The contribution of small –scale business in fostering economic growth
and development has been well articulated in different areas of this study .the
specific attention on them based on their expected impact and potential
contribution on broad and diversified production base, as well as their
accelerative effect in achieving macro objectives pertaining to full
employment, income distribution and the development of local technology. They
are particularly most conducive for diffusion of management skills and
emulation of indigenous entrepreneurship overtime. Small business provides
financial opportunity and a chance to develop wealth. It is a place where
creative, motivated individuals can use their talents and expertise to the
fullest, because it provides satisfying careers and job opportunities and it’s
also the back bone of the market economy of the word. Every big business starts
as a small business, and it started with an entrepreneur (small business), who
at first, earns little or no profit. It was the new ideas of small business
that brought about Luxury City Royale, Hotel De La Paix etc. and even the many
commercial banks in Nigeria. Untried ideas become annulations that become
concepts that changed the business world. And so it goes. Small business is the
basis for the economic well-being many developed nations including USA/Japan.
Entrepreneurship is what makes a small business successful. Entrepreneurship
occurs when an individual develops a new venture, a new approach to an old
business or idea, or a unique way of giving the market place a product or
service by using resources in a new way under conditions of risk. Small
business triumphs and entrepreneurship are closely related to it. It is
difficult to separate them. The unemployment situation in the country coupled
with the new government instinctive towards easing social tensions among
unemployed youths, through the programmed of the National Directorate of
Employment (NDE), were intended to lure a lot of unemployed Nigerians,
including graduates into self-determination through self-employment. Graduates
and school leavers are now realizing that government and the established
private companies are not ready to come to their aid directly, through paid
employment due to the dividing state of the economy. Short of the alternatives,
Nigerians including our graduates are therefore launching themselves into
various small-scale business ventures, such as cottage soap and cosmetics
production, fairing, restaurants, fast food, publishing, writing, block making,
garri processing, food processing, refuse disposal, taxi driving, cleaning
services, weaving, baking tailoring, advertising and other same business
venture which depends mostly on local raw materials. The determination to
succeed is also fast becoming the order of the day. Government has been playing
appreciative role in promoting the survival and growth of small-scale
enterprise in recognition of them flexible and adaptive nature as well as their
re-generative power in promoting economic growth and development. Government
also encourages people to establish their own small business so as to reduce
the problem of unemployment in the country and also reduce the problem of
importation of goods, more so, to produce exportation products. Government in
believing that a dynamic and growing small manufacturing sub-sector can
contribute significantly to the implementation of a wide range development
effectives, has thus enunciated various policies to encourage their proliferation
and make them veritable engines of growth and development. In the third and for
the development plans and the on-going three years rolling plan, priority has
been accorded industrialization with greater emphasis on small-scale
enterprises. The basic activities of government policies as maintained in the
monetary and fiscal policy measures, are to improve the financing and other
supportive services of small-scale business by expanding and improving access
to credit and infrastructural facilities, reducing their production costs,
boosting their profitability, enhancing their survival and growth capacities as
well as expanding their contributions to non-oil exports by making their
products competitive in the export markets. Hardly could any major industry
succeed without the services of small business enterprise. The major goals of
any profit oriented business are to make profit. A company will make more
profit if statistics its customers need better them the competitors. Therefore
in the contribution of small-scale business, hospitality industry would produce
what the customers want and by so doing they maximize profit and only
hospitality industry that are effective and efficient can satisfy customer’s
needs. In reality, it is possible to run a business without profit for a time,
but it is not possible for a business to survive for one day without customers.
Customers are the central theme of any business. Without a total commitment to
them, contribution to economic growth and development will have limited and
brief effects. The hospitality industry is a broad category of fields within
the service industry that includes lodging, event planning, theme parks,
transportation, cruise line, and additional fields within the tourism industry.
The hospitality industry is a multibillion-dollar industry that depends on the
availability of leisure time and disposable income. A hospitality unit such as
a restaurant, hotel, or an amusement park consists of multiple groups such as
facility maintenance and direct operations (servers, housekeepers, porters,
kitchen workers, bartenders, management, marketing, and human resources etc.).
Usage rate, or its inverse "vacancy rate", is an important variable
for the hospitality industry. Just as a factory owner would wish a productive
asset to be in use as much as possible (as opposed to having to pay fixed costs
while the factory is not producing), so do restaurants, hotels, and theme parks
seek to maximize the number of customers they "process" in all
sectors. This led to formation of services with the aim to increase usage rate
provided by hotel consolidators. Information about required or offered products
is brokered on business networks used by vendors as well as purchasers. In
looking at various industries, "barriers to entry" by newcomers and
competitive advantages between current players are very important. Among other
things, hospitality industry players find advantage in old classics (location),
initial and on-going investment support (reflected in the material upkeep of facilities
and the luxuries located therein), and particular themes adopted by the
marketing arm of the organization in question (for example at theme
restaurants). Also very important are the characteristics of the personnel
working in direct contact with the customers. The authenticity,
professionalism, and actual concern for the happiness and well-being of the
customers that is communicated by successful organizations are a clear
competitive advantage.
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