Avel-COVID19-Comp Sc & others-ND- SMALL SCALE BUSINESS

COVID – 19 SIT@HOME

INTEL DEV. CLASS

SMALL SCALE BUSINESS

BY

Committee of Intellectuals [CoI]

@

INTELLECTUAL DEVELOPMENT CONFERENCE CENTER [INTEL CENTER]

COURSE TITLE:          SMALL SCALE BUSINESS

PAST QUESTION

QUESTION 1

(a)      Define Small Scale Business                                                                                

(b)      What are the problems facing small scale business in Nigeria                 

QUESTION 2

(a)      State the components of a feasibility report                                                 

(b)      List and explain sources of business data                                                      

QUESTION 3

(a)      Describe the roles of Nigeria Association of Small Scale Industrialists (NASSI) in entrepreneurship                                                                          

(b)      Discuss briefly decision making process in a small scale business           

QUESTION 4

(a)      State five (5) different patterns of channels of distribution                       

(b)      (i) List various kinds of large scale retailer                                                       

            (ii) List the objectives of sales promotion                                                                                                        

QUESTION 5

(a)      It is an understatement to say that small scale business has contributed in no small measure to the economy growth of Nigeria. In view of this, identify the contribution of small scale industries to the development of the society in general.

(b)      Explain how you understand the following terms under small business start-up: (i)            Entrepreneur (ii) Entrepreneurship (iii)  Intrapreneur           

QUESTION 6

Explain the term “Product”, highlighting its main features, life cycle and types

QUESTION 7

(a)      Describe in brief, the four market segmentation variables                       

(b)      Critically review the various approaches relating to entrepreneurship

SMALL SCALE BUSINESS SOLUTIONS

QUESTION 1

(a)      Define Small Scale Business                                                                              

1a. small scale can be defined qualitatively and quantitatively as the one that is

 [1] Independently owned

[2] Independently managed 

[3] Highly personalized

 [4]Largely local in its operation

[5]Financed mainly from internal source 

[5]Small in term of scales number of employers, assests, profit etc.

OR

Small scale business is a business that is managed by the people and make use of locally made goods and materials.

(b)      What are the problems facing small scale business in Nigeria

bi. LACK OF EXPERIENCE: lack of knowledge particularly technical know-how in the particular business undertaken by the entrepreneur

ii. POOR FINACIAL CONTROL: inability to maintain proper accounting, records and control may result to fraudulent practices, which may affect the survival of a business.

iii. UNREASONABLE EXPENSES: excessive expenses can affect the survival of a business, expenses must be kept to an absolute minimum to ensure success.

iv. INVENTORY PROBLEMS: overstocking or buying slow moving goods can be very costly for a small scale business

v. absence of productivity improvement technique.

vi. INABILITY TO ATTRACT QUALIFIED MANPOWER: most business cannot afford to employ competent and skilled manpower due to the financial status and reputation.

vii. lack of access to technology

viii. lack of raw materials.

ix. competition with large corporations

x. deficient policy framework

xi. limited availability of extention

xii. capital shortages

QUESTION 2

(a)      State the components of a feasibility report                                                           

2a.

• The nature of the business management team
• Financial and economic analysis
• Marketing plan

(b)      List and explain sources of business data                                                   

b.

• Newspapers
• Hobbies
• Private firms
• Survey
• Brainstorming
• Vocational training
• Industrial visit
• Shows and exhibitions

HOBBIES: activities pursured for pleasure and relaxation may often be turned into a profitable fulltime enterprice.

SURVEY: new business ideas can be identified by personal contact, questionnaire, interviews etc.

BRANSTORMING:it is said in generating ideas for solving a given problem.

VOCATIONAL TRAINING: this means learning a trade

INDUSTRAL VISIT: visits to existing industries may also stimulate business ideas.

PRIVATE FIRMS: particularly market research and advertising firms offer services in line with generation of business idea.

GOVERNMENT PUBLCATIONS: such as publications of ministry of industries, federal office of statistics, FIIRO, NISER etc.

QUESTION 3

(a)      Describe the roles of Nigeria Association of Small Scale Industrialists (NASSI) in entrepreneurship                                                                          

3a. ROLE OF NASSI IN ENTREPRENEURSHIP

• Information on raw material resourcing
• Information on plant and equipment
• Information on market
• Information on manufacturing standard
• Training programs
• Finance
• Library service
• Representational role
• Organization of periodic seminars, workshop, conference, trade fair, study tour etc.

(b)      Discuss briefly decision making process in a small scale business    

b. DECISION MAKING: people of all level in an organization must constantly make decision and solve problems. An entrepreneur is a decision maker. Decision making is an important activity at all levels of management and for all aspects of management. Managers must make decision in planning, organizing, staffing, coordinating, directing and controlling of organizational activities.

QUESTION 4

(a)      State five (5) different patterns of channels of distribution                    

4a.

• The nature of the product
• Competition
• Capability of producer
• The target consumer
• Availability and suitability of channel

(b)      (i) List various kinds of large scale retailer                                                  

bi.

• Department store
• Multiple store
• Hire purchase
• Supermarkets

(ii) List the objectives of sales promotion                                                                                         

ii.

• To identify and attract new customers
• To introduce a new product
• To increase resellers inventories
• To bring more customers into the retail store
• To stabilize a fluentuacting sales pattern.
• To combat or offset competitors marketing effort
• To obtain more and better shelf pace and display

QUESTION 5

(a)      It is an understatement to say that small scale business has contributed in no small measure to the economy growth of Nigeria. In view of this, identify the contribution of small scale industries to the development of the society in general.

5a.

• Higher value added to domestic economics
• Promotion of effective domestic production
• Moderation of rural urban migration
• Promotion of indigeneous technology
• Adaptation to change due for small scale flexibility
• Production of intermediate goods
• Preserves competition and prevent monopoly
• Developing indigenous entrepreneurial and managerial skills
• Consistency with employment and income distribution objectives.

(b)      Explain how you understand the following terms under small business start-up:

(i)        Entrepreneur (ii) Entrepreneurship (iii)            Intrapreneur           

bi. ENTERPREUR: this are creative destruction by the innovator (by john Schumpeter) OR the only one who always searches for change, responds to it and exploit it as an opportunity (by Peter Drucker).

ii. ENTERPRENEURSHIP: this involves initiating change in production.

iii. INTRAPRENEUR: this is the person making organization to be adaptive.

QUESTION 6

Explain the term “Product”, highlighting its main features, life cycle and types

6. A product is a set of tangible and intangible attributes including packaging, colour, price which the buyer may accept as offering want – satisfaction. In other words, product is more than a thing. It is a set of tangible and intangible attributes that leads the customer’s satisfaction.

Categories that makes a new product include;

i. innovative product

ii. replacement of existing product

iii. initiative product.

Features of product include;

i. brand: a name, term, symbol or special design.

ii. Packaging : designing product container or wrapper for a product

iii. labeling: part of package that carries a verbal information

iv. warranty: assurance given to buyers

The product life cycle include;

i. Introduction: new product made available

ii. Growth: sales grows rapidly, promotion maintained

iii. Maturity: growth slows down due to some reasons such as new channel, competition etc.

iv. Decline: sales drop either slowly or rapidly to zero.

QUESTION 7

(a)      Describe in brief, the four market segmentation variables                  

7ai. GEOGRAPHIC VARIABLES: this involve the division of market into different geographical locations such as nations, regions, states or cities.

Ii. DEMOGRAPHIC SEGMENTATION: it involves the division of marker into segment on the basis of demographical variable like age, sex, family size, income etc.

Iii. PSYCHOGRAOHI VRABLES: it involves the grouping of buyers on the  basis of their life sytle and personality.

iv. BEHAVIOURISTIC SEGMENTATION: this involves dividing the market based on consumer’s knowledge, attitudes, uses or response to the actual product or it attribute.

(b)      Critically review the various approaches relating to entrepreneurship

b.

• Ecologiical approach
• Sociological approach
• Psychological approach
• Historical approach

ECOLOGICAL APPROACH: this involve the influence of the environment on people behavioural pattern.

SOCIOLOGICAL APPROACH: this emphasizes on the personality i.e entrepreneurship as an important aspect of social role.

PSYCHOLOGICAL APPROACH: this emphasizes on the personality trait.

HISTORICAL APPROACH: this considers entrepreneurship as a process variable resulting from unanticipated events.

SCHOOL OF MANAGEMENT & BUSINESS STUDIES

DEPARTMENT OF BUSINESS ADMINISTRATION

COURSE TITLE:          SMALL SCALE BUSINESS

PAST QUESTION

1a.      What do you understand by the term Small Scale Business                                             

b.        What are the problems facing Small Scale Business in Nigeria?

c.         Suggest solutions to the problems identified above

2a.      Who is Entrepreneur?

b.        What is the difference between entrepreneur and entrepreneurship?

c.         Enumerate the contributions of Small Scale Business to your country.

3a.      What do you understand by the term ‘feasibility study’?

b.        What are its main components?

c.         Enumerate its benefits

4.         At the completion of your National Diploma Programme in Science Laboratory Technology, your goal is to set-up a Diagnostic Laboratory for diagnosing blood samples. Mention and explain the various sources of financing your proposed pet business.

5.         In running a Small Scale Business, some documents are needed. Mention and explain the uses of five of these documents.

6.         Write short notes on the following:

            a.        Place

b.        Promotion

c.         Product  

d.        Price

SMALL SCALE BUSINESS SOLUTIONS

1a.      What do you understand by the term Small Scale Business                                         

1a. small scale can be defined qualitatively and quantitatively as the one that is

 [1] Independently owned

[2] Independently managed 

[3] Highly personalized

 [4]Largely local in its operation

[5]Financed mainly from internal source 

[5]Small in term of scales number of employers, assests, profit etc.

OR

Small scale business is a business that is managed by the people and make use of locally made goods and materials.

bi. LACK OF EXPERIENCE: lack of knowledge particularly technical know-how in the particular business undertaken by the entrepreneur

ii. POOR FINACIAL CONTROL: inability to maintain proper accounting, records and control may result to fraudulent practices, which may affect the survival of a business.

iii. UNREASONABLE EXPENSES: excessive expenses can affect the survival of a business, expenses must be kept to an absolute minimum to ensure success.

iv. INVENTORY PROBLEMS: overstocking or buying slow moving goods can be very costly for a small scale business

v. absence of productivity improvement technique.

vi. INABILITY TO ATTRACT QUALIFIED MANPOWER: most business cannot afford to employ competent and skilled manpower due to the financial status and reputation.

vii. lack of access to technology

viii. lack of raw materials.

ix. competition with large corporations

x. deficient policy framework

xi. limited availability of extention

xii. capital shortages

b.        What are the problems facing Small Scale Business in Nigeria?

c.        Suggest solutions to the problems identified above

c.

• Careful analysis of market
• Thoughtful selection of goods
• Choosing of strategic location
• Effective credit control system
• Developing a well planned marketing strategy
• Creation of an enabling environment
• Finance strategy
• Development of entrepreneurship culture.

2a.      Who is Entrepreneur?

2a. ENTERPREUR are creative destruction by the innovator (by john Schumpeter) OR the only one who always searches for change, responds to it and exploit it as an opportunity (by Peter Drucker).

b.        What is the difference between entrepreneur and entrepreneurship?

b. ENTERPREUR are creative destruction by the WHILE ENTERPRENEURSHIP involves initiating change in production.

c.        Enumerate the contributions of Small Scale Business to your country.

c.

• Higher value added to domestic economics
• Promotion of effective domestic production
• Moderation of rural urban migration
• Promotion of indigeneous technology
• Adaptation to change due for small scale flexibility
• Production of intermediate goods
• Preserves competition and prevent monopoly
• Developing indigenous entrepreneurial and managerial skills
• Consistency with employment and income distribution objectives.

3a.      What do you understand by the term ‘feasibility study’?

3a. Feasibility study is a business plan conducted to find out the chance of success of an investment opportunity, thus it investigate the soundness of investment project in term of sales turnover, market growth technical specification and more importantly profitability of the proporsal .

b.        What are its main components?

Bi. Introduction

 ii. Market analysis

 iii. Technical specification and production plan

 iv. Marketing plan.

v. Financial viability

 vi. Evaluation.

vii. Conclusion.

c.        Enumerate its benefits

ci. for decision making

 ii. For developing future plans.

iii. Servicing as a basic for measuring performance.

iv. Used to find out the chance of success of an investment opportunity.

v. Used to determine the prospect of the business.

vi. It is used to acquire comprehension technical, economics and commercial information for final investment decision.

4.         At the completion of your National Diploma Programme in Science Laboratory Technology, your goal is to set-up a Diagnostic Laboratory for diagnosing blood samples. Mention and explain the various sources of financing your proposed pet business.

• Newspapers
• Hobbies
• Private firms
• Survey
• Brainstorming
• Vocational training
• Industrial visit
• Shows and exhibitions

HOBBIES: activities pursured for pleasure and relaxation may often be turned into a profitable fulltime enterprice.

SURVEY: new business ideas can be identified by personal contact, questionnaire, interviews etc.

BRANSTORMING:it is said in generating ideas for solving a given problem.

VOCATIONAL TRAINING: this means learning a trade

INDUSTRAL VISIT: visits to existing industries may also stimulate business ideas.

PRIVATE FIRMS: particularly market research and advertising firms offer services in line with generation of business idea.

GOVERNMENT PUBLCATIONS: such as publications of ministry of industries, federal office of statistics, FIIRO, NISER etc.

5.         In running a Small Scale Business, some documents are needed. Mention and explain the uses of five of these documents.

6.         Write short notes on the following:

            a.        Place

b.        Promotion

c.        Product  

d.        Price

6a. PLACE: the important of distribution in marketing cannot be overemphasized. A good product that is well price and adequately promoted, but not within the reach of the consumer is a wasted effort. The essence of distribution is to move the producer to the ultimate user.

b. PROMOTION: this consist of those activities which are designed to bring the company’s products to the awareness of customers or favourable attention of customer.

Method of production includes; advertising, personal selling, publicity and sales promotion.

c. PRODUCT: this is a set of tangible and intangible attributes including packing, colour, price which the buyer may accept as offering want satisfaction.

It features includes; brand, packaging, labeling and warranty.

d. PRICE: this is the monetary value attached to a product for its exchange. Value itself is the relative worth of one product in exchange for another. Value is utilized during the period of trade by barter, but now monetary value i.e price are now utilized exchange product.