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CAUSES OF BUSINESS FAILURE AND POSSIBLE SOLUTIONS
(A CASE STUDY OF UJU PRINTING PRESS,
KADUNA)
ABSTRACT
This
research work is on causes of business failure and possible solutions with a
case study of Uju printing press, Kaduna. business failure is when a firm is suffering from either technical
insolvency or bankruptcy or when it happens that a firms total revenue do not
cover its total cost , this can be avoided by finding solutions to business failure by way of
managing recourses in a proper way. It is in view of this that a research work
as this was undertaken.
The research work contains five chapters, the
introduction examines the historical background of the case study and so on
and also limitations of the projects
were outlined. chapter two was centered on the literature reviews with a view
of bringing out what business entails, its operations and impact on the society
,its mode of operations and why and how failure occurs in business enter
prices. Population sample and sources of data collocation were the various
methods of data collection adopted .such as desk research ,personal interview
as well as questionnaires
In
chapter four presentation and analysis of data was shown in the write up. The
data collected were analyzed and presented based on the research questions,
which form the views and opinions of the respondents drawn.
In the final chapter,
summaries and recommendations were made on the subject matter.
TABLE OF CONTENTS
Title
- - - - - - - - - - -- - i
Declaration- - -- - - -- - - - ii
Approval- - - - - - - - - -- - iii
Dedication- - - - - - - - - -- - iv
Acknowledgement- - - - - - - -- - v
Abstract- - - - - - - - - -- - vi
Table
of contents- - - - - - - - - vii
CHAPTER ONE - Introduction
1.0 Background Of The Study- - - - - - - 1
1.1 Historical Background Of Uju Printing Press- - - - 9
1.2 Statement
of The Problem- - - - - - 11
1.3 Statements
of Hypothesis- - - - - - - 12
1.4 Objectives
of The Study- - - - - - - 12
1.5 Significance of The Study- - - - - - - 13
1.6 Scope
and Limitations of The Study- - - - - 13
1.7 Definitions
of Terms- - - - - - - - 15
CHAPTER TWO - Literature Review
2.0 Introduction- - - - - - - - - 18
2.1 Definition of Business- - - - - - - - 20
2.2 Types of
Businesses- - - - - - - - 21
2.3 Basic
Management Functions needed for business operations 25
2.4 Importance of Business to the Society- - - - - 29
2.5 Modes of Operation In Uju Printing Press- - - - 32
2.6 Sources of Funds for Uju Printing Press – - - - 34
2.7. Reasons for Business Failure - - - - - - 35
References - - - - - - - - - 44
CHAPTER THREE - Research Methodology
3.0
Introduction- - - - - - - - - - 45
3.1 Research
Design- - - - - - - - - 46
3.2 Population
Sample Size of the Study- - - - - 47
3.3 Sampling
Techniques Used- - - - - - 47
3.4 Instrument
Used in Data Collection- - - - - 48
3.5 Procedures
for the Administration of the Instrument- - 48
3.6 Statistical
Techniques Used- - - - - - - 49
CHAPTER
FOUR Presentation and Analysis of Data
4.0
Introduction- - - - - - - - - 50
4.1 Test of Hypothesis- - - - - - - - 62
4.2
Test of hypothesis observed
and expected frequency table
based on table sixteen - - - - - - - 63
4.3 Conclusion - - - - - - - - - 65
CHAPTER FIVE-SUMMARY OF FINDINGS,
CONCLUSIONS & RECOMMENDATIONS
5.0 Introduction-- - - - - - - - - 66
5.1 Summary Of Major Findings - - - - - - 66
5.2 Conclusions- - - - - - - - - 67
5.3 Recommendations - - - - - -- - 67
Bibliography- - - - - - - - - 69
Appendix - - - - - - - - - - 70
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND
OF THE STUDY
Business is absolutely a complex activity. This is
because it involves a lot of technicalities ranging from the task of planning
to control of such plans in order to achieve the desire objectives of profit
maximization. It is in view of this, that this study is mainly centered on the
floating of a business to a stage where it finds it difficult to keep it’s head
above water.
In the late 70s business was in its period
of boom, the economy was doing well at that point in time and the exchange rate
was appreciable within this period. International trade was easy as a result of
lesser trade restrictions and foreign exchange control.
During this period, Uju printing press was a
beneficiary of the prevailing policies such as the importation of papers and
other printing materials. These goods were usually tax free by the agencies
concerned, as a result of the significance the government attaches to the
publishing sector and the clearance procedures at the port were effective and
efficient then.
In the late 80’s as a result of the military
take-over, various decrees and policies came into place. The economy became
unbearable for the citizens and their purchasing power became very low, thereby
forcing business not to live up to their required billing. What followed was
that industries started operating on short run, and later businesses started
folding up.
The various trade restrictions, VAT policies
on goods imported did not help matters. The result effect of all these, was
folding up of businesses. Against the business affected was then within our
locality the -Uju printing press. The concerns shown people in the locality
spearheaded an agenda to resuscitate the company and prevent it from total
collapse.
The process of doing this proved difficult
due to the extent of funds require to source for foreign exchange needed for
the importation of raw materials there were other problems that seem
intractable. But the people and company unite make persistence efforts to
resuscitate the company but the more difficult problems that resulted,
Motivated an interest to study the problems of business failure and the
possible solutions.
1.1 HISTORICAL
BACKGROUND OF UJU PRINTING PRESS
Uju
printing press is a sole proprietorship business. It is own by Chief Gabriel O.
Uju. It was established on 20th August 1969 and was situated at
V.V.I Lagos/Keffi Street, Kaduna.
Uju
printing press was set-up with the objective of providing the best quality
printing jobs to customers at affordable prices and at the due appointed time.
At the early life of the press, it started with letterpress and binding
machine. Namely: Adana, Letterpress
Heidelberg and Cutting Machines.
In
the course of expansion, the press relocated to N.C-.3 Oshogbo Road, Kaduna in
1979. The press increased its machineries by purchasing Rota prints, plate
maker, camera, and kond. During this period the press has increased its area of
specialization from letter press to offset printing.
In
1985, the press moved to J.11 main street Badarawa Kaduna and finally relocated
to its permanent site V.V. 15 Nassarawa Road, Kaduna in June 1993. in its
present site, it has acquired additional machines such as multilith 1850, Stitching machine, computers and Ruling
machines.
This
organization is engaged in the publishing of companies Annual reports,
text-books, invoices, Receipts calendars, invitation cards, Business cards
e.t.c. Uju printing press is an organization worthy to be emulated, Judging by
its achievement within the period of its existence. The organization has render
a lot of its services to prominent companies & government parastatals
within this country, among them are: Nitel Headquarters- Lagos, National
electric power authority Kaduna, Kaduna state water board, Ahmadu Bello
University Teaching Hospital, Kaduna, Bayero University Kano, Nice Top papers
industries Kaduna etc.
Below is a sample of what Uju printing press
Organizational chart should look like.
Managing
Director
Press maintenance
Manager manager/
engineer
Production
 |
Cashier
Cashier Receptionist
 |
|
||||
 |
|||||
Lithographer
printing section Finishing
section
With And And
Apprentices Apprentices Apprentices
Drivers Gate men
1.2 STATEMENT
OF THE PROBLEM
Business
entrepreneurs today are making a lot of efforts in order to make their
investment a perpetual going concern. Every means available at their disposal
are being made available terms of capital base sophisticated equipments etc so
as to meet-business demands and sustain the completive market environment.
How
ever inspite of these tremendous effort businesses are still failing and these
are owing to various factors that pose myriads of problems.
1.3 STATEMENTS
OF HYPOTHESIS
The
following hypothesis has been formulated to serve as a guide for this study:-
1.
That efficient management of resources could
not lead to business failure of _Uju printing press
2.
That inefficient management of resource
could lead to business failure in Uju printing press.
1.4 OBJECTIVES
OF THE STUDY
This
study intends to achieve the following objective
i.
To find out how Uju printing press should
operate to avoid failure.
ii.
To examine the implications of government
economic policies on the survival or failure of Uju printing press.
iii.
To find out and how to avoid business
collapse with reference to Uju printing press
iv.
To examine the use and control of resources
in Uju printing press.
1.5 SIGNIFICANCE OF THE STUDY
This
study is significant in that its will also identify possible mistakes if any,
which could lead to business failure.
It
will also point out possible solutions to business failure with reference to
Uju printing press, Kaduna. It will be also investigate some important factors
to be considered before setting up a business and those that will be
implemented in the course of business.
Finally,
the study will be useful to the management of Uju printing press, Kaduna as it
will help in tackling the problems militating against the operations of the
company.
1.6 SCOPE AND LIMITATIONS OF THE STUDY
This study is untaken to find
out the fundamental obstacles of business failure and possible solutions for a
sustainable economic development with a case study of Uju printing press
Kaduna. The study is concerned in the first place with the source of funds
available for printing press firms and then their management system i.e its
efficiency; it will appraise these two factors and provide possible solutions.
The
selected firm is a small printing press, it however engages in different types
of activities ranging from supplies, printing contacts and binding.
The
limitations of this study are many, though not unfamiliar, as every project
work deals with such limits, it includes the following:-
i. The
time limit for the submission of this project will not be sufficient. this is
due to the compressed academic calendar that makes up a semester during which
the research work is being made.
ii. In
adequate finance.
iii. Lack
of full co-operation from officials/workers of Uju printing press whose views
are important to this topic. Despite these difficulties it is the hope of the
researcher that this study will be of value to future researchers and also
printing (private) operators.
1.7 DEFINITIONS OF TERMS
This is an
attempt which is aimed at explaining and defining of terms and abbreviations
used according to the meaning of the contexts. Such terms includes the
following:-
a. LIQUIDATION:- This is a process where a company can no longer
Maximize profit and is being forced to wind up.
b. OVERHEAD COST:- These are the cost incurred as a result of involvement in
production of goods and services.
c. WORKING CAPITAL:- This is the amount set aside for the
running of
the business.
d. MANAGEMENT:- The authorities that are concerned with
decision making
e. CASH BOOK:- This
is a principal book account used for
reading
business transaction.
f. CAPACITY:- Ability
to hold, contain, get hold of, learn Things,
qualities ideal etc.
g. EFFECTIVE:- Is
the ability to produce good result, the
power
to achieve desire goal or objectives
h. EFFICIENT:- All
the means or ways use in producing a desire
to satisfactory result.
i. ENTERPRISE:- A business unit that needs courage on that
offers difficulties.
j. PROBLEMS:- Difficult
situation, question, a question
proposed
for solution or discussion.
k. OBJECTIVE:- Are
the goals, aims, and missions, desire
targets that an organization must accomplish in
other to stay in business.
l. PLAN:- Forecast,
an action, method or programme worth
out before hand. To draw or desire a plan for Generally plan
are goals and objectives which in organization seeks to seeks not to achieve which an organization seeks to achieve in executions of its responsibilities.
m. RULE OF THUMB”- Something that is the usual practice habit.
n. MOTIVATION:- Incentives that propel or arouse one to put
in more effort.
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