Socio-Economic Impact of Craft Management Strategy for the Successful Performance of Small Scale Business in Port Harcourt Metropolis, Nigeria

Abstract

The fact that small business need to apply management strategy in their operation has been well supported by literature, but little is known about the need to intelligently choose and apply these strategies. The objective of this study is to investigate if craft management strategy has any relationship with the successful performance of small business. This is to divorce the belief that the failure of small business in Nigeria is attributable to lack of craft management strategies. The survey design was used from which inferences were drawn about the population under study. Using a combination of Top man's formula and random sampling technique, 48 participants were drawn from the population of small business operating in Port Harcourt Metropolis. The duration of the operation of these businesses ranged from five years and above. Out of the sample size of 48, only 42 respondents properly completed and returned their questionnaires. Validation scales were used to collect data which were analyzed with Chi-square and Contingency coefficient analytical tools. Chi-square was used to test relationship in hypothesis one, while Contingency coefficient was used to ascertain the level of significance in hypothesis two. Results revealed that craft management strategy has relationship with the successful performance of small business. This relationship was found to be significant. We therefore propose that owners of small scale business should creatively and intelligently choose management strategy that would address the problem variables identified in this study. This will help them survive, grow and contribute to economic development.