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Entrepreneurs have a desire to be the master of themselves and have a high degree of commitment. Thus, instead of working for someone else, they choose to start up a small-business of their own. (Longnecker, Moore, Petty J. and Palich, 2005).
When it comes to small-business, there is no set definition since different experts tend to define a small business differently. Let us write or edit the essay on your topic "Small business in nigeria (management subject)" with a personal 20% discount.. Try it now There are many factors through which small businesses are defined, including factors like size of the company, revenue, profits, operations, etc. The Bolton committee for instance has devised a definition of a small business called the economic definition. The economic definition is a more qualitative definition that emphasizes that a firm is called small when it has a relatively smaller chunk of the total market share of the industry, it is managed by owners in an informal and highly personalized environment and does not have a formal structure and that it is not a part of any large concern or a corporation and operates independently. (Corman, and Lussier, 2008).
On the other hand, the European Commission defines a small business quantitatively. They coined a term Small & Medium Enterprise (SME) to refer to a small business. According to the European Commission, a business is a micro-enterprise if it has 0 to 9 employees, it is a small-enterprise if it has 10 to 99 employees and it is a medium-enterprise if it has 100 to 499 employees working under its umbrella. Organizations with employees 500 and above are hence called large-enterprises. Thus, a small business, in its true essence, is basically any firm that has a relatively smaller number of employed workers, has a small concern in the market, has a very informal organizational structure etc., however, at the end of the day, the exact measurement of any business as “small” is still a very vague concept and experts and analysts have thus been interpreting it differently according to the given situation and the circumstances.
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In order to do the same, the study will take into consideration some other factors, which will help in the process of identifying those challenges. The factors to be considered are the characteristics of the SMEs, sources of funds for SMEs, the importance of micro and small scale enterprises in Nigeria and also the government policies which have negative impact on the development of the SMEs.
Two years later the cash balance of the company has increased to $85,795. The online retailing business model of the firm makes the business suitable for expansion due to the fact that the operating expenses and fixed cost of the company are very low. The revenue needed to breakeven is only $100 per month.
In most cases, small businesses are referred to as entrepreneurial opportunities and small business owners are called entrepreneurs. A small business can be in auto repair, financial audits, hair styling, computer services, candy production, or clothe retailing among others.
She borrowed ?2,000 from her parents for manufacturing 250 bags, which she sold off within a span of three weeks. However, in order to promote further and make ClippyKit a renowned, the assistance of media was important. In case of both small start-up businesses and big organizations or companies, media holds an important position because it because the face for the company.
The respective managers should understand the aspect of financial management in order to succeed in their day to day operations. Financial management is an activity which involves managing funds and financial activities in a business organization in order to meet the business demands.
This plan outlines in the following pages, a renewed vision and strategic focus of what it will take to run a successful and profitable club and restaurant with an elite atmosphere with exquisite menu. DDB's strategic decision to locate the second business outlet in Ambleside is also a real asset to the marketing mix for it was once a gift shop.
Since the Structural Adjustment Programme Implementation (SAP) in Nigeria of 1981-1985, small business has not done well, and did better during the process years. Incubator programs have been started in both industrial and technology sectors but have not been successful to date.
The more traditional group of researchers have focused on the personality characteristics of the individual such as: locus of control, risk taking, achievement motivation, problem solving style and innovativeness, perception, and work values. The second group of researchers has taken a social cognitive approach, looking at the relationship between an individual and his or her environment.
Among the key factors contributing to such failure lies the lack of proper information systems and monitoring strategy of the business operations and financial aspects (Venter, Eden & King 2004). This results in poor business
merous problems in the form of extreme poverty in some areas, the deprivation of basic amenities, lack of resources, a dearth of infrastructure, illiteracy,
Nigeria’s economy depends heavily on the capital-intensive oil sector. Petroleum and Petroleum products constitute 95
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