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GROWTH AND
DEVELOPMENT OF SMALL AND MEDIUM SCALE ENTERPRISES THROUGH SALESMANSHIP
BACKGROUND OF
THE ESSAY
The history
of indigenous businesses in Nigeria has the history of small-scale enterprises.
Independent businesses are everywhere and in line of work in our community.
Many people
want to become their own boss someday. This goal serves as an incentive for
millions to become business entrepreneurs most especially now that people have
come to realize that it does not pay much to work as civil servant. But rather
think of operating businesses of their own.
In recent
times in this country, government (federal and state) level have championed the
campaign for individuals especially the unemployed ones to become creative and
bring to a halt the searching for a White Collar Jobs that are not available;
rather people should engaged themselves in thinking of how to get themselves
involved in doing one thing or the other on their own in order to create
employment for themselves and if possible employ other people.
Making this
possible will matched the nation towards its long awaited industrial take off.
It is a consensus opinion that small – scale and medium size entrepreneur can
assist in re – shaping our economic system.
However, a
close look at the performance of small – scale businesses in Nigeria portrays
a situation of neglect, apathy and general underdevelopment. This situation had
seriously hampered the rapid growth of this important sub sector of the
economy, pathetic situation could be attributed to a number of problems
hindering the development of small – scale businesses such as managerial
problems, marketing problems, lack of high caliber of employees and lack of
quantitative data among others. The above-mentioned factors have hindered the
development of small-scale business. The acute shortage of required capital to
meet the business operational requirements has cultivated has cultivated the
fluctuating performance and its declining role in the development of nations
economy. The difficulties of small-scale businesses in obtaining required
credit facilities and varieties of credit issues has further complication the
financial problem facing these industries.
OBJECTIVE OF
ESSAY
The aims of
this study are as follows: -
To identify
possible constraint facing the business with a view to finding solutions.
To undertake
an intensive investigation on how the establishment of small-scale business
could help in economic development.
To
critically examine how small scale business can be managed.
To humbly
fulfilled the requirement for the award of National Diploma in business studies
(Department of Purchasing and Supply) College of Business and Management
Studies.
SIGNIFICANT
OF THE ESSAY
The
important of this study cannot be over emphasized. In the course of this
extended essay the following importance will be revealed.
Academic
Significance: At the end of this essay, it is hoped and wished that the study
will be of an enormous importance to other fellow student and the general
public as a whole.
Policy
Significance: It is equally hoped that the essay will be of great assistance to
the government in making decision concerning economic development.
SCOPE AND
LIMITATIONS OF ESSAY
The extended
essay is all about the significance of small scale businesses in economic
development with a specific reference to the Nigeria economy.Â
Effort on
the course of these essay study were constraint by the following factors:
Having
little experience in writing these extended essay work is an obstacle, hence,
how to go about it for ideas was a big problem.
Seeing the
supervisor twice a week or sometimes only once a week was also a problem
Spending
money in going about the process of writing the essay is a major problem.
Time was
also not sufficient enough to obtain all the relevant fact in respect of the
essay.
However, all
the limitation mentioned above were put aside to conclude the extended essay
study.
DEFINITION
OF KEY TERMS
DEVELOPMENT:
A Multi – dimensional process involving re – organization and re
orientating the entire economic and social system. This involves, in addition
the improvement of income and output, radical changes in institutional, social
and administrating structure as well as in popular attitudes, customs and
beliefs. In other words, it is a process of change from one stage to another,
which is a positive change.
ECONOMIC
DEVELOPMENT: It is a service provided by people in the increment of skills,
capacity, freedom, creativity, self-discipline, responsibility and material
well being where poverty, unemployment and inequality have reduced
tremendously.
ECONOMIC
GROWTH: This is a quantitative increase over a country’s level of output both
goods and services at a particular period of time. Â
GROSS
NATIONAL PRODUCT: The (GNP) is the sum total market value of all final goods
and services produced in a country in one year.
EMPLOYEMENT:
Using the services of some and pay in return a form of salary or wage.
ENTREPRENEUR:
One who initiates, establishes, organizes, maintains and expands economic
activities.
DEPRECIATION:
This is the wearing or loss of quality of fixed assets from use.Â
INDUSTRY: A
factory where raw materials are used to manufacture usable and consumable
goods.
PROFLIGACY:
This is the state of being reckless and extravagance the use of resources.
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