Growth, Sustainability and Inhibiting Factors of Family Owned Businesses in the South East of Nigeria
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Date
2011
Authors
Ifekwem, N.E.
Ogbojafor, B.E.A.
Journal Title
Journal ISSN
Volume Title
Publisher
EuroJournals, Inc., 2011.
Abstract
This paper presents and, discusses the various challenges in family owned
businesses in the South East of Nigeria. The attitudes of business owners in the region and inadequate planning often lead to the limited life span of most businesses. The responses from two hundred and fifty small business owners/executives in the South East of Nigeria confirmed that family owned businesses suffer many management and attitudinal problems ranging from individualistic spirit, lack of planning and basic information, lack of political awareness, wrong line of business, and poor book keeping among others. The implication is that businesses start and fail, rarely succeeding the owner. It is strongly recommended that business owners should invest heavily in training and courses locally and abroad to sensitize, orientate and change their mindset as well as adequately develop their management skills and abilities. It is also imperative for business owners to adequately scan the Nigerian business environment so as to identify the opportunities and threats therein, and develop the various techniques that will help them to adapt to the changing environments as they emerge.
Description
Staff Publication
Keywords
Growth , Sustainability
Citation
Ifekwem,N.E. and Ogbojafor,B.E.A. (2011) Growth, Sustainability and Inhibiting Factors of Family Owned Businesses in the South East of Nigeria. International Bulletin of Business Administration, (11), p. 149 - 158.