- government should provide an enabling environment for small business to do thrive with ease
- encourage investors to play actively in their various industries of interest
- reduce the cost of doing business by providing infrastructures & social amenities
Apart from using the internet, other ways by which small businesses can be helped include
- supportive structure to access finances by banks and other financial institutions
- ready access to information and create measures supporting sales, cash flows and working capital
In Nigeria, popular Small Businesses can be found across all sectors of the economy including Agriculture, Waste Management, Food Processing, Manufacturing, Alternative Power, Education, Health, E-services and so much more.
According to estimates, 600 million jobs will be needed in the next 15 years to absorb the growing global workforce, mainly in Africa and Asia. Small Business generate 4 out of 5 jobs and its clear to see why understanding them is key to development.
By definition, Small Business is a privately owned corporation, partnership or sole proprietorship that has less than 500 employees and/or less annual revenue than a regular sized business or corporation.