FACTORS AFFECTING THE PERFORMANCE OF SMALL AND MEDIUMSCALE BUSINESSES IN UYO LGA

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FACTORS AFFECTING THE PERFORMANCE OF SMALL AND MEDIUMSCALE BUSINESSES IN UYO LGA

CHAPTER ONE

1.0 INTRODUCTION

Small and medium scale business constitutes the highest percentage of business establishments in the country both at the national, state and local levels.

Since they are of great importance to the nation’s economy and industrial development, one therefore, wonders why such businesses are prone to poor management. However, the poor management of the rise and fall of these businesses daily are not of major concern to most of us. This according to Omlekwusi, (1995) is that people tend to sing success and hide failure.

Basically, the aim of any businessman is to maximize profit and achieve success. However, the achievement of his objectives depends on this managerial skill and the quality of those employed. Madu, Nwaogwugu and Ohiri (1988) noted that incompetence on the part of event business-education-research/project-topics-materials-for-undergraduate students/factors-affecting-the-performance-of-small-and-medium scale

The rote of the government and support institution in the development and growth of small and medium scale business enterprises cannot be over emphasized. The government’s rote in encouraging entrepreneurship is not just limited to providing and economic environment conductive for business and a stable political scene. To stimulate economic growth entrepreneurship, it must be able to provide the right combination of political and incentives to attract individuals to become entrepreneurs. Since government resources are limited, it is then the role of the support institutions to fill the gab between the resources needed by entrepreneurs and what the government can provide. This can be in the form of financial assistance or non-financial services to both enterprises and would be entrepreneurs. To ensure. The continued effectiveness of the small and medium scale business enterprises, it is imperative that an analysis of this be made from the perspective of the entrepreneurs themselves.

1.1 STATEMENT OF PROBLEM

Despite the wide spread economic reforms by the state government, small and medium scale business enterprises, seem to face a variety of constraints owing to the difficulty of absorbing large fixed costs, the absence of economies of scale and scope is key factors of production, improper monitoring mechanisms by the government, and lack of management knowledge.

From the preliminary discussion with some enterprise, the government supporting institutions do not have formal feedback mechanisms to check whether the assistance given to small and medium scale business enterprises are adequate and effective.

The small and medium scale business enterprises are unable to introduce modern equipment machinery to improve their product due to financial constraints. It seems that access to finance remained a dominant constraint to small and medium scale business enterprises in Uyo LGA, credit pertaining to working capital is of permanent concern to small and medium scales business enterprise.

Lack of managerial know-how places significant constraint on small and medium scale business enterprise seem to attract most people, they can hardly compete with larger forms.

Association providing a voice fro the interest of small and medium scale business enterprises in the policy role compared to those of larger forms.

One major problem in Uyo LGA’s business environment is in adequate power supply. This and other factors are responsible for the problems and low

performance of small and medium scale business enterprises and these problems seen to defied all esorts by government to address them.

The problems over the years have equally kept foreign investors on the run despite Uyo LGA’s eorts

to lure them to invest in the country. It’s difficult to make it in business under this environment “the rate at which power supply is being rationed these days cannot help any businessman. And by so doing, you will discover that the rate of turnover becomes so low that one keeps losing customers at the end of the day. Power supply is nothing to write

home about.

Business operation here is being starved to the extreme. At a time like this, government should put more esort

to salvage business operations in this country. Power. Supply has not improved even are

the so called privatization this is killing business

1.2 AIMS AND OBJECTIVES OF STUDY

In the context of the above mentioned problems, the main purpose of this study is to analyze the factors affecting

small and medium scale business enterprises in Uyo LGA. The following are the specific objectives.

1. To identify what the government and support institutions are doing to facilitate and encourage entrepreneurship

2. To find out whether small- scale business enterprises in Uyo LGA has any association that project their interest.

3. To investigate whether lack of managerial knowhow has affected small – scale business enterprises Uyo LGA

4. To find out whether small – scale business enterprises in Uyo LGA actually have access to finance in the area of working capital.

5. To study the links between the government and non-governmental agencies that support small and medium scale business enterprises.

1.3 RESEARCH QUESTIONS

The following research question were formulated to guide the study

1. What is the government and support institution doing to facilitate and encourage small – scale business enterprises?

2. Does the inability of small and medium scale business enterprises to form association in Uyo LGA to protect their interest has any effect on their basic operation?

3. Does lack the managerial know – how any effect on the managing of small and medium scale business enterprises in Uyo LGA?

4. Do small and medium scale business enterprises in Uyo LGA have access to finance in the area of working capital?

5. Are there linkages between the government and governmental non- agencies that support small and medium scale business enterprises?

1.4 SIGNIFICANCE OF THE STUDY

Small and medium scale business enterprises are believed to be a sure room for the development of an economy like that of Uyo LGA. This study therefore shall be of immense benefits value to the following:

Small and medium scale Business Enterprise

The research project will be a source of assistance to the managers of small and medium scale business enterprises, it will provide a clue to how they could solve their financial and administrative structure.

The Government and Supporting Institution

This research will provide valuable assistance to government and their supporting institution in the area of suggestion on how to have feed back on the capital they have advanced to the small and medium scale business enterprises.

Future Researchers

The findings of the research will serve as a source of reference to future re researchers who may wish to replicate this study. business-education-research/project-topics-materials-for-undergraduate-students/factors-affecting-the performance-of-small-and-medium scale

1.5 SCOPE OF THE STUDY

This project work is restricted to small and medium scale business enterprises in Uyo LGA. It will bother on government with small and medium scale business enterprise, provision of finance and managerial problems of small and medium scale business enterprise.

1.6 LIMITATION OF THE STUDY

The result of this project will be limited on the willingness of the respondent in filling the questionnaire. Also as some of the small and medium scale business enterprises are illiterate, this project might be hindered because most of the respondents may not be willing to disclose the facts especially when it concern. The area of their financial and control. Also the research work is limited to time and cost to complete the work.

1.7 DEFINITION OF TERMS

The researcher wishes to define some important terms used in this study so as to bring about better understanding o the context in which they are used.

These terms and t heir definitions are as follows:

Small-scale Business: According to the Act of 1953, (in America) provide that a small business concern is “one which is independently and operated and not

dominant in its filed of operation”. That Act also authorize the small business administration, in making a more detailed detonation to use such criteria as number of employees and sales volume.

Retailing and services – $1 million or less annual sales.

Manufacturing – $ 5 million or less annual sales.

Business Ownership: This refers to the various forms in which a business can be owned such as sole proprietorship, partnership, cooperatives, small

business etc.

Economic Development: Introduction to Business by I.R Onoja and A.B. Epkah (May 2002) in the basis for continuing industrial progress in any organization.

Poverty: This implies not having enough to eat, unfit shelter, high infant mortality rate, low life expectancy, poor environmental conditions etc.

Entrepreneurship: This is a force that mobilizes other resources to meet current market demand. It is also the ability to create and build something from

practically nothing.

Illiterate: A person who has no formal education up to secondary school level although can speak, read and write.

Finance: It is an activity concerning revenue, expenditure and departmental operation and other effect on the economy.

Industry: it is agglomeration of different firms producing similar commodities under separate management.

Assets: This is a valuable property that a person or a firm can sell especially to pay debts.

Resources: This can best be defined as the sources for economic wealth or means of achieving something.

Profit: It is money gained or benefit obtained from investment.

Gross Domestic Product: Total Product produce within a country in a given period of time.

National Development: This is the transformation of the society from one state of being to another, changing from traditional way to modern method.

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