Home Project-material CHALLENGES OF HIGH FAILURES OF SMALL SCALE BUSINESSES FOR SUSTAINABILITY IN ANAMBRA STATE

CHALLENGES OF HIGH FAILURES OF SMALL SCALE BUSINESSES FOR SUSTAINABILITY IN ANAMBRA STATE

Dept: ENTREPRENEUR File: Word(doc) Chapters: 1-5 Views: 2

Abstract

The study examined the challenges of high failure of Small Scale Businesses for Sustainability in Anambra State. Specifically the study assessed the internal environmental challenges that hinder Small Scale business enterprises sustainability; identify the external environmental challenges that pose obstacle to Small Scale business enterprises; and ascertain the role of government policies on Small Scale business enterprises for sustainability in Anambra State. Survey design method was adopted and statistic provided by the personnel department of the six selected industries shown that the population consist of 34 managers. Due to the small nature of the selected organization and their managers (34 managers), the whole population serves as the sample size. The instrument for data collection was 34 copies of challenges of high failure of Small Scale Businesses in sustainable development questionnaire. Data generated from the study were presented in frequency tables and analyzed using me

  CHAPTER ONE

                                          INTRODUCTION

1.0

      Introduction                                 

          Small Scale Business Enterprises is the key to economic growth and prosperity (Onukwuli, Nwagbala, Ofodile, and Umeifekwem, 2013). However, for an economic development or growth of a particular country or state to increase depends on how hard working its citizens are (Simobi, 2011). Creating  something new does not only call for knowledge, innovation, and flexible disposition, it also calls for a good understanding of the relevant environment, availability of resources, willingness to embrace change as an opportunity, readiness to make sustained efforts and ability to manage risk (Udu, 2008).

1.1     Background of the Study

          Nigeria’s vision of being counted among the first twenty economies in the world by 2020 cannot be attained in a socio-economic milieu, poverty and unemployment among a large segment of its population (Onukwuli, Nwagbala, Ofodile, and Umeifekwem, 2013). Olawale and Garwe in Idemobi (2012) argue that the contributions of Small Scale Business Enterprises cannot be sustained without the sustenance and development of new Business and promoting the existing ones. They further indicated that one of the best ways to address unemployment is leverage the potential of small scale enterprises and to promote Small Scale Business Enterprises development.                                                                                                   Kadiri (2012) assert that Nigeria depends largely on oil exports and the initial exceptionally high oil prices that brought a huge inflow of oil revenues that raised the per capital income from $ 1,300 in 1972 to $ 2,900 in 1980, thereafter collapsed. More so, because of the countries over reliance on oil as its main source of income, a decline in the international price of oil resulted into drop in real per capital income of the country, expenditure, consumption and rise in unemployment and poverty.      The consequences of youth unemployment are too grave to toy with. Recent experiences in Nigeria with youth agitation in the Niger Delta region and youth gang clash in Lagos and other cities are largely the by-product of unemployment. Other consequences of society include high rate of juvenile delinquency, involvement in violent crime such as armed robbery, couriers of drug traffickers, bombing and victims of human traffickers (Safiriyu and Njogo, 2012). According to manufacturers association of Nigeria in Nwokoye (2014), they assert that between 1990 and 1995, Small Scale Industries generated an average of 84% of the new jobs created in Nigeria. More so, Ebong in Onukwuli et. el., (2013) indicates that entrepreneurship constitutes the majority of companies in the private sector and account for about 55% of the total employment and about 50% of industrial output. However, over the years the future of these enterprises has dwindled around Nigeria, which may lead to the total extinction of this class of business given the unfavorable condition existing in the sector (Onukwuli et. al., 2013). This study therefore attempts to isolate the challenges of high failure of Small Scale Business in Anambra State for Sustainability in Anambra State.



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