Notwithstanding the unstable nature of Nigeria economy small business owners created approximately 32 million jobs and contribute almost 45% to the nations GDP. However, startup small businesses fail at rate over 80% the first five years. Guide by theory of constraints, the purpose of this qualitative multiple-case study was to explore survival strategies required by some small business owners to sustain business in Nigeria beyond 5 years. Data collection was through semi-structured interview...
Customer attrition has severe effects on profitability and organizations incur high costs acquiring new customers while existing ones generates more profits. However, when an organization reduces customer quitting by 5%, it raises profits by 2-8% (Khan & Rizwan, 2014). Previous studies gave much attention to factors of customer loyalty such as product quality and customer satisfaction but none have qualitatively explored the factors relative to automobile dealerships businesses in New York Ci...
Abstract Jobs are generated by initiating and growing small businesses within underdeveloped economies. Unemployment among youths is a critical problem confronting Nigeria (Nwogwugwu & Irechukwu, 2015). Unemployment leads to less growth and a drop-in consumer spending. Increased unemployment generates lowered business output. Unemployment results in welfare loss from lowered output, income, and wellbeing which hinder social progress of nations. Nevertheless, unemployed youths with small busin...
It was Peter Drucker that said: “The problem of the bottle is also at the top where it is small” once the top of the bottle is opened, one can gain access to the content. The study of leadership and motivation is both research and practical skills encompassing the ability of an individual, organization to lead or guide other individuals, team, or the entire organization successfully. These represent ideas and principles that explain how power is acquired, and the dealings that occasioned ...
Effective communication is important for the development of an organization. It helps the managers to perform the basic functions of management - Planning, Organizing, Motivating and Controlling. Communication skills whether written or oral form the basis of any business activity. Communication serves as the foundation of every facet of a business. Thus, it can be said that effective communication is the building block of an organization. Poor communication is the bane of any org...
Increasing unemployment in most of the developing countries has become main hindrance behind decreasing livelihood standards and poverty. Worldwide, within the framework of potential efforts and strategies to boost employment and job creation for young people, literature shows that entrepreneurship is increasingly accepted as an important means and a valuable additional strategy to create jobs and improve livelihoods and economic independence of young people. With an unemployment rate of 20% ...
Abstract Entrepreneurship Education as a new concept in vocational education offers itself for the training and retraining of individuals for skill acquisition, and it has been imbibed by almost all the developing and developed countries. Its capabilities and efficacy in growing up economies are not in doubt. There is widespread keen interest in information and communication technology because of its crucial roles for sustainable development in developing countries and for the past two decade...
Abstract Business education is an education for the acquisition and development of skills, competencies, and attributes which are necessary for the efficiency of the economic system. The focus of this paper is business education as an impetus towards national security and transformation. In addition, this paper sees business education as a cardinal instrument that will foster national security and the transformation agenda. It gives various professional definitions of business education, th...
Abstract Funding quality business education for sustainable development in Nigeria is viewed in terms of what sustainable options for funding education are to be adopted for sustainable educational development in Nigeria. In analysing this paper, the researcher established a problem and attributed the cause of unsustainable funding for quality business education to a change in the price of oil, as a base of revenue generation in the country. Opt...
Abstract Small and medium enterprises (SMEs) are notably the engines that drive economic development. The businesses account for almost 90% of businesses in both leading and developing economies through job creations, employment, tax provision and contribution to Gross Domestic Product (GDP). However, in Nigeria, besides their critical and positive role, many SMEs face numerous challenges ranging from power shortage, lack of capital, poor management skills and competencies...