SUSTAINABLE ENTERPRENEURSHIP HOW NEW VENTURES CREATED SURVIVES BEYOUND THE FIRST FIVE YEAR: A STUDY OF SMALL BUSINESS OUTFITS IN ABAK LGA

CHAPTER ONE/INTRODUCTION

1.1 Background to the Study

Eighty percent of small and medium scale entrepreneurs (SMEs) in Nigeria exit business activities in less than 5 years (Small and Medium Enterprises Development Agency of Nigeria [SMEDAN], 2015). The national policy document on micro, small, and medium enterprises (MSMEs) revealed that the labor force in Nigeria has 84% in the MSMEs category (SMEDAN, 2015). Hofferbeth (2017) posited there are issues and challenges that Nigeria faces in bringing about a robust entrepreneurial environment.

Hofferberth touched on matters like poor access to credit facilities, inconsistent government policies, inadequate infrastructural facilities, unstable political atmosphere, security problems, and the activity itself among others. The issues and challenges identified might be responsible for the reason why SMEs are not doing well in Nigeria. Change and innovation can only come when entrepreneurs embrace new technological processes. Enterprise remains the engine of growth in developing economies and will continue to employ the major percentage of the people (Ebitu, Glory, & Alfred, 2016). There was the need for successful survival strategies for business owners in Nigeria to survive the first 5 years of business activities.

The researcher in this study will explore strategies that some small Nigerian business owners use to survive their first 5 years. This problem deserved new research since some small Nigerian business owners lack strategies to survive their first 5 years. The researcher used the success stories of business owners that survived this terrain in their first 5 years, and developed them into a model that new entrants could use to survive the early years.

Previous studies justified why small businesses remain the engine of growth in an economy like Nigeria (Okon & Edet, 2016). Successful small businesses would facilitate the employment chain in the economy, and provide jobs for employees and the business owners, inputs for other firms, tax receipts for the government, products and services for the customers, and inputs for other concerns.

1.2  Statement of the Problem

Small businesses remain the engine of growth in an economy like Nigeria (Okon & Edet, 2016). SMEDAN reported that 80% of growing business owners in Nigeria do not survive their first 5 years in business (Agwu & Emeti, 2014). The general business problem was the high failure of Nigerian SMEs. The specific business problem was that some small Nigerian

1.3  Objective of the Study

The main objective of the study is to examine Sustainable Entrepreneurship: How New Ventures Created Survives Beyond The First Five Year: A Study Of Small Business Outfits In Abak LGA. The specific objectives are to:

1. To examine the strategies responsible for business profitability in the first 5 years
2. To investigate how business practices employ support business strategies for achieving profitability for the first 5 years
3. To analyze the challenges and risks in implementing the business strategies in the first 5 years
4. To determine how enterpreneurs are able to mitigate these challenges and risks
5. To examine the role professional advisers play to support development and implementation of strategies for business survival in the first 5 years
6. To investigate other information enterpreneurs shared about the strategies to employed in becoming a successful business owner

1.4  Research Questions

1. What strategies were responsible for your business profitability in the first 5 years?
2. What business practices did you employ to support your business strategies for achieving profitability for the first 5 years?
3. What were the challenges and risks that you had in implementing the business strategies in the first 5 years?
4. How were you able to mitigate these challenges and risks?
5. What role, if any, did professional advisers play to support your development and implementation of strategies for business survival in the first 5 years?
6. What other information would you like to share about the strategies you employed in becoming a successful business owner?.

1.5   Scope of the Study

The study focused on Sustainable Entrepreneurship: How New Ventures Created Survives Beyond The First Five Year: A Study Of Small Business Outfits In Abak LGA 

1.6 Significance of the Study

The study is of great relevance to the following areas as detailed below:

1.6.1 Management Practice

Knowledge acquired from this study would enable the entrepreneurs to be cognizant with how critical the environmental factors are and also how to effectively manage the factors in order to enhance entrepreneurs performance towards the sole aim of achieving their target performance. It would help the businesses to become more sensitive to the uncontrollable factors that are external to their environment which impinges on their business performance; how these factors can be effectively managed and top opportunities for enhanced productivity and profitability.

1.6.2 Industry

This study would have substantial benefits for SMEs as it would expose the owners and managers of the enterprises to the principles that are needed to be known and practiced purposively to effectively and efficiently manage their businesses and understand their operating environment.

1.6.3 Government

This study would be useful to the government in the formulation of policies towards SMEs development in Nigeria. It would also help the government in identifying the importance of small and medium enterprise sector in the achievement of economic development and national growth in Nigeria.

1.6.4 Society

The study would provide the organisations and society with the knowledge about how to develop skills in the use of concepts, methods, and tools that can be used to transform environmental pressures into positive business opportunities.

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Waste Water Characterization in Nigerian Communities Using Ms Solver

ABSTRACT.

This research was based on the characterization of wastewater of Alfred Akawe Torkula Hostel, University of Agriculture, Makurdi. Composite samples of the wastewater were analyzed for the physical, chemical and biological characteristics. Total hardness and Total dissolved Solids were found to be appreciably significant at the regression coefficients of 0.9622 and 0.8376 respectively. For a student population of 474, 256.5m³/day flow rate was determined at an area loading of 500kgBOD₅/ha/day. A series arrangement of one facultative pond ( with an area of 1593m², dimensions of 67.95m by 22.65m and a retention time of 9 days) and two maturation ponds (with an area of874.07m² dimension of 51.21m by 17.07m and a retention time of 7days each was designed for treatment plant based on preliminary investigation. The effluent quality at the two maturation ponds at the end of the waste water stabilization pond system is 22.5mg / l BODs and 73FC /100ml which meet the standard for domestic and irrigation water needs for the College of Engineering and its environs.

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Abstract

The campaign for improved hygiene is increasingly threatened as people’s existing knowledge and practice seem not to promote proper hygiene practices. Environmental hygiene has become a problem to the extent that it has engaged the attention of authorities as well as  concerned citizens. As a result, over the years Ilorin failed to achieve her set hygiene target. One area that has suffered from this problem is the market places. The study sought to find out   the knowledge level, attitudes and practices of market traders toward hygiene since it could significantly affect their health, economic, social and physical environment. Towards these ends, the study explored knowledge with regard to educational level and age of market traders about hygiene, attitudes towards hygiene and practices that ensure proper hygiene.

A sample of 168 respondents was selected for the study. Two interview guides, proportional probability and convenience sampling techniques and focus group discussion were  the instruments and the procedures employed to collect data from  respondents.  Methodology  adopted to address the objectives of the study was Ilorin Markets. A proportional probability  was used to sample 133 sellers; convenience sampling technique was used to select  23 buyers  and focus group discussion used to gather data from 12 sellers.

The study concluded that most of the market traders have inadequate education on good hygiene  and basic hygiene promoting practices. As a result they do not see the issue of improved hygiene as a current priority; hence, they failed to change their lifestyle which could lead them  to practice proper hygiene. They also see hygiene as an issue to be addressed by authorities hence failed to maintain proper hygiene. Recommendations made included the need for the Ilorin residents  and local government  to liaise with adult education institutions to inform market traders about proper hygiene. Waste management and hygiene be put under the Ministry of Health so that a close eye would be kept on it by experts. There should be adequate provision of waste collection bins and timely evacuating of waste to deal with the threat of spill over at collection centres. The public should be involved in policy making decision about hygiene, and also a system should be put in place (courts) to deter people who try to sabotage the drive for improved hygiene.Download Full Material-N5000