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ASSESSMENT OF CRITICAL CHALLENGES FACING SMALL BUSINESS ENTERPRISES: A SURVEY OF SMALL BUSINESSES IN RIVERS STATE, NIGERIA
Abstract
Small businesses development has received a great attention as priority area for economic growth and transformation mainly for emerging economies. The study aimed to assess the challenges facing small business enterprises of Rivers State, Nigeria. The research type used in the study was descriptive research. The study employed the primary data which obtained from small business owners through questionnaires. The total population of the study was 940 small business enterprises and out of which 272 was taken as a sample using probability sampling technique. Data obtained from primary sources were processed through SPSS version-22. Finally, to assist the interpretation processes pie charts, frequency tables, and bar graphs were used. The study concluded that, access of finance, informal business sectors, high tax rate, bureaucratic leadership, lack of accounting skills, shortage of finance, were potential challenges of small business enterprises in the study area. The study suggested that, there is a need for short term training, workshops, and seminar in order to fill the skill and knowledge gap of small business owners.
Keywords: Critical, Challenges, Small Business Enterprises