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    Entrepreneur's Guide on Managing Small Business Profitably
    Entrepreneur's Guide on Managing Small Business Profitably
    Entrepreneur's Guide on Managing Small Business Profitably
    Ebook91 pages1 hour

    Entrepreneur's Guide on Managing Small Business Profitably

    By Stanley Chuks Kalanwa

    ()

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    About this ebook

    A must for every business-owner, entrepreneurs, managers, investors & students.
    A secret to business breakthrough and God’s gift to all in business.
    Read it: utilize the ideas; start your own business & be crowned with success.
    LanguageEnglish
    PublisherBookBaby
    Release dateJul 21, 2014
    ISBN9781483546612
    Entrepreneur's Guide on Managing Small Business Profitably

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      Book preview

      Entrepreneur's Guide on Managing Small Business Profitably - Stanley Chuks Kalanwa

      possible.

      INTRODUCTION

      Research has shown that small - scale entrepreneurs are feeder for economic growth of many Nations, so it pays to own your own business because it means controlling a mainstay.

      This book is about the spirit of entrepreneurship in the challenge of prolonged and worsening unemployment in the country where many people are beginning to turn their attention to self-employment through job creation for themselves.

      The primary purpose of this book, therefore, is to help such people to articulate their business ideas very clearly and to develop sound, relevant business plans that will assist them both in raising the required seed capital and also in promoting and managing their business successfully.

      The book has being written in a lucid, concise manner, devoid of the traditional austere textbook approach, thus making it quite interesting to read.

      This book deals with the small-scale enterprises. Its purpose is to give the reader a look at the importance, scope, problems of small-scale enterprises and of course, how such outfits can take-off and be run or managed profitably.

      In writing this book, the author has drawn his teaching and research experience to the extent that trainees, trainers, students of tertiary institutions, skill acquisition development and professional studies, who are taking courses and empowering in Entrepreneurship Development Programmes, Management Practitioners, Management Consultants, and general readers alike, will find it a reading companion.

      CHAPTER 1: THE SMALL BUSINESS ENTERPRISE

      The origin of indigenous business in the developing Countries is the history of the small scale enterprises. Small independent businesses are everywhere, and in every line of work. We see them in every community and in many countries.

      Many people want to be their own boss one day. This goal serves as the incentive for thousands to become business entrepreneurs; most especially now that people have come to realize that it does not pay to work as civil servant but rather think of the business of their own.

      Many of today’s indigenous giant enterprise started as one-person operations. They strive over the years to grow bigger and bigger. A substantial number of today’s individuals are determined more than ever to quit their jobs (despite the global economic melt-down); and start their own businesses. Of course, many of these firms (newly established ones) have failed due to one problem or the other.

      WHAT IS SMALL BUSINESS?

      Before the explanation of the above question, it worth mentioning here that there are two ways to enter a business of your own. One option is to buy a business that is already established. The other alternative is to start a new business. In either case, you may need some prior business experience or knowledge before launching your own enterprise.

      As a rule, most people apply the term small scale enterprise to the small business units. This concept may be accurate enough for the general rule, since most small firms operate on this system in many developing countries.

      Among the various definitions of small business given, it could mean a firm that is independently owned and operated by one or group of persons which is dominant in its field of operation. It should be recognized that a small business most often have few employees, limited capital investment and low sales.

      In general terms, the definition of small business varies from country to country, industry to industry as well as financial institution to another. The World Bank in 1989 defined small business as any on-going concern whose total project cost does not exceed between 2000 USD- 5000 USD. Today, this definition is not valid because the effect of inflation and depreciation of many country’s currency.

      CLASSIFICATION OF BUSINESS ENTERPRISE

      Business organizations can be classified into two major categories according to their sizes and levels of operations. These are:

      1. Large scale enterprises: These include limited liability companies and public corporations.

      2. Small-scale enterprises: These are industries with a total capital employed of not more than about 50000 USD including working capital but excluding cost of land, or a labor size of 11-100 workers. According to National Council on Industry 2001, a view as expressed by the Committee for Economic Development (CED) in the United States, considered a business to be small when at least two of the following characteristics prevails:

      The managers are often the owners.

      Capital is financed by an individual owner or a small group.

      The area of operation is local

      The business is small in comparison with the larger competitors in its industry.

      Considering the above features, then, we can summarize by saying that a small business is self-initiated, largely self- financed, closely self-managed and, it is relatively small in size when considered as part of the industry

      CHARACTERISTICS OF SMALL BUSINESS

      Far from the matter of size, small business usually has three characteristics: management, capital requirements and

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