EFFECT OF FEASIBILITY STUDY IN ACHIEVING TRUE AND FAIRNESS OF ACCOUNTING RECORD (A Case Study of Mr. Biggs Ibrahim Taiwo Road, Ilorin)
TABLE OF CONTENT
Table of Content
1.1 Background Of The Study
1.2 Statement of the Problem
1.3 Relevant Research Question
1.4 Objectives of the study
1.5 Definition of the Terms
2.1.1 Meaning of feasibility study
2.1.2 The Importance of Carrying out a Feasibility Study of a Snack Bar
2.1.3 The Uses of Feasibility Report
2.1.4 Why Should the Small Business Owner Embark Upon a Feasibility Study
2.1.5 The Major Features of Feasibility Study for Small Business Enterprises
2.1.6 The Experts Who Writes the Feasibility Report
2. 1 .7 Decision Making process in Feasibility Study
2.1.8 Graphical Illustration in Decision Making Process Feasibility Study (Business Plan)
2.1.9 Meaning of Small Scale Business
2.1.10 Historical Background of the Small Scale Business in Nigeria
2.1.11 National and Characteristic of Small Scale Business
2.1.12 Relerant Discussion on Small Scale Business Objective
2.1.13 The Problems and Prospects of Small Scale Business
2.1.15 Relations Between Feasibility Study And Small Scale Business
3.0 Research Methodology
3.1 Historical Background Of The Mr. Biggs Barrv Ibrahim Taiwo Road Ilorin, Kwara State.
3.2 Organizational Structure (Headquater) Mr Biggs
3.3 Research Design
3.4 Population of The Study
3.5 Sample And Sampling Design
3.6 Data Collection Instrument
3.7 Administrative of Data Collection Instrument
3.8 Data Analysis Technique
3.9 Validity And Reliability Of Research Instruments
3.10 Limitation Of The Study
4.0 data presentation and analysis
4.1 presentation of data
4.2 analysis of data
5.0 SUMMARY, CONCLUSION AND RECOMMENDATION
BACKGROUND OF STUDY
Small business owners tend to over look the need to carryout a feasibility study before embarking on the business. They do not need to go through the rigors of conducting a research. The small business owner fast to realize that planning is an essential ingredient to business success, irrespective of the size of business. But with the passage of time and development in the town and urban areas fast food business was carried out in hired premises such as kiosks by a few people, but due to the arrival expatiates in the 1960’s armed at serving office worker’s.
Also, with the growing emphasis on education, the roadside sellers and hawkers moved their business to catering for school children during break-periods.
Thus, fast foods were offered for sale, most of the fast food out lets are being operated in unhygienic environment which contrarenes the health regulations and food service; act of 1971. These out lets are mostly small scale business, because, because they require low capital out lays, few number of employees and less technical requirement.
The fact food industry in Nigeria is a viable field of investment, in spite of the present economic predicament, if properly planned, developed and executed, it would no doubt be a great revenue earner for the investor.
Since fast food operate have become the thing and eating out is becoming popular in Nigeria. The need to carry out a feasibility study on the effective and efficient management of the business can not be over emphasized.
1.2 STATEMENT OF THE PROPLEM
Why is there a need to carryout a feasibility study or the establishment of any business?
The fast food industry is said to be one of the easiest forms of business of establishment. But most of those business outlets tend to fail with In the first few years, mostly due to lack of planning, more often then not, they over look the need to scan the environment in terms of business strengths, weakness, opportunities and threats (SWOT ANALYSIS).before embarking on the business.
Food intake is an inevitable activity in human race, specifically, entrepreneurs should devote more time and efforts to the feasibility research study ; son as to identify and the technicalities involved in carrying out the proposed business .
1.3 RELEVANT RESEARCH QESTIONS
i. What are the uses of feasibility study of the establishment of the snack bar?
ii. Is the snack bar business a creative one?
iii. Is the feasibility study attributed to the educational qualification background of the entrepreneur?
iv. Is the feasibility study a futile exercise?
v. how much does it cost to establish the business
vi. What are the environmental actors effecting the business?
vii. What are the likely solutions to the problems facing the snack bar business?
1.4 OBJECTIVES OF THE STUDY
The Primary objective to this research work was to determine feasibility study and business objectives of a snack bar business.
The other objectives are as follows:
Dire an insight on the usefulness for the feasibility study for the snack bar business.
i. To provide information in the critical snacks and problems facing the snack bar business and to proffer likely to the problems.
ii. To identify the necessary requirements for the establishments of the business in relation to the contents of the feasibility report.
iii. To give an insight on the profitability of the business as a result of carrying out a feasibility study.
1.5 SCOPE OF THE STUDY
This study concentrated on the activities of the snack bar of the fast food outlet with respect to the organic business functions such as marketing production, finance and personnel.
This study was limited to Mr. Bigg’s Ibrahim Taiwo Road Ilorin.
This study based its research on the snack bar as subject of the fast food outlets.
1.6 DEFINITION OF TERMS
Starts and organize a commercial enterprises is a personal who imidying financial ask.
Ability to make gain in business in terms of many especially the amount earned and the amount spent.
Capable of developing and surviving independly
The action or process of making plans or something deciding in advances.
To develop business enterprises in order to earn interest.
REVIEW OF RELATED LITERATURE
This chapter reviews existing literatures or theories with respect to feasibility study and small scale snack bar business.
Most small business believed that it is neatness to carryout business due ton impatience, time and cost for a business to achieve maximum success and to be able to spate effectively and efficiently there is need to carryout feasibility study.
2.1.1 MEANING OF FEASIBILITY STUDY
According to Ilori (2005), defines feasibility study as detailed report that examine the profitability and effectiveness a proposed investment opportunity.
Also Ilesanmi (2000) , defines feasibility study as a pre-investment study which is undertaken to establish the practicability and profitability of a contemplated investment plan. He went onto say that feasibility study is an investigation to determine the visibility, be it and existing enterprise or a new business venture.
According to Osuagwu (2000) is feasibility study may be define as an exemption of all factors surrounding the making production marketing, staffing and financial aspect of a small business cannot be over emphasized because of the feasibility study goes further to identify al that will be required to carry out business in the task carrying out feasibility research to the small business owner will be familiar with likely problems and risk be will face when the business is in full progress.
According to Ileeanmi (2000) feasibility study helps in taking a business management decision on whether to accept, modify or reject a business project based on the analysis of the projectsment and demands. Thus, the feasibility study serves as basis for decision making. Thus, the feasibility study serves as basis for decision making. Since it is based on the outcome result of the research study that the entrepreneur will decide whether to embark on the business or not.
2.1.2 THE IMPORTANCE OF CARRIFING OUR FEASIBILITY STUDY FOR A SNACK BAR
The feasibility study helps in making necessary decision making whether or not invest in the business, it also helps in raising needed funds for the business feasibility report can be decided to accept or reject the project is viable and acceptable by the entrepreneur which has to estimate initial capital outlay and decided on where and how to raise the funds.
According to ilesanmi some of the advantages of carrying our feasibility study are:
i. it serves as a basis for measuring the performance of the new business
ii. it help to evaluate the economics for measuring the economics benefits derivable from an investment plan in relation to the cost of implementation and management.
iii. it also helps to highlight the likely constraints an general obstacies that may negatively affect the implementation of an investment proposal prior to the investor finally committing his scare resource to the business.
Therefore, the success or failure of one business can be communicated to the entrepreneur or potential investor through the feasibility report..