THE EFFECT OF SURVIVAL STRATEGIES ON THE PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISE

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THE EFFECT OF SURVIVAL STRATEGIES ON THE PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISE

ABSTRACT

This research project is on the Effect of Survival Strategies on the Performance of Small and Medium Scale Enterprise with references (A Case Study of Selected Small Business in Lagos Sub-Urban). This research work is generally about the effects Survival Strategies on the Performance of Small and Medium Scale Enterprise. The project has undertook the general introduction into the research work led to the review of various literature that relates to the major variables involved in the research work especially Small and medium scale enterprises that speed up the rate of social economic development of many countries, particularly developing countries. They serve as system for attainment of national objective in terms of employment generation at low investment cost and also the development of entrepreneurial capabilities and indigenous technology. Various studies conducted indicated about 50 per cent of small and medium scale enterprises surveyed did not receive external finance while 77 percent indicated lacked of access to financial resources. The secret behind the success of a self-reliant strategy in any economy does not lie solely in any particular socio-political or socio-economic philosophy, but so much on people’s attitude to small enterprises. The data collected were analyzed through the use of frequency distribution table and chi-square statistical tool to determine whether a number of proportions to be studied are equal. The yes and no scale would be used to analyze the data for the study, research questions would be analyzed using the percentage analysis from the questionnaire retained. Base on the finding Internal characteristics and problems of SMEs. Most small and medium scale enterprises in Nigeria are battling with serious internal problem. There problem range from poor management practices, lack of well planned marketing strategy, among other internal survival strategies and also reveals that with more government institutions in place such as National Directorate of Employment (NDE), Small and medium enterprise development agency of Nigeria (SMEDAN), small and medium enterprises equity investment Scheme (SMEEIS) the performance of SME’S will greatly improve, it recommends that establishment of more industrial development centre (IDCs) according to finding will boost SMEs activities in the country Base on this, attention should be given to the development of more centres as this will aids in making the business environment conducive for more investors and It is a known fact that some small and medium scale enterprises are operating at a very abysmal level. Therefore, the need of authority concern at all level to intensify effort toward boosting their performance (SMEs), as it has been considered to be a catalyst for economic growth and national development both in developed and developing countries.

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