Expanded Profit Motive as A Fundamental Factor for Failure of Entrepreneurial Efforts

Description

Download Expanded Profit Motive as A Fundamental Factor for Failure of Entrepreneurial Efforts. Accountancy students who are writing their projects can get this material to aid their research work.

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.

Introduction

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.

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