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SURVIVAL
STRATEGIES IN SMALL BUSINESS
ABSTRACT
This study
was carried out to investigate into the Survival Strategies in small Scale
Business in. Lagos State (a case study of some selected small scale industries).
Information was sought on the activities and the performance of the small scale
enterprises in Lagos State in the areas of loan acquisition, marketing
research, personnel approaches, strategic locations, training and development.
The research method used for the study was mainly descriptive with the aim of
obtaining primary data on the survival strategies being designed, developed and
implemented by the selected small scale industries (i.e. Becco Furniture
Enterprises Nigeria Ltd. And Atlas. Drugs Company) as well as how these
strategies affect each of the organization. The sources of data used for the
study was primary source (i.e. interviews, questionnaires, observation
etc. Secondary source was also used which
'includes libraries, other information centers on desk studies etc. The
findings of the study was based on capital, marketing research, training and
development, personnel policies and location from the data collected, the
research concludes that small scale business industries were unable to receive
loans from financial institutions, which has been a shortcoming on the part of
the entrepreneurs due to illiteracy or lack of collateral needed. Also most
small scale industries do not research on the areas of marketing their product
or some other promotional activities and this affects sales. Training and
development also has hindrances to the effective performance of the small scale
businesses, since most employers do not train their employees to acquire
technical expertise. The researcher recommend that since small scale industries
are very vital, to our economy, it is pertinent that, for an entrepreneur to
have effective efficient functioning of these small scale industries in the
areas of (capita1 loan acquisition, marketing research, personnel policies,
implementation, training and development and strategic location) he or she must
aim primarily towards a long survival of that business by implementing on the
strategies and policies mapped out based on the above stated areas. The recommendation based on capital is that,
since government has set up many institutions to help in providing needed
capital, the entrepreneurs should endeavour to utilize these opportunities and
acquire the needed capital/loan facilities. On training and development, the
researcher recommends that adequate training and development of employees
should be embarked upon so as to acquire the necessary skills needed for
effective operations.
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