The growth of small scale businesses

Chief Digital Evangelist, Salesforce Research:

The growth of small scale businesses

The growth of the country depends to a extent, on the standard and development of small-scale business. In revolutionary economy, small-scale enterprises are a legitimate and viable component in any strategy for reconstructing the economy.

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The growth of small scale businesses roles played by small-scale enterprises n economic growth and development are highlighted below.

Small-scale business has come to be known as a major source of employment. They employ the majority of all non-government workers in the country and this trend seem to be the increase. Inof the estimated wage employment of 1.

Nigeria is currently facing problems of unemployment and rural urban migration. This has been compounded by frightening turnover of post-primary school leavers, polytechnic university graduates every year.

In this case small-scale enterprises can create jobs opportunities for this group of people and reduce the rate of rural urban drift. Noted that in study carried out in in Eastern Nigeria by the United State Agency for Inter-National Development, the number of small-scale enterprises was 10, with total employment figure of 28, This shows that small-scale plays an important role in reducing the rate of unemployment in our country.

Small-scale enterprises act as a check against monopoly and encourage competition, through improved prices and services to customers. The small entrepreneur is in intimate contact with market needs. Possessing practical technical competence is very necessary in competition.

A small firm cannot, of course compete with large firm across the board. But a number of small businesses, each competing in its own particular area, and its own particular way, together have the desired competitive effect. The graft bodies of obsolete imported vehicles and buses into wide variety of buses and vehicles of different shapes, some toilet roll companies use waste paper from printing presses for the production of toilet rolls.

Every business has it starting points, small business serves as a nursery for entrepreneurial talent and they grow, in some cases, into large enterprises.

The growth of small scale businesses

Many large organizations all over the world today started as small business, some individuals may have a fear for entrepreneurship in large enterprises but owning to the shortage of capital and other resources they are able to realize this only through the establishment of small firms. Small manufacturing establishments have advantage in meeting highly specialized or individualized demand or in catering to a small volume of market or one requiring frequent readjustments because of style changes or for other reasons.

Here the flexibility of the small firm stands it in good stead. Their bureaucratic procedures and relatively large overhead expenses may handicap large enterprises. There operating are as highlighted below: The cashier takes care of what ever cash that comes into the company, all payment for drugs bought are made through the cashier and also gives account of all the daily sales, expense, deposit money at the end day in the bank and also days the workers at the end of the month as instructed by the director.

The nurses gives medical attention to the patients, that they gives drugs and injections as directed by the doctor. The doctor is the one that gives medical attention and prescribe drugs for the patients and then direct them to the nurse who gives the drugs to them.

The secretary meets with the manager every month to let him know what drugs that are not available at the store, and then purchases such drugs that are needed.

Your use of any of these sample documents is subjected to your own decision NB:As a benchmark, the average growth rate across all U.S. small businesses in the time period was 8 percent, says Libby Bierman, an analyst at Sageworks.

Fastest-Growth Industries for U.S. Small. H. N. Nzewi et al.: Entrepreneurship Evolution and the Growth of Small Scale Businesses in Nigeria governments. Thaddeus [3] submitted that several policy programmes that were targeted at enhancing entrepreneurship development via small and medium scale enterprises.

Jan 29,  · According to the Bureau of Labor Statistics, about 50% of small businesses fail in the first four years.

The growth of small scale businesses

Today, over a third of the U.S. working population is employed at business with less than. Small businesses in many countries include service or retail operations such as convenience stores, small grocery stores, bakeries or delicatessens, hairdressers or tradespeople (e.g., carpenters, electricians), restaurants, guest houses, photographers, very small-scale manufacturing, and Internet-related businesses such as web design .

It isn’t all it takes, but these five essentials will help you build a solid base and become one of the small businesses that succeeds. Leading a small business can be more stressful than. Turning a small business into a big one is never easy.

The statistics are grim. Research suggests that only one-tenth of 1 percent of companies will ever reach $ million in annual revenue. An.

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