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Effects Of Small Scale Business In The Development Of Nigerian Economy
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1.8 DEFINITION OF TERMS
Small
scale business: This is a type of business that is owned by one or few
persons with direct owner influence in the decision making and having a
relatively small share of the market and low capital requirement.
Entrepreneur:
This is an individual who notices opportunities and take action to
mobile necessary resources to produce new improved goods in the
environment for a targeted market.
Capital: This is the amount of
money required to carry out a particular venture and pay all the
financial obligation of the business.
Development: This is the process or the ability to make something to be advance or organize for the benefit of all sundry.
Intrapreneur:
According to Gilfford Pinchot 919985) intrapreneur is defined as an
entrepreneur within an already established organization.
Business
failure: Baumbark (1992:31) defined business failure as a situation
where available capital is insufficient to pay all obligations of the
business.
Innovation: According to Inegberebor (1989), innovation
involves creative response to an investment opportunity by developing a
new product, new technology or modification of the existing ones to meet
the expectations of the consuming public.
Motivation: Stephen P.
Robbins (2010), defines motivation as the willingness to exert high
levels of effort toward organizational goals, conditioned by the effort
and ability to satisfy some individual need.
Marketing: Kolter
(1980:9) defines marketing as getting the right goods and service to the
right people at the place at the right time at the price with right
communication and promotion.
Management: According to Fedrick Winslow
Taylor (1947) Management is knowing exactly what you want men to do and
then their seeing that they do it in the best and cheapest way.
Directing:
According to Joseph Massie (1994) Directing concerns the total manner
in which a manager influences the action of his subordinates. It is the
final action of manager in getting others to act after all preparations
have been completed.
Controlling: Haiman (1985) defined controlling
as the process of checking to determine whether or not, proper progress
is being made towards the objective and goals and acting if necessary to
correct any deviation.
Leadership: According to Mcshare (2009),
leadership is the process of motivating, influencing and directly others
in the organization to work productively in pursuit of organization
goals.
Environment: Kazmi (2002) described the environment as the
aggregate of all conditions, events and influences that surrounds and
affect it.
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ABSRACT - [ Total Page(s): 1 ]The main purpose of this study is to know the roles and efforts of Small Scale Business Enterprises in the Nigerian Economic Development. Every nation no matter the nature and rate of available human and material resources under its disposal can hardly attain growth and economic development if the small scale business sectors of such nature is neglected or not given adequate financial supports cum other incentives that makes for the survival of these business. Therefore, the study has tried to u ... Continue reading---
