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FEASIBILITY
STUDIES A REQUIREMENT FOR STARTING A NEW COOPERATIVE BUSINESS IN NIGERIA
ABSTRACT
The project
is focused on feasibility studies: a requirement for starting a new cooperative
business in Nigeria. The importance of a well prepared feasibility study in the
cause cooperative information and investment drive cannot be over emphasized. A
well prepared feasibility study can be used to obtained loan from banks and
thus attract other investments. Cooperative projects backed by good feasibility
studies are difficult to wind up easily. The drive for investment can only take
place when there is sufficient money or resources. For any project there are
the alternative technology, production equipment, building and other
investments. This study takes a look at cooperative formation and investment
drive among registered co operative in Enugu East, Enugu South, Enugu North and
Enugu central). The computation of sample size was based on Tao Yamani
Technique of which a sample size of 193 was selected. The simple percentage
analysis and test of hypothesis were used in treating the data. And
recommendations and conclusion were drawn from the findings f the data
analyzed.
CHAPTER ONE
INTRODUCTION
1.1BACKGROUND
OF THE STUDY
For over a decade now, the Nigerian
economy has been in dire strait or doldrums. The continued economic crunch has
highlighted the need for feasibility studies before embarking on any project.
Feasibility studies involved closer
examination of cost and benefit of a project with a view to ascertain whether
it is feasible, viable and profitable to undertake such a venture.
The aim of this study is to let
business operator and the general public know the importance of a feasibility
report, in any business venture most especially cooperative business venture.
The drive for investment can only take place when there is sufficient money or
resources. The importance of a well prepared feasibility studies is a
requirement for starting a new cooperative business. A well prepared
feasibility studies can be used to obtain loan from banks and thus attract
other investment. A co-operative business backed by good feasibility studies
are difficult to wind up easily says Banmbank (2012). Having the right goods at
the right place at the right time and prices is the accepted objective. He also believes that control is indispensable.
The whole idea of a feasibility study is compliments and facilitates two
important functions which is business planning and control. Thus a feasibility
study shows whether a propose business opportunity will succeed or fail after a
careful consideration of alternative against the firms objective. Different
views on why people are motivated to form or join a cooperative society.
Cooperative societies create an alternative way of doing business for the
socio-economically disadvantaged people. It is clear naturally that the
intention or motive for establishing a sole trade, partnership or joint stock
company are similar but not same for starting up a new cooperative business in
Nigeria.
According to Omuoha (2013) profit
motive is the motivating factor for private entrepreneurs while service to
member is the motivating force for cooperative, the necessity for making a
choice between investment alternative arises frequently in business decision
(Ude 2012). Accordingly, it is necessary to appraise your project to determine
whether it is worth going into the business or not. For any project, there are
alternative technologies, production equipment, building and other investment.
As each decision is concluded the next issue is the problem of selecting the
most viable of the various alternatives.
1.2 STATEMENT OF THE PROBLEM
The spate of business failure in
Enugu state is on the increase. According to Louck (2011) “to start a business
is very easy but to stay in business is very difficult. Most businesses have
failed due to lack of proper planning foresight by their promoters. This is
most in the case of small scale business which are characterized by owner and
personnel. The importance of feasibility studies in the course of starting up a
new cooperative business cannot be ignored. The failure of some cooperative
business venture deserve to be questioned: were feasibility studies prepared?
How good were the feasibility studies? Were the provisions well implemented? What is the nature of the staff quality?
The day to day operation of the
cooperative business is usually in the hands of the people who may not possess
the requisite skills and technicality.
It is against this background that
the wants to embark upon the research topic titled “feasibility studies: a
requirement for starting a new cooperative business in Nigeria.
1.3 OBJECTIVE OF THE STUDY
The major objective of this study is
to x-ray the usefulness of feasibility studies in the course of starting a new
cooperative business in Nigeria.
The specific objective includes:
1. To find
out whether cooperative executives carryout a well feasibility studies before
starting a new cooperative business.
2. To
identity the causes of business failure among cooperatives.
3. To
identify the extent of the use of feasibility studies as a tool for investment
selection among the cooperatives.
4. To
ascertain the relationship between feasibility studies and business performance
among cooperatives.
5. To
recommend steps of carrying out a proper feasibility studies for efficient
business performance among cooperatives.
1.4RESEARCH
QUESTIONS
1. Do
cooperative executives carryout a well feasibility studies before starting a
new cooperative business?
2. What are
the causes of business failure among cooperatives?
3. To what
extent is feasibility studies used as a tool for investment selection among the
cooperatives?
4. What is
the relationship between feasibility studies and business performance among
cooperatives?
5. What can
be recommended steps for carrying out proper feasibility studies for efficient
business performance among cooperatives?
1.5 RESEACH
HYPOTHESIS
H1.
Cooperative executives do carryout a well feasibility studies before starting a
new cooperative business
H0.
Cooperative executives do not carryout a well feasibility studies before
starting a new cooperative business
H2. The
causes of business failure among cooperatives is attributed to improper
feasibility studies.
H0. The
causes of business failure among cooperatives is not attributed to improper
feasibility studies
H3.
Feasibility studies is used as a tool for investment selection among the
cooperatives to a large extent
H0.
Feasibility studies is used as a tool for investment selection among the cooperatives
to a small extent
1.5SIGNIFICANCE
OF THE STUDY
This study
will highlight on the relevance of feasibility studies in starting up a new
cooperative business in Nigeria.
This will be
immense benefit to these wanting to engage in new venture.
It will also
helping minimizing business failure among cooperatives, since people will
appreciate the need to embark on feasibility studies in the course of
cooperative formation/ investment drive.
Again apart
from contributing to the existing literature on this topic, it will be of
immense benefit to those who might like to undertake further studies on this
topic or related issues.
It is also
hope that the adoption and implementation of the finding and recommendations of
this study will in no doubt help significantly in boosting our economy through
business success engendered by the use of feasibility studies among
cooperatives.
1.6 SCOPE AND LIMITATIONS OF THE
STUDY
This study
is centered on feasibility studies; a requirement for starting a new cooperative
business in Nigeria. It also, covers the requirement for carrying out a sound
feasibility studies for high business performance. This work also delve into
the causes of business failure among cooperatives and how these failure can be
prevented and controlled.
The
researcher in the course of this work seriously encountered financial and time
constraints. Exorbitant, unreasonable, high and great transportation cost,
apathy, limited cooperative books, journals, and other publications. Higher
level of risk of traveling by road and the geographical spread of the data base
constituted limitations in themselves.
1.7 DEFINITION OF TERM
Feasibility
Study
A closer examination of the costs and benefit
of a project to ascertain whether it is feasible, viable and profitable to
undertake as a venture.
Feasibility
Report
A written documented plan or a blueprint of
operation of a business project.
Investment
Commitment
of fund in the purchase of assets intended to yield future returns.
Project
Plan to
invest money in the purchase of assets or a combination of assets intended for
installation to yield return in the business concern.FEASIBILITY STUDIES A REQUIREMENT
FOR STARTING A NEW COOPERATIVE BUSINESS IN NIGERIA
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ABSTRACT
The project
is focused on feasibility studies: a requirement for starting a new cooperative
business in Nigeria. The importance of a well prepared feasibility study in the
cause cooperative information and investment drive cannot be over emphasized. A
well prepared feasibility study can be used to obtained loan from banks and
thus attract other investments. Cooperative projects backed by good feasibility
studies are difficult to wind up easily. The drive for investment can only take
place when there is sufficient money or resources. For any project there are
the alternative technology, production equipment, building and other
investments. This study takes a look at cooperative formation and investment
drive among registered co operative in Enugu East, Enugu South, Enugu North and
Enugu central). The computation of sample size was based on Tao Yamani
Technique of which a sample size of 193 was selected. The simple percentage
analysis and test of hypothesis were used in treating the data. And
recommendations and conclusion were drawn from the findings f the data
analyzed.
CHAPTER ONE
INTRODUCTION
1.1BACKGROUND
OF THE STUDY
For over a decade now, the Nigerian
economy has been in dire strait or doldrums. The continued economic crunch has
highlighted the need for feasibility studies before embarking on any project.
Feasibility studies involved closer
examination of cost and benefit of a project with a view to ascertain whether
it is feasible, viable and profitable to undertake such a venture.
The aim of this study is to let
business operator and the general public know the importance of a feasibility
report, in any business venture most especially cooperative business venture.
The drive for investment can only take place when there is sufficient money or
resources. The importance of a well prepared feasibility studies is a
requirement for starting a new cooperative business. A well prepared
feasibility studies can be used to obtain loan from banks and thus attract
other investment. A co-operative business backed by good feasibility studies
are difficult to wind up easily says Banmbank (2012). Having the right goods at
the right place at the right time and prices is the accepted objective. He also believes that control is
indispensable. The whole idea of a feasibility study is compliments and
facilitates two important functions which is business planning and control.
Thus a feasibility study shows whether a propose business opportunity will
succeed or fail after a careful consideration of alternative against the firms
objective. Different views on why people are motivated to form or join a cooperative
society. Cooperative societies create an alternative way of doing business for
the socio-economically disadvantaged people. It is clear naturally that the
intention or motive for establishing a sole trade, partnership or joint stock
company are similar but not same for starting up a new cooperative business in
Nigeria.
According to Omuoha (2013) profit
motive is the motivating factor for private entrepreneurs while service to
member is the motivating force for cooperative, the necessity for making a
choice between investment alternative arises frequently in business decision
(Ude 2012). Accordingly, it is necessary to appraise your project to determine
whether it is worth going into the business or not. For any project, there are
alternative technologies, production equipment, building and other investment.
As each decision is concluded the next issue is the problem of selecting the
most viable of the various alternatives.
1.2 STATEMENT OF THE PROBLEM
The spate of business failure in
Enugu state is on the increase. According to Louck (2011) “to start a business
is very easy but to stay in business is very difficult. Most businesses have
failed due to lack of proper planning foresight by their promoters. This is
most in the case of small scale business which are characterized by owner and
personnel. The importance of feasibility studies in the course of starting up a
new cooperative business cannot be ignored. The failure of some cooperative
business venture deserve to be questioned: were feasibility studies prepared?
How good were the feasibility studies? Were the provisions well
implemented? What is the nature of the
staff quality?
The day to day operation of the
cooperative business is usually in the hands of the people who may not possess
the requisite skills and technicality.
It is against this background that
the wants to embark upon the research topic titled “feasibility studies: a
requirement for starting a new cooperative business in Nigeria.
1.3 OBJECTIVE OF THE STUDY
The major objective of this study is
to x-ray the usefulness of feasibility studies in the course of starting a new
cooperative business in Nigeria.
The specific objective includes:
1. To find
out whether cooperative executives carryout a well feasibility studies before
starting a new cooperative business.
2. To
identity the causes of business failure among cooperatives.
3. To
identify the extent of the use of feasibility studies as a tool for investment
selection among the cooperatives.
4. To
ascertain the relationship between feasibility studies and business performance
among cooperatives.
5. To
recommend steps of carrying out a proper feasibility studies for efficient
business performance among cooperatives.
1.4RESEARCH
QUESTIONS
1. Do
cooperative executives carryout a well feasibility studies before starting a
new cooperative business?
2. What are
the causes of business failure among cooperatives?
3. To what
extent is feasibility studies used as a tool for investment selection among the
cooperatives?
4. What is
the relationship between feasibility studies and business performance among
cooperatives?
5. What can
be recommended steps for carrying out proper feasibility studies for efficient
business performance among cooperatives?
1.5 RESEACH
HYPOTHESIS
H1.
Cooperative executives do carryout a well feasibility studies before starting a
new cooperative business
H0.
Cooperative executives do not carryout a well feasibility studies before
starting a new cooperative business
H2. The
causes of business failure among cooperatives is attributed to improper
feasibility studies.
H0. The
causes of business failure among cooperatives is not attributed to improper
feasibility studies
H3.
Feasibility studies is used as a tool for investment selection among the
cooperatives to a large extent
H0.
Feasibility studies is used as a tool for investment selection among the
cooperatives to a small extent
1.5SIGNIFICANCE
OF THE STUDY
This study
will highlight on the relevance of feasibility studies in starting up a new
cooperative business in Nigeria.
This will be
immense benefit to these wanting to engage in new venture.
It will also
helping minimizing business failure among cooperatives, since people will
appreciate the need to embark on feasibility studies in the course of
cooperative formation/ investment drive.
Again apart
from contributing to the existing literature on this topic, it will be of
immense benefit to those who might like to undertake further studies on this
topic or related issues.
It is also
hope that the adoption and implementation of the finding and recommendations of
this study will in no doubt help significantly in boosting our economy through
business success engendered by the use of feasibility studies among
cooperatives.
1.6 SCOPE AND LIMITATIONS OF THE
STUDY
This study
is centered on feasibility studies; a requirement for starting a new
cooperative business in Nigeria. It also, covers the requirement for carrying
out a sound feasibility studies for high business performance. This work also
delve into the causes of business failure among cooperatives and how these
failure can be prevented and controlled.
The
researcher in the course of this work seriously encountered financial and time
constraints. Exorbitant, unreasonable, high and great transportation cost, apathy,
limited cooperative books, journals, and other publications. Higher level of
risk of traveling by road and the geographical spread of the data base
constituted limitations in themselves.
1.7 DEFINITION OF TERM
Feasibility
Study
A closer examination of the costs and benefit
of a project to ascertain whether it is feasible, viable and profitable to
undertake as a venture.
Feasibility
Report
A written documented plan or a blueprint of
operation of a business project.
Investment
Commitment
of fund in the purchase of assets intended to yield future returns.
Project
Plan to
invest money in the purchase of assets or a combination of assets intended for
installation to yield return in the business concern.
Cooperative
Business Formation
This has to
do with ways by which cooperative business can be start up. It is the steps
involved in starting up a new cooperative business.
Cooperative
Society
It is
association of persons who have voluntary joined together to achieve a common
end through the formation of a democratically contributed enterprise, making
equitable contribution of the capital required and accepting a fair share of
the risk and benefit of the undertaking in which members actively participate.
Cooperative
Business Formation
This has to
do with ways by which cooperative business can be start up. It is the steps
involved in starting up a new cooperative business.
Cooperative
Society
It is
association of persons who have voluntary joined together to achieve a common
end through the formation of a democratically contributed enterprise, making
equitable contribution of the capital required and accepting a fair share of
the risk and benefit of the undertaking in which members actively participate.
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