The effectiveness of a county at utilizing and exploiting its natural resources is a function of the skills of the labor force, type of technology and the availability of capital. An improvement in labor productivity increases the growth rate of the economy.
An under-utilized, illiterate and unskilled workforce will become a drag on an economy and may possibly lead to higher unemployment.
Countries that recognize the importance of the four factors that affect economic growth will have higher growth rates and improved standards of living for their people.
Skilled and educated workers are able to use these natural resource to spur the growth of the economy. For SMEs, this study offers alternative models to counteract the problem of collateral and lending issues.
Natural Resources The quantity and availability of natural resources affect the rate of economic growth.
Several statistical analyses were conducted to identify the factors constraining the growth and survival of SMEs in Nigeria. Factories and equipment that are modern and well-maintained are more productive than physical labor. Do you want to read the rest of this article? The application of better technology means the same amount of labor will be more productive, and economic growth will advance at a lower cost.
Economists generally agree that economic development and growth are influenced by four factors: Labor becomes more productive as the ratio of capital expenditures per worker increases.
Less-developed countries, even those with high amounts of natural resources, will lag behind when they fail to promote research in technology and improve the skills and education of their workers. Based on what we have learned, the instruments could be further refined to more closely capture each of the problem areas identified in the literature.
Human Resources The skills, education and training of the labor force have a direct effect on the growth of an economy.
A skilled, well-trained workforce is more productive and will produce a high-quality output that adds efficiency to an economy. The production in Nigeria has declined by 1.
Findings — The results of the study reveal that the most common constraints hindering small business growth and survival in Nigeria are lack of financial support, poor management, corruption, lack of training and experience, poor infrastructure, insufficient profits, and low demand for product and services.
Strategic alternatives on how to address issues such as poor management, poor infrastructure, and corruption are discussed.
Replication of this study using larger samples and a broader geographic base is suggested for cross-validation purposes.
A shortage of skilled labor can be a deterrent to economic growth. Arguably, the general business environment may not be as benign as the case with most developed economies, but it is equally the case that the group of enterprises, which the nation expected to lead the transformation, appear not to have reflected upon their strategy-making processes Adler, ; Okpara, ; Oyewobi et al.
As the scientific community makes more discoveries, managers find ways to apply these innovations as more sophisticated production techniques. Also, the insights gained from this study to contribute the future development of this line of research, particularly in a non-Western context.
Practical implications — Understanding the factors hindering the growth and survival of SMEs in Nigeria will help policy makers — governments federal, state, and localNGOs, and other stakeholders — to design targeted policies and programs that will actively stimulate innovation, as well as helping those policy makers to support, encourage, and promote SMEs for poverty alleviation in Nigeria.Get free Research Paper on Effect Of Environmental Factors On The Performance Of Small And Medium Scale Business In Nigeria project topics and materials in Nigeria.
This is approved for students in accountancy, business, computer science, economics, engineering, arts.
The importance, effect, causes, relationship, comparison, history, role, solutions are discussed. The objective of this study is to explore the factors that hinder the growth and survival of small businesses within Kumasi Metropolitan Area.
Specific Objectives 1) To examine the various activities of small businesses in Ghana. 2) To explore the variables that hinders the. of the study was on the factors which affect the performance of Small and Medium Enterprises (SMEs) in the Factors Affecting The Performance Of Small And Medium Enterprises In The Jua Kali Sector In quality and overall success of a business.
Although the move towards economic liberalization proposed in the late s and s was aimed. The small business sector (family business) is recognized as an integral component of economic development and a crucial element in the effort to lift countries out of poverty (Wolfenson, ).
Small- Scale businesses are driving force for economic growth. This study examines the effect of Entrepreneurial business operation on the economic survival of the Nigeria people in Ilorin Metropolitan area. of direction of industrial development from large scale business to development to small scale development This study remain germane by examine the influence of entrepreneurial business.
Purpose – The purpose of this paper is to investigate the factors that hinder the growth and survival of small businesses in Nigeria.
Design/methodology/approach – A survey method was used to gather data from small business owners and managers located in selected cities in Nigeria.Download