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