Abstract:
The failure of Small scale business has negative implication to the Nigerian Economy. Any
business that is owned, managed and controlled by a sole proprietor, or partners of about two
persons, has total assets of less than four million naira (12,698 USD) and a relatively small share
of the market is a small scale business. The owners of small scale businesses are also known as
entrepreneurs who incur losses sometimes and are faced with challenges that can make the
business fail which could lead to closure. It is the intention of every small business owner to
continue its operation, enhance its productivity and maximize profit. However, sometimes the
reverse is the case as they could be faced with situations that could lead to closure. Some of the
factors responsible for this include: lack of proper management, insufficient capital, poor
planning, poor product or services, lack of enabling environment etc. To salvage this ugly
situation, it is recommended among others that the government should educate and give both
financial and moral support to small scale business operators to ensure their survival and
sustainability. This is because their failure will have serious adverse effect on the national
economy. |
International Journal of Arts and Humanities