Business and Small Scale Industries

Furthermore Nigeria has microloans which the people are being taken advantage of because if the country does not know how to handle money the people sure can’t. (Odi, Olukotu & Emmanuel, 2013)

As discussed there are three different types of businesses, sole proprietor, partnership and corporations. With these businesses come many advantages and disadvantages that one will have to determine will best suit their own lifestyle. Starting a business is something very serious to plan and make sure you have the necessary financial backing to keep it running, and have the legal knowledge to keep yourself and organization covered. Lastly, if you have the knowledge and product you know something about and have the background the business could become successful and the more know how could make running a business less stressful.

Small to medium businesses (SMB) currently represent a significant portion of the United States economy. In 2016 over one-third of the US population is employed by companies with less than 100 employees. Unfortunately, as reported by the Bureau of Labor Statistics, nearly half of these entities fail within the first four years of operation. As a result, many SMBs are in search of a successful model to guide them beyond sustainability toward profitability. Concerning success for SMBs, in research involving 3,800 SMB leaders, Vala Afshar highlights 6 key benchmarks indicating high-performing organizations:

Economic diversification holds the key to the emergence of a robust Economy that is capable of creating jobs and reducing poverty and unemployment. President Buhari’s administration needs to articulate and implement an economic blueprint for the diversification of the Nigerian economy, leveraging sectors such as agriculture, manufacturing, hospitality, tourism and ICT to boost productive activities and revenue

The organization of the Nigerian economy is a characteristic of an underdeveloped country. Over half of the gross domestic product (GDP) is accounted for by the primary sector with agriculture remaining to play a significant part. The oil and gas sector, in particular,

In a developing country like Sri Lanka the development and nourishment of local small and medium level industries accounts the successful economic system that exist in the country and ensure the sources of the country well utilized for its own people rather than importing foreign things. Although our country's economical system pays a greater attention towards such industries, due to the impact of worldwide large industries and some other local factories, these small level industries encounter inevitable impediments. This report is about such an industry which runs in my area, and analyse how they run their industry inspite of those impediments and how could they try to overcome those impediments.

In the Academy Marketing Studies Journal, it states,“Since 2008 the number of small businesses using social media has doubles as their leader seek to create visibility and awareness, to identify and attract new customers, and to reinforce or change their companies respective perceived brand images.” Since marketing trends follow social media so closely, financial crisis can occur if businesses are unable to adapt to their target audience’s needs. If the business wishes to thrive and continue to evolve with modern trends, then an awareness of ever changing strategies is critical to success. Small business owners start off with a concept and a goal of meeting a need in their community to the best of their ability, however, recently large corporations have become more prevalent in meeting those same needs at a larger scale. Therefore, small businesses have encountered a higher number of crisis because they could not compete with the larger corporations. The Journal of Entrepreneurship Development states, “A system is considered to be strong when its smallest individual components are strong, self organized and controllable… a well organized small scale industry in the strong quantum for large scale production.” This article highlights a concept that the nations likelihood for experiencing financial crisis is attributed to the strength of its small scale industry. Small size enterprises have been especially hit hard by global crisis due to their size and limited resources, and

Starting a new business is rarely simple. In addition to putting in long hours, you have to find investors for your start-up and figure out the best business strategies. While running a business is not always easy, there are a few common techniques that can help you improve your business.

Small firms are good for those people who have experience in particular field but do not have a necessary amount of resources, in the terms of resources contain land, labour, capital and enterprise. Small firms not require more space to start production so require less amount of land same as land in production small firms require less number of people. Enterprise is the risk taking ability of the owner.

The definition for small-scale industrial undertakings has changed over time. Initially they were classified into two categories- those using power with less than 50 employees and those not using power with the employee strength being more than 50 but less than 100. However the capital resources invested on plant and machinery buildings have been the primary criteria to differentiate the small-scale industries from the large and medium scale industries. An industrial unit can be categorized as a small- scale unit if it fulfils the capital investment limit fixed by the Government of India for the small- scale sector.

Raising capital for any startup in Nigeria is hard, and it is discouraging to invest in a business idea that is not easy for some entrepreneurs.

The untaxed and unregulated revenues - by some estimates - account for between 40% and 45% of gross domestic product (GDP). Nigerians make most of their living, as street hawkers, minibus drivers, money changers or market traders. In spite of the abysmal performance of the country’s economy, poor infrastructure and unfriendly business environment Nigeria has huge potentials to be tapped because of its huge deposits of Natural Resources and population that can be gainfully employed.

What that means in Nigeria, we had good growth, we had high profitability the firms were able to generate fund at home which was then reinvest in other African countries, and where we see opportunities was identified. A firm ownership advantage may include resource endowments and favourable domestic

The aim of this research work is to look into challenges and numbers of hypothesis were drawn. Information necessary to address the test of hypothesis was gathered through secondary data, source from Central Bank of Nigeria (CBN).

1. What system should Brian implement in order to start changing the human capital practices in the Beachside Hotel?