THE SURVIVAL STRATEGIES OF A SMALL BUSINESS (A CASE STUDY OF OARIE EQUIPMENT SERVICES NIGERIA, LTD, AUCHI)

CHAPTER ONE

1.1 BACKGROUND TO THE STUDY

Business is defined as all the commercial and individual activities that provide goods and services to maintain and improve our quality of life. Small scale business in Nigeria was not pronounced until the emergence of the white men. Until recently the concept of small scale business was taking seriously in Nigeria due to the fact that most people depended on working in the offices graduating from school. Small scale businesses are known to be a major tool for rural industrialization and equitable distribution of income. It also serves as a “nursing bed” for entrepreneurial growth, development and maturity. Note that one factor that has been identified as militating against rapid industrialization of Nigeria, is poor supply of management talent and professionalism. Small scale business also plays a very crucial role in the generation of employment because most of the firms are labour intensive. Small scale industries contribute towards a more equitable distribution towards a more equitable distribution of income in the economy through the provision of livelihood and low cost goods and services which satisfies the demand or need of low income consumers. It has observed that many Nigeria, especially the younger generation; do not have a favourable disposition towards setting up a small scale. business. Instance where some people manage to set up small scale businesses, we set the turn-over of the business is very high. This project therefore is an attempt to look more closely at small scale business in Nigeria, their problems and prospect.