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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