CONSEQUENTIAL EFFECTS OF STARTING SMALL AND MEDIUM SCALE BUSINESS WITHOUT FEASIBILITY STUDIES
Yohanna, A. Timothy
Department of Business Management
University of Maiduguri, PMB 1069, Maiduguri, Borno State, Nigeria,
ABSTRACT
The primary purpose of this study is to examine the consequential effects of Starting Business blindly without feasibility Studies, with respect to failure of Small and Medium Scale enterprises. A survey method was created based on the objective of the study. Fifty copies of questionnaire were administered on the sample of fifty respondents randomly selected in five States. The questionnaire took 2 years (January 2011 –
December 2012) so that both Short and Long-run effects can be examined. It was discovered that 62% of Small and Medium Scale enterprises in Northern Nigeria jumped into Business blindly withoutcarrying out any feasibility Studies. It equally showed that 48% were having Symptoms of Business Failure due to lack of feasibility ; It is therefore, clear from this research that majority of Small and Medium Scale Enterprises went into Business Blindly with mere observation of similar successful Business without Feasibility Studies, it is recommended that getting into the right Business at the right time needs implementation of feasibility studies to avoid high failure rate of new Businesses.
Key Word: Consequential Effects, Small and Medium Scale, and Feasibility Studies.
INTRODUCTION
A business feasibility study (also called a feasibility report or feasibility analysis) is a useful place to start when considering purchasing a business or when contemplating starting a business. Whether a non-profit organization, or commercial enterprise, feasibility studies are an excellent way of making sure that you have a comprehensive understanding of the business environment and a realistic expectation of your business' potential. A business feasibility analysis provides a risk-free opportunity to observe the way in which different variables impact on the potential profitability of the business. There are no rights or wrong answers when evaluating the commercial and technical feasibility of a business. In the end, a feasibility study simply provides reasonable evidence that a business or project will succeed or fail. Although to undertake a business feasibility analysis yourself may seem a daunting task, it can be a cost-effective first step. A comprehensive business or project feasibility study may be all that is needed to convince an angel investor or venture
capitalist to invest the money and time to develop a full business plan.
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Yohanna, A. Timothy
Department of Business Management
University of Maiduguri, PMB 1069, Maiduguri, Borno State, Nigeria,
ABSTRACT
The primary purpose of this study is to examine the consequential effects of Starting Business blindly without feasibility Studies, with respect to failure of Small and Medium Scale enterprises. A survey method was created based on the objective of the study. Fifty copies of questionnaire were administered on the sample of fifty respondents randomly selected in five States. The questionnaire took 2 years (January 2011 –
December 2012) so that both Short and Long-run effects can be examined. It was discovered that 62% of Small and Medium Scale enterprises in Northern Nigeria jumped into Business blindly withoutcarrying out any feasibility Studies. It equally showed that 48% were having Symptoms of Business Failure due to lack of feasibility ; It is therefore, clear from this research that majority of Small and Medium Scale Enterprises went into Business Blindly with mere observation of similar successful Business without Feasibility Studies, it is recommended that getting into the right Business at the right time needs implementation of feasibility studies to avoid high failure rate of new Businesses.
Key Word: Consequential Effects, Small and Medium Scale, and Feasibility Studies.
INTRODUCTION
A business feasibility study (also called a feasibility report or feasibility analysis) is a useful place to start when considering purchasing a business or when contemplating starting a business. Whether a non-profit organization, or commercial enterprise, feasibility studies are an excellent way of making sure that you have a comprehensive understanding of the business environment and a realistic expectation of your business' potential. A business feasibility analysis provides a risk-free opportunity to observe the way in which different variables impact on the potential profitability of the business. There are no rights or wrong answers when evaluating the commercial and technical feasibility of a business. In the end, a feasibility study simply provides reasonable evidence that a business or project will succeed or fail. Although to undertake a business feasibility analysis yourself may seem a daunting task, it can be a cost-effective first step. A comprehensive business or project feasibility study may be all that is needed to convince an angel investor or venture
capitalist to invest the money and time to develop a full business plan.
Read more>>
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