation and management of small business businesses have no discernible effect on the unemployment rate in Nigeria.
Hi: The establishment of small-scale businesses in Nigeria has a significant effect on the unemployment rate.
2. False: The unemployment crisis in Nigeria is not the cause of the high crime rate among Nigerian youngsters today.
Hi: Today’s high crime rate among Nigerian youngsters is a direct outcome of the jobless condition in the country.
1.4 OBJECTIVES OF THE STUDY
In addition to being a requirement for the Higher National Diploma (HND) in Public Administration, the purpose of this course is to provide unemployed individuals with a solid understanding of the development and management of small businesses so that they can become self-employed.
Accordingly, the following are the aims of the study:
Examine the significant impact of the formation and management of small businesses on the unemployment crisis in the nation.
— To persuade the Nigerian youth who have involved in some form of criminal activity that, via the formation and operation of a small-scale enterprise, they can live a life of significance.
Examine the critical significance of founding and management of small scale firms in fostering rapid and sustained economic growth in Nigeria.
Determine the effects of the establishment and management of small-scale supermarket businesses in Idah, Kogi State.
— To instruct our unemployed teenagers on how to launch a modest business and become self-reliant entrepreneurs.
To teach our unemployed youngsters how to conduct marketing management research.
– Equip them with the same level of understanding regarding management planning.
– Finally, to identify the obstacles affecting the development and administration of small-scale businesses and to propose proposals to alleviate these issues (s).
1.5 SIGNIFICANCE OF THE EXPERIENCE
This study is deemed significant since it will assist in resolving the persistent unemployment issues faced by our nation’s young graduates, school dropouts, and school leavers, as well as bolster the nation’s economy.
The relationship between the establishment and management of small and medium-sized businesses, as well as entrepreneurship, and the issue of unemployment in the country will also be examined.
According to Maxim, “forewarned is forearmed.” The purpose of this study is to contribute to the development of a lasting solution to the frequent failure of small businesses, which has resulted in the unemployment of many businessmen and entrepreneurs, by highlighting the importance of adequate preparation prior to the launch of a business venture.
It is crucial to know that the majority of Nigerian youngsters who have committed a crime will be encouraged to develop and run their own business.
In addition, the unemployed youth of Nigeria will be taught how to launch a small business.
1.6 LIMITATIONS OF THE EXAMINATION
Despite the apparent success of this research, it is not without flaws. The scope and complexity of this experiment could have been expanded, however the researchers’ ability to conduct additional surveys and research was constrained by several obstacles. The limitations of this study are attributable to the aforementioned reasons, which include problems with data gathering. That is, the inaccessibility of certain vital data, such as the fact that in the majority of stores and supermarkets visited, neither the sales staff nor the proprietors were willing to collect questionnaires and provide the requested responses.
Several store owners, who always claimed to be busy and unavailable to see customers, require multiple visits to receive their attention.
Nonetheless, it suffices to mention that a portion of the information and materials were uncovered as a result of researchers’ persistent efforts. The domain of finance is a further restriction experienced by the researchers. The amount of money required for running around to collect data, going online to conduct research, and printing the materials, among other expenses, also hampered the researchers.
Lastly, time is the largest constraint; there is insufficient time for study, which severely restricts the researchers’ ability to collect data. Regardless of these constraints, the investigators will attempt to undertake a comprehensive investigation.
1.8 DEFINITION OF TERMS
To assist comprehension of the topic at hand, it is necessary to define a few key terminology at this point. Listed below are definitions for some of the concepts that require explanation.
(Oxford Advanced Learner’s Dictionary, 7th edition) Poverty-Line: The official level of income required to purchase basic necessities such as food, clothing, and a place to live.
A pandemic is a disease that has spread throughout an entire nation or the entire globe. HIV/AIDS, EBOLA, etc., are examples.
Mortality is the condition of being human and having a finite lifespan. It refers to the number of deaths in a specific situation or time frame.
Investment is the commitment of scarce resources to a project with the ultimate objective of producing a reasonable return (either financially or socially) to repay the investors for the risk they have assumed.
Rural-urban migration: the transfer of people from a rural location to a metropolis for a variety of reasons.
This term refers to basic information, such as the amount of things sold to a business or the customer’s name. There are three categories of data: numeric, alphabetic, and special characters such as $, N, etc.
Per-capita A person’s typical monetary earnings.
Management is described as the coordination of an organization’s resources through the planning, organizing, directing, and controlling processes in order to achieve the organization’s goals (C.C Nwachukwu; 1984).
It is an economic entity or actor that creates a variety of commodities and services essential to human survival and economic well-being.
Unemployment is a condition in which individuals who are willing, able, qualified in both physical and mental abilities, and have a certificate, but cannot find employment.
An entrepreneur is the principal initiator or organizer of a commercial venture, as well as a person who invests time, money, and effort in a business venture and bears the associated risk. (M. Norbert; 2005).
This includes all of a business’s infrastructure and equipment, its personnel’s abilities, and its financial stability.
SMALL SCALE ENTERPRISE ESTABLISHMENT AND MANAGEMENT IN NIGERIA: A SURVEY OF SOME SELECTED SUPERMARKETS IN IDAH LOCAL GOVERNMENT METROPOLIS KOGI STATE
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