Small scale enterprises, although they may not pay as much as the government or large companies, also play another vital part in the country’s life- one that goes beyond providing money and giving people a chance to put food on their tables: they engage the young people in the country. Cost of Implementation as defined by Folunsho et al., (2006) is the total amount it will cost a company to implement new technologies. VAT Registration No: 842417633. Our academic experts are ready and waiting to assist with any writing project you may have. Study for free with our range of university lectures! You can view samples of our professional work here. Small scale businesses in the field of engineering have contributed more to the engineering sector than any school system or government initiative to date. Studies have shown that regional distribution of internet users directly correspond with the disparity of different geographical areas (Hung, 2003). Lack of funding and non utilisation of ICT is another problem faced by Small medium enterprises in Nigeria as this hinders their development (Kuteyi, 2009 cited in Apulu 2009). Let us know if you have suggestions to improve this article (requires login). And for what? The definition of SMEs varies across countries and according to sectors (like financial, labour etc) suitability but this is normally based on employment, assets or combination of the two (Ongori and Lutham 2009, p. 94) .Various organisations, institution and bodies define SMEs differently depending on the purpose, objective or use. Manufacturing: – Number of employees range up to 1500, depending on the industry. ICT are an effective tool for recuperating external communications and quality of service for established and prospective customer. Services: – Annual receipts not exceeding 2 million to 8 million dollars. I’ll let you in on a little secret; I laugh at myself every night when I remember how I thought I could take care of myself in the construction market. (2004). Looking for a flexible role? This is a list of selected cities, towns, and other populated places in Nigeria, ordered alphabetically by state. If possible you could even get the car washing machine and it makes it all the more easier. A report by OECD (2004) identified that internet connection occurs in all sizes of business but small businesses are slower in the adoption of new Technologies than large ones. You might be a good public speaker or a good motivator. A lot of authors, scholars, and schools of business have diverse ideas as to the differences in structure and capital outlay, number of employees, sales turnover, fixed capital investment or assets, plant and machinery, or even the kind of market share that a business should have in order to be categorized as a small scale business. All work is written to order. The beautiful thing about running a male or female saloon is that what you spend most times is just the skill. Lagos is about 22 times smaller than the largest state in the country. Around the world, a lot has been said about SMEs. Many enterprises in Nigeria are categorized as small business, most of which are in the commercial sector. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. The role small and medium enterprises play in the development of country is very important. Proudly deltans. Furthermore, small scale enterprises integrate the young ones into the working environment, teaching them vital skills that can help them succeed in life, including how to relate with workmates in a work environment, how to set and meet targets, how to market products and services, and so on. Retailing: – Small if annual sales or receipts are not over 2 million to 7.5million dollars. This is what I call a high-quality, money-saving service! Each and every one of us has unique gifts and talents. Letting your head get you the cash. I once gave #250 to a phone repairer. Tag: Importance of Small Scale Businesses in Nigeria, Your email address will not be published. In their study, it was stated further that SMEs in Nigeria fight with the costly implementation of Information and communications technology, thus they ignore ICT and invest their resources on ideas that will yield rapid turnover. Being below average in size: a small car. This is another well paying job, either as part-time or full-time. Small scale business, small scale industries and small scale entrepreneurship are used interchangeably to man a small scale industry firm. Hey, thanks for dropping by. Just think about it. So are you a great storyteller? 1. You have a great interest in babies? If you require further information, please visit our forum alternatively contact us. small scale enterprises provide employment for the teeming population. From the list, it can be clearly seen that Lagos State is the smallest state in the country, with an area of 3,345 km square. If YES, here are 50 best small scale business ideas & investment opportunities in Nigeria. According to a survey conducted in 2002 of firms in the auto-components, food and beverage, electronic goods and engineering manufacturing sectors was conducted in Uganda and Nigeria, Oyelaran-Oyeyinka and Lal,.