MJAMR

Promotion of Small-Scale Industries and Development of Business. A Case Study; Masafu Subcounty (BUSIA)

Nasirumbi Lydia, Ariyo Gracious Kazaara


Abstract

Small scale enterprises are recognized as important for the economic success of countries all over the world because of their contribution to the gross domestic product (GDP), to innovation, to export revenue, to the provision of goods and services to society and large enterprises, to social stability, to employment creation, and to the improvement of economic welfare. These organizations operate within an economic environment characterized by volatility, highly demanding dynamism and tough competition, which often seriously threaten their performance and their survival. The role played by them in any society is undoubtedly important, for instance, in Portugal around 98% of the industrial fabric is composed by SSI. Nowadays, entrepreneurship and firm creation is mostly related to small and micro firms, which lead us to look at them as an important development agent in any society. The Masafu business environment in general is constantly changing in the face of an unreceptive economic environment and a subtle political setting which breeds a highly competitive market. For promotion and development of small scale and industries to withstand the hazards of such a precarious and unfavorable competitive climate, they need to engage in market-oriented strategies. To achieve the fundamental objectives of economic growth through competitiveness on one hand and employment creation and income redistribution (equality) on the other, policy attention has increasingly focused on the promotion of SSIs. The economy and its trade environment present great opportunities for start-up businesses. Therefore, learning and understanding the small-business market is essential for smallbusiness owners as entrepreneurs Knowledge of the market is considered a source of encouragement and energy for growing the business through understanding of the market and gaining market shares.

Keywords

small-scale industries development and business
Metropolitan Journal of Academic Multidisciplinary Research

Cite This Article

Nasirumbi Lydia & Ariyo Gracious Kazaara (2023). Promotion of Small-Scale Industries and Development of Business. A Case Study; Masafu Subcounty (BUSIA). Metropolitan Journal of Academic Multidisciplinary Research, 2(11). https://journals.miu.ac.ug/pages/article.php?article_id=1485

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