+234 813 0686 500
+234 809 3423 853
info@grossarchive.com
+234 813 0686 500
info@grossarchive.com

Project Topic: THE EFFECT OF BUSINESS FAILURE IN NIGERIA: CAUSES, EFFECTS AND REMEDIES


For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

CHAPTER ONE

GENERAL INTRODUCTION

1.0    INTRODUCTION

Business is important in our society because we depend on it for survival. We make contact with business everyday. Business organisations provide our basic needs such as food, shelter and clothing. They also provide us with leisure, recreation, entertainment, reduction etc. many of us work in business organisation and therefore depend on them for our income and general welfare. One can see that our society cannot do without business organisation.

A business is said to have failed when it cannot function in a way that will male co-operate objectives attainable. The aim of every entrepreneur is to run a successful business. No one aims to start a business which will be a failure. Unfortunately, as we have observed, many businesses do not survive or succeed, thereby disappointing their proprietors.

The most business failure occurs at the level of small business they fail because of mismanagement. According to statistics Canada (failing concerns: business bankruptcy in Canada, 1997), most business fail because of weak general management, weak financial management or weak marketing capabilities.

The main reason for failure is inexperienced management. Managers of bankrupt firms do not have the experience, knowledge, or vision to run their businesses. Even as the firms age and vision remain critical deficiencies that contribute to failure.

But in Nigeria, statistics show that “two-thirds of new employer establishments survive at lease two years, and 44 percent survive at least four years. “This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years.

1.1    STATEMENT OF PROBLEM

The causes and effects of business failure in any society cannot be over looked. Every organisation be it private or public is established to meet some needs. The objective behind every established business organisation is profit. And this could be achieved through effective and efficient performances of its operators which involves acquiring managerial skill, coping with uncertainly, adequate planning among others. The absence of these in any business among others. The absence of these in any business organisation might result to business failure. Here lies the problem of most business organisation.

1.2    OBJECTIVE OF THE STUDY

The main objective of this work is to access business failure in Nigeria: specific objective are:

  1. To determine the various factors that causes business failure in Nigeria.
  2. To determine the effect of this failure on the socio-economics and political development.
  3. To determine the impact of socio-political instability of business performance in Nigeria.

1.3    SIGNIFICANCE OF THE STUDY

This research will make the following contributions to business organisation, in particular to mankind in general. It may serve as a reference material to those who have in the future that wish to conduct a study on the research topic. It will help to identify those factors impeding the success of business organisation. It will help us to suggest solution to problems affecting business organisation. It will contribute towards effective operation of business organisation, it will also help to know the different type of business organisation. In addition to the above mentioned, this study will also produce a report which may stimulate further debate research on business failure, causes effects and remedies.

1.4    RESEARCH QUESTIONS

  1. What are the various factors that causes business failure in Nigeria?
  2. What effects does business failure have on the socio-economic and political development in Nigeria?
  3. What impact does business environment has on business failure in Nigeria?

1.5    HYPOTHESES

Ho: Business failure does not have negative effects on the society.

Hi:    Business failure has negative effect on the society

Ho:   Nigerian cannot progress without the existence effective and efficient business organisation.

Hi:    Nigerian can progress without the existence effective and efficient business organisation.

Ho:   There is no significance relationship between business and economic development.

Hi:    There is significant relationship between business and economic development.

1.6    SCOPE AND LIMITATION OF THE STUDY

The scope of this study is limited to the subject matter and the activities of the case study.

It covers all the functions of business and the problems associated with it. However, as this research project deals on business failure, causes, effects and remedies with the particular reference to Champion Breweries Plc. Uyo. The finding of the research can then be generalized to suit all other business organisation operating in Nigeria as their functions are the same.

Writing of the project was not an easy task to the research because of the problems of reaching the respondents whom questions are directed to through questionnaires and direct interviews due to the high cost of transportation from the researchers school to the company which the researcher used as case study.

Another limitation of the study is time. The availability of carrying out this research work is very short and at time, it is being combined wit the regular lectures. As a result, the researcher finds little or no time to carry out the research properly.

In addition to above, some respondents are reluctant in giving out information, to back the researcher, in writing this work. The sourcing of books on the research topic posed yet another problems to the researcher but the researcher tried his best to make the writing of the project a successful encounter.

1.7    DEFINITION OF TERMS

Business is the sum total of all the legal activities undertaken by man with the aim of maximizing profit and minimizing waste and lost thus; a process which leads to the elevation of the standard of living of the people. Oni et al (1988) defines business as an organized effort or activity by a person or a group of persons employing the resources of the environment to produce and distribute goods and services with the objective of making profit.

Entrepreneur

Is a person who see a business opportunity, obtains the needed capital knows how to put together an operation successfully and has the willingness to take a personal risk of successor failure.

Management: Is the body of knowledge about managing, it is also seen as a process of planning, organizing, directing, controlling and coordinating the activities of the organisation goals and objectives.

Organisation:  The process of identifying and grouping the work to be performed, Udeme (2005) defines organisation as an organize system or institution of social relationship that embodied certain valves and procedures that meet certain basic societal need.

Failure: Longman Active Study Dictionary, sees failure as lack of success in achieving or doing something.

Profit:  Is the excess of revenue over all paid out costs including both manufacturing and overhead expenses.

THE EFFECT OF BUSINESS FAILURE IN NIGERIA: CAUSES, EFFECTS AND REMEDIES
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

Share This
Payment Instruction
Bank payment for Nigerians, Make a payment of ₦ 3,000 to

Bank GTBANK
gtbank
Account Name Obiaks Business Venture
Account Number 0211074565

Bitcoin: Make a payment of 0.0003 to

Bitcoin(Btc)

btc wallet
Copy to clipboard Copy text

500
Leave a comment...

    Details

    Type Project
    Department Business Administration and Management
    Project ID BAM0911
    Price ₦3,000 ($20)
    Chapters 5 Chapters
    No of Pages 67 Pages
    Format Microsoft Word

    Related Works

    CHAPTER ONE GENERAL   INTRODUCTION 1.0     INTRODUCTION Business is important in our society because we depend on it for survival. We make contact with business everyday. Business organisations provide our basic needs such as food, shelter and clothing. They also provide us with leisure, recreation, entertainment, reduction etc. many of us... Continue Reading
    THE : A CASE STUDY OF SKY BANK ABSTRACT This study investigate attribute of financial characteristics with the survival likelihood of distress firm (Sky Bank) to address the manner in which firm evolve over time, we employ surveyor analysis technique by incorporating core proportional... Continue Reading
    THE EFFECTS OF COOPERATE GOVERNANCE ON BUSINESS FAILURE CHAPTER ONE INTRODUCTION BACKGROUND OF THE STUDY Corporate governance has become a global concern because of the rising frequency and widespread pattern of deliberate accounting deceits and frauds, as well as growing number of consequent corporate failures. Companies break the most basic... Continue Reading
    ABSTRACT This study is an econometric method of research that analyzed the causes, effects and remedies of poverty and unemployment in Nigeria. It covered a period of 20 years 1991-2010 hence a time series analysis descriptive statistics and regression model was used to estimate the models and it was made use of secondary data which was fitted to... Continue Reading
    ABSTRACT This study is an econometric method of research that analyzed the causes, effects and remedies of poverty and unemployment in Nigeria. It covered a period of 20 years 1991-2010 hence a time series analysis descriptive statistics and regression model was used to estimate the models and it was made use of secondary data which was fitted to... Continue Reading
    Poverty And Unemployment In Nigeria Causes Effects And Remedies ABSTRACT This study is an econometric method of research that analyzed the causes, effects and remedies of poverty and unemployment in Nigeria. It covered a period of 20 years 1991-2010 hence a time series analysis descriptive statistics and regression model was used to estimate the... Continue Reading
    CHAPTER ONE INTRODUCTION 1.1     BACKGROUND OF THE STUDY Conflicts are inevitable part of organizational life since the goals of different stakeholders such as managers and staff are often incompatible (Jones et al, 2000). Conflict is an unpleasant fact in any organization as longer as people compete for jobs, resources, power, recognition and... Continue Reading
    TABLE OF CONTENT CHAPTER ONE: INTRODUCTION General background of the study Problems associated with the progressive decline in the level of education in Nigeria. Problems that affect the study Importance of studying this area CHAPTER TWO Origin of decline in the level of... Continue Reading
    ABSTRACT The Nigeria economy with the first half of the century experienced quite a lot business failure. Business failure can be defined as the inability of a particular business enterprise to continue to function as a ‘ going concern’’. This development has started generating anxiety by both international and local investors... Continue Reading
    BUSINESS FAILURE AND THEN ACCOUNTING PROFESSION IN NIGERIA (A CASE STUDY OF SELECTED BUSINESS IN PORT-HARCOURT) ABSTRACT The Nigeria economy with the first half of the century experienced quite a lot business failure. Business failure can be defined as the inability of a particular business enterprise to continue to function as a ‘ going... Continue Reading
    Call Us
    Get this work
    whatsappWhatsApp Us