THE STRATEGIES FOR ENHANCING BUSINESS SURVIVAL (A Case Study Of Selected Small Scale Enterprises In Uyo)
1.1 Background of the Study
Business is an institution organized and operated to provide goods and services under incentive of private gain. the fundamental purpose of any business in the society is to provide goods and services for consumption and the process make profit. business is any human activities that is involved in the production and distribution of goods and services through a socially organized system of exchange. business comprises a wide variety of activities aimed at satisfying the needs and desire of people. It is the sum of total of human activities involved in a production and distribution of goods and services for the purpose of satisfying human wants. Business also refers to the whole field of industry, trade and finance and comprises activities such as agriculture, mining, quarrying, manufacturing, processing and retail distribution and services of all kind (Etuk 1995).
Business survival is the continued existence of a business despite prevailing unfavorable environment. A business cannot survive for a long time if it does not make use of strategies that will enable it maximize sufficient profit. Profit can be used to meet the home for business man. It could also be used to pay salaries of employees, buying raw materials etc.
Upon this background therefore, this research work seeks to examine the strategies that can enhance the survival of small scale business enterprises.
1.2 Statement of the Problem
The contributions of small scale business to the growth of any economy cannot be over emphasized. A cursory survey of small scale business enterprises in Nigeria reveal the incessant case of collapse of such business enterprises within few years of their existence. the ugly situation is traceable to the use of ineffective business strategies by owners or operators of these enterprise. The continued collapse of small scale business enterprises will Leighton the level of unemployment and poverty in the country which will sub squally impact negative on the nation’s gross domestic product (GOP). These issues raised the concern of the researcher in examining the strategies for enhancing business survival in Nigeria.
1.3 Objectives of the Study
This research study intends to achieve the following objectives.
i To examine the contribution of small scale business to Nigeria economy.
ii To find out the strategies that can be used to enhance business survival in Nigeria.
iii To examine the role that government play in the promoting the survival.
iv To identity the factors militating against business survival in small scale enterprises in Nigeria.
1.4 Research Questions
The following research question were formulated based on the objectives of the study;
(1) What are the contribution of small scale business to Nigeria economy?
(2) What are the strategies that can be used to enhance business survival in Nigeria?
(3) What are the role government play in the promotion survival in Nigeria?
(4) what are the factors militating against business survival in small scale enterprises?
1.5 Significance of the Study
This study will be beneficial to operators and owners of business enterprises in Akwa Ibom State and Nigeria as a whole as it will keep them to evaluate their operation and also highlight the challenges