ABSTRACT
Many factors have been fingered and blamed for low productivity of Nigerian economy, prominent among which is the weak industrial base. And this weakness is indicated by the low level of the index of capacity utilization in the manufacturing sector and general high rate of business failure in Nigeria. Having considered the problems from the accounting point of view, the researcher formed an opinion that EXPANDED (OR QUICK) PROFIT MOTIVE is a fundamental factor for failure of entrepreneurial efforts; this opinion considers the proper management of available resources – especially financial resource – as a primary factor that will make for success of a business venture. This expanded profit motive manifests in various forms, which include (a) lack of compliance to loan repayment schedule, (b) venturing into business without business ideas. (c) Over-pricing of products, (d) Employment of unskilled labour and high labour turnover etc. But whatever form(s) such manifestation may take, ultimately they culminate into poor discharge of business functions. Accordingly, this research was driven by the investigation and assessment of various manifestations of Expanded profit motive as to establish the truth or otherwise and the extent of their contributions to business failure. The investigation was carried out on the basis of five (5) stated hypotheses about which the research revolved. Besides the data collected from ALO Aluminum Company inform of responses obtained from questionnaires, the researcher visited some other establishments which are considered to be in position to have a store of data and numerical information that would have been useful for comparative analysis. Those organizations visited did not permit the researcher to avail the required data, and this made it difficult to use standard statistical technique, such as correlation coefficient and distributions in the analysis of data. Consequently, the researcher resorted to the use of simple percentage, published and verbal information as basis for conclusion. The research result suggests that every rational business owner/manager should strike a balance between profit motive and need for business survival.
CHAPTER ONE
1.1: BACKGROUND TO THE STUDY
Since I became an accounting student and gradually came to be deeply sensitized on the issue of business management theories and practice, I became generally interested in studies related to Entrepreneurial Development, but particularly excited at the enquiries into the causal factors of both success and failure of Entrepreneurial Effort.
The desire for this enquiry is partly driven by my personal aspirations but mainly sustained by what I consider as easily observable poor state of private sector of Nigeria economy, poor contribution of this private sector to the growth of the economy and poor state of industrial development in Nigeria.
All these, by extention, mitigate the national quest for job creation with the attendant well known negative consequences for the socio-economic wellbeing of Nigerian Nation. In this present research effort, I would generally discuss the importance of a widespread culture of entrepreneurship business actions in the establishment and sustenance of a private sector driven economy especially in this introductory chapter.
The investigation proper is intended to seek and reveal the causes of failure of most of the entrepreneurial efforts and focus particularly on the extent of the contribution of ‘Expanded profit motive (objective)’ to the failure of entrepreneurial ventures (small/medium business).
Looking at the present nature of the economy of Nigeria more holistically many concerned economics and business management scholars have received with great concern and lamentations, the present near total reliance on export of crude oil and raw material as sole source of sustenance for the economy. For this, the economy lacks in strength (viability) and stability since it is being operated without the requisite viable technological and industrial base.
For many years running now, Nigeria has expressed and preached her desire to achieve some scientific and technological feat which will help her effort to industrialize. It is to be acknowledged that the effort is still on-going, though at a very slow pace. But in keeping with the opinion of Animalu (2000; iii), for Nigeria to return to the (right) course, we (Nigeria) shall begin with a statement of the problem of development in the contemporary world (Nigeria) in terms of the concept of a plan perspective cycle of a modern society which relates (military) security to political stability, political stability to economic strength, economic strength to scientific knowledge, scientific knowledge to technological know how) to (military) security. “The different between an industrialized and a developing society is shown to lie in the degree of establishment of the plan perspective cycled in the society and to be the underlying principle behind the current strategic planning methodology in Science, Engineering and technology (SET)-driven enterprises..”.
“On August 19,1999, the united Nations Development programme (UNDOP) launched its 1998 and 1999 Human Development Report at Nigeria’s Federal Capital Territory, Abuja. With an overall Human Development Index (HDI) i.e. longevity, education and income of 0.400; Nigeria ranked 137th out of a total of 174 countries in the world in 1993. Speaking on the occasion, President Olusegun Obasanjo stated that the problem before the new democratic administration of Nigeria is to fine-tune policies and programmes to ensure a balance between macro-economic stability and human centered development. Observing that poverty is the denial of choices and basic opportunities to live a tolerable life materially, psychologically, politically, socially and culturally (and) he declared that ‘policies must not depend solely on market forces—’
“Our task— is to conceptualize, analyze and proffer solution to myriad of problems, by examining how other countries have performed in trying to achieve our own higher HDI through industrialization and what we must do to achieve our own. Industrialization is about manufacturing of product by companies that empower people economically by offering them employment. Therefore industrialization relates to how people in a society are organized for productive work which impacts on the society’s quality of life. Technically speaking, industrialization is a product of manufacturing technology and industrial engineering—.
To a very good extent, “the fact that Nigeria has not been able to produce the required organization for industrial take off is largely and rightly blamed on our leadership or— on the (neo-colonial) political organizations that we have inherited from our erstwhile colonial masters and the war leaders of the post-independent military dictatorship era. We shall conceptualize this type of organizational problem by an inverted pyramid (see fig 1.1) signifying an unstable system, on its head (military dictatorship) which despite all types of promises of change, has produced in the end only (a) fiscal indiscipline (b) corruption and daunting national debt burden (c) religious intolerance and ethnic strife (d) labour unrest and cultism, ignorance and disease, comprising the four vertices at the base of the inverted pyramid.
In line with the above analysis Ugwoke (Lecture on Historical Development of Public sector Accounting) had explained, —with oil Boom of 70s, Nigeria had to engage in export of crude oil in very large quantities. During the period, Nigeria found itself with so much wealth that people abandoned private sectors for public sector.
Also during the long military rule the public sector continued to grow as every body wanted to sell to the government where money was, unlike the private sector. It was such that everybody abandoned the private sector and queued behind the military.
Within this dispensation corruption rose to the stage where people now relaxed and amassed wealth. This further reduced the size of private sector as more people preferred taking one post or the other in government to engaging in private productive (economic) ventures.
The major macro-economic consequences of these problems according to Animalu (op cit) are;
(a) drastic decline in production of goods and services as a result of;
(b) low capacity utilization of privately owned manufacturing outfits or out right cessation of operations (of such outfits) and
(c) Huge external debt burden.
The beginning of the (era of) Industrial Revolution which is usually put at 1770 has the remarkable feature that it began initially in the village (rather than in Universities or Research Institutes). The men who made it were craftsmen-the millwright, the watchmaker, the canal builder the blacksmith and its characteristics were increasing use of machinery and steam power in factories for manufacturing of goods that had previously been made by hand by people working at home. Although the industrial Revolution took place throughout the western world, Britain easily led the way because of her resources of the necessary coal and iron ore, the fact that British inventors designed many of the new machines themselves and growing empire (including USA) also gave Britain large overseas markets — in Nigeria’s case the available resources are sold for the foreign exchange they earn. Nigeria ingenious investors are discouraged by the uncertainty and chaos in our political terrain; and Nigeria’s markets are flooded by imported luxury goods. An antithesis to the pre-requisites for an industrial revolution.
‘Nigeria had a chance between 1971 and 1981 when the “energy crisis” of the’70s brought in a stream of income that made the country buoyant; another opportunity came for Nigeria to embark on a more fundamental approach to economic development during the 1991Iraq war with a stream of unexpected income inform of windfall profit from the supply of barrels of oil at a price well above the budgeted price.
“But in the relevant time-frame, the Nigeria input into the science and technology of the strategic oil resources was made through the NNPC. Whatever may have been achieved failed to meet the prescription of the south commission (made up of the third world countries of Africa, Asia, south American and the Arab world), which advised that as development proceeds states should plan to shift the pattern of production and exports from raw materials to manufacture in such a way as to produce products with high and medium research development intensity, so as to counteract the adverse consequences of the decline in the prices of raw material in the commodity market.
“As it is well known it is the collapse of oil prices in the first-half of 1980’s that brought about the various austerity measures in Nigeria and eventually led to the 1986 structural adjustment programme (SAP) engineered by the international monetary agencies (IMA) (Animalu Op Cit P17).
In the forward to his book fundamentals of small business management, Eze (1999:iii) had corroborated, “there is no doubt that Nigeria as a nation, has, since attaining independence in 1960, tried to achieve meaningful economic development. (But) most of the (relevant) policies, one must say, are centrally planned and government dominated
“The resultant impact of this excessive government domination of the economy left much to be desired leading to massive development in the 1970’s by the government. This is done under the economic policy of privatization and commercialization.
“This shift in emphasis thus created a challenge of building a capable dynamic and resourceful entrepreneurs to take the baton of economic revitalization from government. These entrepreneurs incidentally have to fulfill this onerous task through the establishment of business that could mainly be classified as small and median scale in nature. It is pertinent to add here that the aforementioned task is a difficult one for obvious reasons; for one, the dwindling state of the economy has made it difficult for people to save and thereby little capital accumulated for investment. Further, our private sector is long underdeveloped making experienced entrepreneurs and small business managers scarce.
To drive his point home, Eze (op cit:) had informed “—there is a growing consensus among policy makers, academic, industrialist and economic planners that the development of local entrepreneurs and encouragement of the establishment of small business is the only panacea to our economic problems. This conclusion came as a result of our three decades of positioning government as the sole provider of all that makes life worth living-employment, basic infrastructure, public utilities, goods and services etc – on which huge national resources were spent. But all these turned out to be waste pipes through which out national resources are being drained as it was discovered that what Nigerians have been receiving from such enormous government investment efforts are gross inefficiency, massive unemployment, dwindling foreign exchange earnings, epileptic supply of utilities etc.
The foregoing led to the adoption of Structural Adjustment Programme (SAP) and, subsequently, the deregulation exercise. Under this new policy and programme, emphasis was shifted from government direct control to encouragement of private sector participation and development of entrepreneurs who are expected to establish small businesses as a more effective substitute for providing needed catalysts for our economic engineering.
In the foregoing statement, certain agreement is revealed, which is to the effect that to heal Nigerian economy-which for long has been suffering from instability and consequently unable to provide for the basic economic and social needs of Nigerians there has to be deliberate and vigorous pursuit of private sector development which, in turn, mandates the vigorous pursuit of entrepreneurial development, and consequently, the encouragement of the establishment of small and medium scale industries (business) as the basic ingredient of economic growth.
In his introductory statement while discussing the situation of small business development in the United Kingdom, Dewhurst and Burns (1993:1-3) had remarked: In all the short history of modern business there is nothing so strange as this. On the one hand we have the traditional belief in the rightness and power of size – economy of scale rule the business world. In the United Kingdom we say we must be big to stand up against the ruthless cost effective multinational corporations based in the U.S.A, Pacific basin and Japan. And indeed in the United Kingdom we have gone further along this road of concentration than any other country in the world. Yet this predilation for economic orthodoxy has not brought economic success.
An alternative view point argues that economic success is not the sole criterion by which we should judge all things. Perhaps people matter, perhaps a society should be concerned to some extent with the quality of life, job satisfaction and good human relationship – some evidence has been produced recently that people working in small business units in a civilized society are more committed than those working in large, amorphous corporations.
As a solution, Fritz Schumacher, in Dewhurst et al (op cit.) suggested that intermediate technology should be developed.
This is a technology that is simpler, very much cheaper to acquire and very much easier to maintain than the highly sophisticated technology of the modern West; and this suggestion presupposes that for comparatively rural, primitive societies, like the Nigerian constituent communities, intermediate technology (rather than a forced sudden transformation to highly sophisticated and intricate type of technology) development would provide the necessary fillip and serve the needed basis for small business establishment and operation.
Schumacher had concluded, … small business is beneficial, it is flexible, it can adapt to new situation more easily than large corporations, it is innovative, it readily makes a good contribution and with efficient control and management techniques the benefit it gives can be greater.
The word ‘small’ is not used (here) in tight restrictive sense with reference to the operation and growth of established enterprise. A successful small business can grow into a medium sized business whilst still retaining those desirable characteristics of personalized control and managerial flexibility.
Yet Dehurst et al (op cit) in a feat of dis-impression pointed out: but it is now realized that much of the resources allocated in the past in the United Kingdom for start-ups has been wasted. The vast majority of the start-ups in the 1980s began as one person enterprises and finished up that way … only a small number of such enterprises have generated jobs”.
The information contained in the analysis presented above would serve to set a stage for enquiries into our own situation here in Nigeria where numerous successful efforts have been made resulting in the establishment of many small scale enterprises. It is also true that there are many businessmen out there striving hard to establish one form of small business or the other. But no sooner when success is achieved, then failure.
Consequently, our collective hope of establishing a vibrant economy, driven by small business units, spread all over Nigeria, usually dims when we take a look at the history of Nigerian Economy and the approaches to business operation, the attitude of Nigerian businessmen to productive business organization, the resource management, government policy implementation and the present widespread distrust based on the fact of widespread corrupt- practices-the probability of failure of entrepreneurial efforts is then very high.
Also in an expression of dis-impression Ezeh (op cit, p7) had corroborated; ‘Nigeria is a country greatly endowed with many natural and human resources. The business environment apparently offers opportunities for many entrepreneurial ventures. Ironically, despite these endowments her state of economic development leaves much to be desired.
‘Whereas entrepreneurship may not be the missing factor alone, it is without doubt an important component in the process of economic development. In fact the start-up and development of small business remains one of the major ingredients of continued growth in any national economy. Consequently, in the quest for Nigeria’s economic development the role of indigenous entrepreneurship is likely to be much more important in small business than in large undertaking that were generally favoured in the past.
Perhaps it is the realization of these facts that prompted both the federal and state governments to have since been vigorously impressing (harping) on the establishment of small business. As a result there has been an appreciable rise in the start up of varieties of business ventures especially the owner manager concerns. Many such business ventures rose sharply and fell, others still struggling to keep their heads above water, while others have managed to make some headway.
Incidentally, one would affirm that the cause of failure of small businesses are many and varied. And as a matter of fact some business fail before they are started.
The truth of the foregoing statement was corroborated by William Macfarlane in Eze (op cit:53) when he remarked; the field of business probably offers more freedom and fewer restriction to the would-be-business owner than almost any other (sources of livelihood). Despite this freedom, many business are started each year on a shoestring with little more than money and ambition. (And) since freedom of opportunity does not guarantee success thousands of new businesses fail each year.
Looking at the problems of small business enterprises from the accounting and or managerial point of view. Sullivan and Nnaemeka in Amuchieazi (op cit) had observed; the indigenous component of the industrial sector is made up, in the main, of small scale enterprises … In terms of number of business establishment small business probably accounts for over 80% of the total number of enterprises in the country. Despite this numerical strength it is doubtful whether the small enterprises added value is up to 30% of aggregate added value of all enterprises … The reason for this is obvious; poor and backward management in matters of planning, accounting, personnel, market research and technology. These problems persist as insoluble problems because of low credit ratings of small business among banks and other lenders.
Inherent in the statement above is the importance of such factors as accounting and managerial competence to the success of small business.
If, as Macfarlene observed, many business are started each year with little more than capital and ambition (to make quick financial gains), and, as Sullivan et al had concluded, the low productivity results from poor and backward management in matters of planning, accounting etc, then failure results from the absence of proper planning as a beginning Faculty step in business establishment and operation.
Availability of capital and ambition which is sustained by high appetite for quick profit (financial gain) hasten the initial decision and continually quicken and direct the application of resource and further actions. It is such that this motive for quick profit beclouds the judgment of most Nigerians who have the will to venture into small business enterprises.
By this also the necessary caution which results from careful planning and deliberate effort at discharging other managerial functions of organizing, directing and coordinating, control and review is not usually applied. And by extension, the money, the material, the men and the machines (the 4ms) are not properly managed. So, even if the business exists there may be no growth or at best the growth would be stunted. It is a popular maxim within the business management circle that he who fails to plan, plans to fail.
Ultimately, the discharge of all management functions necessitate decision making. And it is a common knowledge within the business management profession that no decision taken in the process of discharging any of the management functions is cost free.
As a matter of fact, most business owners avoid the implementation of relevant business decisions because of the cost implication. But failure to implement relevant business decision as a way of conserving fund is not in any way a show of wisdom in business management practice. Prudence should be the guiding concept. Prudence in decision making, prudence in implementation and prudence in the application of resources of every kind.
The concept of prudence mitigates the excessive expansion of profit motive, prudence in business management prompts the business owner to continually plough back the profit (or part of the profit) to pay for the cost of management function decision implementation, to renew the machine, to retrain the workers (to motivate them), to repay loans, and or pay dividends, to seek for new markets for raw material and products sale, to employ and pay for highly skilled labour and to expand the business. On the other hand, the drive for quick profit mitigates the discharge of management functions as it intimately constitutes a clog on the wheel of management actions.
The figure below shows the demonstration of the negative effect of expanded profit motive to profit objective itself and growth of the business.
Ordinarily when an effective management practice is being applied in the administration of a business organization, the wheel of management will be in normal rotation and so permits the proper discharge of all management functions including timely decision making and decision implementation. In the course of this rotatory motion, the synergy achieved among the various aspects of management actions mandates the management functions to make reasonable contributions continuously to the achievement of the objective of entrepreneurial actions-value addition and profit making. Usually, the desire for profit is at the center of the wheel and prompting the rotation. Then as the desire or motive for profit keeps expanding the rotatory motion keeps slowing down as a result of frictions generated and ultimately, the system comes to a halt when
the expansion of profit motive gets to its peak. Below is the diagram that attempts to illustrate the foregoing analysis.
The management chain in rotatory motion with function contributing to net profit.
Increased size of profit centre
Reduced opportunity region slowing down.
At a very highly blown profit centre (depending excessively expanded profit motive), the opportunity region which serves as a buffer for the rotary motion is completely closed signaling the stoppage of operation and winding up of a business enterprise.
It should be understood that the peak of the expansion of profit motive is defined by the point in the operational life cycle of any business organization when as a result of the attitude of “the owner takes it all”, the investor or the entrepreneur (whether as individual or group) fail the expectations of other stake holders – the employees are not motivated again as salaries, allowance training and promotion are denied, as the business owner fails to employ skilled workers, as the management fail to repay loans, as the management fail to dedicate fund for the service or renewal of machines, as the credit worthiness becomes in doubt, as the organization fail to pay taxes and discharge other social responsibilities and as the business owner is distracted by some other selfish interests and the business organization is weighed down by negligence and lack of dedication because of what the owner may have considered as “financial self fulfillment or because of the philosoph high profit and saving drive,” out of share greed and diversion of fund.
On the other hand, the negligence and distraction may result from outright lack of competence in management and therefore the inability to sustain the existence and growth of the business.
Generally, in order to perform well in the management of profit oriented business organization it is suggested that a business owner- manager/entrepreneur should possess some good knowledge for analyzing and interpreting accounting information in order to enable him take a cost effective decision in every situation especially regarding the issue of profit management.
Accounting information would help the business manager against what Eze (op cit) called cumulative losses. According to him, a small business enterprise can fail ultimately if the manager continues to overlook or cause some little losses to himself, (the small business), especially in the hope that he is enjoying the benefit of an increasing profit margin.
In agreement with above statement, Macfarlane (op cit) stated, in several cases serious losses were traced to a series of seemingly insignificant little leaks. Collectively, these dribble amounted to the equivalent of a substantial breach in the financial dike.
To conclude in the words of Dewhurst and Burn (op cit pg 6), without good control of financial resources and without proper financial planning, including sustaining a reasonable measure of net profit achievement and application no business can prosper.
1.2: STATEMENT OF THE PROBLEM
Born today but died yesterday; is a maxim that apply describe the fate of most small businesses that spring up in various places at various times year after year in Nigeria out of entrepreneurial efforts of Nigerians, individual and government, but on a shoestring with little more than money and ambition.
Failure of entrepreneurial efforts results partly from faulty start due to lack of patience and spending needed to articulate and establish a good business plan before going into operation, but mainly as a result of poor knowledge of general and particularly financial management. Quick Profit Motive is then implicated as major factor that erodes most entrepreneurs of what the researcher may call proper managerial sensibilities: the effect of it all is that the chick yet in the hatchery is being forced to start laying its own eggs and in the process the chick dies or fails to grow or at best experience stunted growth. Generally, given this impatience revealed by lack of planning and desire for Quick Profit success of entrepreneurial efforts is hampered or postponed indefinitely.
Expressed in a broad business term this problem could be referred to as ‘lack of good Business Management’, but the researcher has chosen to situate the problem from the accounting point of view as lack of financial prudence.
In researcher’s view expanded profit motive works against the application of prudence in business, but particularly, financial management. Financial prudence presupposes ability to save financial earnings by living an enabling life style-not spending profit before it is earned nor denying various stakeholders the benefit of the added value achieved by the business in the course of its operation-source
for needed fund at minimum cost, choose investment options that will yield maximally at minimal risk of looses.
Incidentally, most people who have the interest, will, and courage to venture into self employment exercise lack these financial management abilities and ultimately the effect is high rate of small business failure.
1.3: RESEARCH HYPOTHESIS
The research revolves around the desire to determine the level of contribution of prudent profit (financial) management or lack of it (quick profit motive) to the success or failure of entrepreneurship. Entrepreneurship here is represented by the established small and medium scale enterprises. The required result will be determined on the basis of the outcome of the test of the following hypothesis.
1.4: PURPOSE OF THE STUDY
This research effort is meant to investigate the level of contribution of prudent profit (financial) management to the success of small businesses and establish the level and implication of expanded profit motive to the failure of small business.
It will reveal the extent to which poor management of profit works against the success of small business. To make this study more meaningful and convincing the researcher would seek the assistance of and source data from growing successful private business enterprise, Alo Aluminum Ltd, National Directorate of Employment (NDE) office and some banks; First Bank Plc and Nigerian Agricultural Cooperative and Rural Development Bank Plc branch offices in Enugu on rate of repayment of loans granted for establishment and operation of small business. Degree and causes of failure of such enterprises.
1.5: SIGNIFICANCE OF THE STUDY
Here, the researcher wish to start by emphasizing the conclusion drawn by William Macfarlane (op cit) concerning the causes of business failure. He had stated, the field of business probably offers more freedom and fewer restrictions to the would-be business owner than almost any other field. Despite this freedom, many businesses are started each year on a shoe-string with little
more than money and ambition. Since freedom of opportunity does not guarantee success, thousands of new business fail each years”. The result of this study is meant to redirect the attitude of and guide the approaches to be adopted by the would-be entrepreneurs in an effort to establish and nurture one form of business enterprise or the other, paying great attention to the use of the instrumentality of prudent generation and application of profits. In the end, the study will establish the degree (1 or 0) of the benefit of knowledge of prudent financial (profit) management to the success of small business operations, as against the effects of Quick Profit Motive.
This study will benefit National Directorate of employment (NDE) National Poverty Eradication Programme (NAPEP) First Bank Plc, NACRBA Plc and other financial institution, which grant loan facilities and subsidies to assist budding entrepreneurs and promote small and medium scale business establishment and operation and such other facilitating institutions as Nigeria Export Import Bank (NEXIM), as it will reveal the characteristics that make for successful entrepreneurship.
1.6: SCOPE OF THE STUDY
The research results will be obtained from the collation and analysis of data from First Bank Plc, and Nigerian Agric Corporative and Rural Development Bank (NACRDB) Plc, Enugu main offices at Okpara Avenue and Presidential Road Independence Layout respectively, as long standing financiers of and participants in small and medium scale industrial development programme; other sources of data would be the Nigeria Export Import Bank (NEXIM Bank) with Headquarters at Abuja, National Directorate of Employment (NDE) Enugu Office, and the information obtained from Alo Aluminum (Nigeria) Ltd Head Office on Enugu –Abakaliki Express Way, Emene Enugu, to give direction of profit management approaches that keep such budding medium scale business organization operating and growing.
1.7: LIMITATION OF THE STUDY
1 (a) The researcher has limited the assessment of Aluminum Ltd financial management approaches to the analysis of the nature of financing mix in use by the enterprise,
(b) Rate of labour turnover, motivational instruments fund application to maintenance and replacement of machines as determinants of profit deployment mode, and the adequacy of
(c) Debt instruments in use, sources and degree of adherence to repayment agreement (programme)
2. Data collected from banks, NEXIM and NDE will be used only for the determination of the degree of default on loan repayment schedule, the cause of default and the place of poor attitude of profit making (management) in the failure of the management of borrowing enterprises to keep to the repayment schedule.
3. Knowledge of intended business venture will be revealed in the feasibility study submitted (if any). Hence the data from NDE will also reveal those who source loan based on naked ambition and desire for quick profit.
The researcher is constrained by time required for the completion of this study to narrow down the coverage of the study to selected institutions in Enugu Metropolis. Those institutions consulted spread across manufacturing, training, promotional and facilitating areas of entrepreneurship development programme. They include:
(i) A medium scale Aluminum manufacturing company – the Aluminum Nig Ltd.
(ii) The Nigerian Directorate of Employment (NDE)
(iii) The Nigerian Agricultural and Cooperative Bank (NACB)
(iv) The First Bank Plc Enugu Main Office, Okpara Avenue Enugu
This material content is developed to serve as a GUIDE for students to conduct academic research
EXPANDED PROFIT MOTIVE AS A FUNDAMENTAL FACTOR FOR FAILURE OF ENTREPRENEURIAL EFFORTS>
A1Project Hub Support Team Are Always (24/7) Online To Help You With Your Project
Chat Us on WhatsApp » 09063590000
DO YOU NEED CLARIFICATION? CALL OUR HELP DESK:
09063590000 (Country Code: +234)
YOU CAN REACH OUR SUPPORT TEAM VIA MAIL: [email protected]
09063590000 (Country Code: +234)