PROBLEMS AND PROSPECT OF ESTABLISHMENT OF SMALL-SCALE INDUSTRIES
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CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
1.8 Organization of the study
CHAPETR TWO
2.0 LITERATURE REVIEW
CHAPETR THREE
3.0 Research methodology
3.1 sources of data collection
3.3 Population of the study
3.4 Sampling and sampling distribution
3.5 Validation of research instrument
3.6 Method of data analysis
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS AND INTERPRETATION
4.1 Introductions
4.2 Data analysis
CHAPTER FIVE
5.1 Introduction
5.2 Summary
5.3 Conclusion
5.4 Recommendation
Appendix
Abstract
This study was conducted to ascertain the problems and prospect of establishment of small-scale industries in Enugu State using PATONY BLOCK INDUSTRY as a case study. The researcher using the questionnaire method collected first hand information from the management and staffs of the company in question. Interviews were also granted to some selected management staff. Based on the findings, the researcher was able to draw reasonable conclusions from where he was able to give useful recommendations which he strongly believe that if religiously and rightfully followed we eliminate some of the problems and prospect of establishment small-scale industries in Enugu State and Nigeria as a whole
CHAPTER ONE
INTRODUCTION
- Background of the study
The survival and stability of any economy be it in the developed or unroler developed countries requires the involvement of private individuals (entrepreneurs) in the production of some goods and services. In the developed countries of the world, the success of the small-scale business firms has contributed a lot towards the economic stability and development of such countries. It is believed that for a country to be developed, great proportion of the labour force must be engaged in the private sector. This factor has necessitated the setting up of companies such as manufacturing, construction, financial institution transportation and other services companies by private individuals to mobilize the idea of industrialization. These companies set up by private individuals at a very small level are called small-scale industries. Nigeria’s desire to concentrate on developing the small indigenous firm sector has always been buttressed by and reflected in a wide range of economic policies. Infact the present consciousness on the part of every segment of the society including the government for small/medium industrial growth, cannot be a surprise, and delay in appreciating this sector as an catalyst is frustrating. It could be understood from economic history that many advanced countries of the world, which have attained the height of industrialization, started as mere small-scale firm, which later metamorphosed into giant corporations. In the past, industrial development processes were as slow and painful and the further advancement in technology in developed countries resulted from the survival of cottage firms, which were nurtured, pampered and breastfed to grow up as big industrial corporations of today. Developing countries as a whole have now realized that they lack much behind than the developed countries not only in industrial base but also in material standard of living. As a result these countries now seem to have hastened the pole of their industrial developmental process in order to increase their living standard and thus reduce the present rate of unemployment.
1.2 STATEMENT OF THE PROBLEM
The problems of facing small-medium scale enterprises in Nigeria are not insurmountable since Nigeria is well placed to provide the sources to solve these problems. In the main, the problem range from inadequate financing, lack of accountability to lack of infrastructure. Most small business is a one-man proprietorship and the proprietor, through having to give his attention to various managerial function in his business soon loses full grip. This is why it makes for efficient management to spread the responsibilities within the business or seek the external assistance of a management consultant. The small-medium scale enterprises also invariably require high technical inputs and the cost of this technical inputs and the cost of this technical expertise is usually high. The issues of inadequate financing usually derive from inadequate proprietorship equity participation. A strong capital base and financial outlook are required for a successful business. It therefore makes for sound financial management to seek for more business partners who could bring in more funds to finance the activities of the enterprises. However, small scale enterprises are usually reluctant to bring in partners, even at the risk of under capitalization. The underfunding of small-scale enterprises has led government to formulate measures aimed at assisting this sector. Loan packages of the World Bank, National Directorate to employment and in more funds to finance the activities of the enterprises. However, small-scale enterprises are usually reluctant to bring in partners, even at the risk of under capitalization. The underfunding of small-scale enterprises has led government to formulate measures aimed at assisting this sector. Loan packages of the World Bank, National Directorate to employment and NERFUND are among such assistance scheme. The one-man proprietorship syndrome of small scale enterprises is not only sad for their financial profile but can also discourage accountability which is the foundation of a successful business. Accountability ensures adequate control over the appropriate financial strategies. The small-scale enterprises even not shielded form or immune to the lack of infrastructure, which is the bane of all businesses in Nigeria. On the contrary, small medium scale enterprises given more under the weight generating plant, high cost of telephone and electricity. Needless to say, no business can survive without their facilities.
1.3 OBJECTIVE OF THE STUDY
The objectives of the study are;
- To ascertain the causes of the problem of establishment of small-scale industries
- To identify the economic potential of small and medium scale enterprises in Nigeria
- To ascertain the prospect of establishing small-scale industries
- To ascertain the relationship between small-scale industries and Nigeria economic growth
1.4 RESEARCH HYPOTHESES
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
H0: there are no causes of the problem of establishment of small-scale industries.
H1: there are causes of the problem of establishment of small-scale industries.
H02: there is no relationship between small-scale industries and Nigeria economy
H2: there is relationship between small-scale industries and Nigeria economy
1.5 SIGNIFICANCE OF THE STUDY
The study will give clear insight on problems and prospect of establishment of small-scale industries. The study will be of benefit to businessmen and business women that are to establish business. The study will serve as reference to others researcher that will embark on this topic
S1.6 COPE AND LIMITATION OF THE STUDY
The scope of the study covers problem and prospect of establishment of small-scale industries. The researcher encounters some constrain which limited the scope of the study;
- a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
- b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
- c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.
1.7 DEFINITION OF TERMS
PROBLEM: A matter or situation regarded as unwelcome or harmful and needing to be dealt with and overcome
PROSPECT: Prospect is from the Latin word prospectus which means a “view or outlook.” A prospect is still a way of looking ahead and expecting good things. It’s like potential in that it’s something that might be but isn’t yet.
ESTABLISHMENT: A business organization, public institution, or household.
SMALL-SCALE INDUSTRY: The act categorizes different scale of industries on the basis of investment in plant & machinery in case of manufacturing industries and on the basis of investment in equipment in case of service sector industries. Small manufacturing business can be started at home or at a small rental premise
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study
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