STRATEGIES FOR ENHANCING BUSINESS SURVIVAL
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STRATEGIES FOR ENHANCING BUSINESS SURVIVAL
Chapter one
INTRODUCTION
1.1 Background of the Study.
A business is an institution organised and run to provide goods and services for private gain. The essential objective of any business in society is to supply goods and services for consumption while making a profit.
Business is defined as any human activity that involves the creation and distribution of goods and services via a socially organised system of trade. Business refers to a wide range of activities aimed at meeting people’s needs and desires.
It is the whole of human actions involved in the creation and distribution of products and services with the goal of satisfying human desires.
Business also encompasses all aspects of industry, trade, and finance, including agriculture, mining, quarrying, manufacturing, processing, and retail distribution, as well as various types of services (Etuk 1995).
Business survival is the continuation of a business despite an unfavourable environment. A business cannot thrive for long if it does not employ profit-maximizing tactics. Profits can be used to cover living expenses for business owners. It could also be used to pay employee salaries or to purchase raw materials.
Given this context, this study tries to investigate the measures that can improve the survival of small-scale business organisations.
1.2 Statement of Problem
Small businesses provide invaluable contributions to any economy’s progress. A brief assessment of small-scale businesses in Nigeria reveals that such businesses frequently fail during the first few years of operation.
The terrible scenario can be traced back to the deployment of inadequate business tactics by the owners or operators of these enterprises.
The continuous collapse of small-scale business companies will raise the country’s unemployment and poverty rates, having a detrimental influence on the nation’s GDP. These challenges concerned the researcher as he examined options for improving business survival in Nigeria.
1.3 Objectives of the Study
The aims of this research project are as follows.
i To investigate the contribution of small-scale businesses to the Nigerian economy.
ii Determine the techniques that can be employed to improve business survival in Nigeria.
iii To investigate the function of government in fostering survival.
iv To identify the issues that threaten business viability in small-scale firms in Nigeria.
1.4 Research Questions.
The following research questions were generated based on the study’s aims;
(1) What is the contribution of small businesses to the Nigerian economy?
(2) What initiatives may be implemented to improve business survival in Nigeria?
(3) What role does the government have in promoting survival in Nigeria?
(4) What are the variables that threaten business survival in small-scale enterprises?
1.5 Significance of the Study
This study will be advantageous to operators and owners of business companies in Akwa Ibom State and Nigeria as a whole since it will keep them evaluating their operations and also highlight the difficulties.
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