OLABISI ONABANJO UNIVERSITY
AGO-IWOYE, OGUN EXPRESS, NIGERIA
TEACHERS OF CULTURAL AND SUPERVISION SCIENCES
GOVERNMENT AND SMALL ENTERPRISE (ENT841)
A TERM CONVENTIONAL PAPER ON
THE EMERGENCE OF SMALL BUSINESS IN NIGERIA
ODUNLAMI JORDAN A. (09/07/0089)
OMIYALE ABIMBOLA (09/07/00484)
ADENUGA JOHNSON To. (09/07/0075)
PROVIDED TO: PROF. (MRS) OSOBA
Before addressing the history of small enterprise, it is better to briefly discuss the meaning, range and qualities of business. Small businesses have many definitions, which usually vary. The differences in these explanations are usually as a result of differences in the degree of development of a country, differences in the corporation and composition of sectors in different countries and other consideration.
There are various standards used in classifying small businesses just like employment (number of workers), assets value, turnover, etc . Each region tends to take up which ever variable or conditions suitable for it, based on all their economic policies and the part small businesses are expected to play inside the economic development and growth of the country.
A business is known as a concern, a great enterprise, or organization create by a person or number of individuals when it comes to making profits coming from operations from the concern. Olagunju (2008) defines business while an organization that partcipates in the production of products and services that provide fulfillment for customers.
The definition of small company differs coming from country to country and from sector to industry. Each region tends to get its own definition based on the role small businesses are expected to accomplish in the progress the country. Meanings change during time regarding price levels, numbers of technology, and other considerations. Small enterprises are identifiable with small and medium size enterprises (SMEs). SMEs are often referred to as smaller businesses in developed countries.
Generally, a small company is a great enterprise or perhaps an organization that is certainly privately possessed and controlled with a few employees and relatively low volume of product sales. Olagunju (2008) defines small business as all those business worries with a total capital purchase of only two , 000, 000 (N2, 500, 000), together with the number of workers not more than 60. In Nigeria, small businesses are usually found in small shops, hairdressers, trade men, photographers, etc . The owner of the company is referred to as a business owner. He offers the capital necessary for the working of the organization. He is the chief coordinator, control and organizer of the organization.
HISTORY OF BUSINESS
Having described the meaning, opportunity and attributes of small enterprise, this term paper will not be meaningful if we do not go over the history of small business in Nigeria. People have always took part in the economical activity of producing, trading, etc, most of which can be carried out over a small scale. Thus, small business is not a new phenomenon. It is as older as operate itself.
Prior to 1960, small business was drafted off because an out dated form of monetary activity. The majority of policy manufacturers were with the view that large businesses are the significant foundation or basis upon which any nation's meaningful creation is moored. By the past due 1960, the value of small company was worldwide acknowledged, which will led to the establishment of programmes and schemes directed at developing business.
Every country has an accounts of how small business evolved for this present level. To avoid monotonous you together with the experience of so many countries, our discussion will probably be limited to the Nigerian overall economy. This analyze therefore evaluated the historical evolution of small business in Nigeria.
HISTORICAL EMERGENCE OF SMALL BUSINESS IN NIGERIA
Simple understanding, we will like to clarify the historical emergence of small business in Nigeria underneath three main sub-heads:...
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