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Chapter one

1.0 Introduction

1.1 Background of the Study

The small firm is going through the worst period that could have happened to it in the past. People in business and academia may refer to this as an intrinsic stage in the process of globalisation and domestic economic integration, but it has a greater impact than we realise or perceive.

If one looks back over the last fifty years in the small business market, one wonders what caused such a sudden shift in the ideal of small business. The planner of yesterday dear had completely rejected a purely capitalistic business model from the day of maturity stage because they looked into the inherent problems of illiteracy, population explosion, quality of work life, financial problems, capital intensive

and other key indicators such as average life cycle, the small scale business was playing a major role in strengthening the entire social fabric of a civilization that talks about survival.

Small-scale business can be defined as the activity of establishing new organisations, notably new businesses in response to perceived possibilities. Another description is a person who is willing and capable of transforming a novel idea into a successful innovation.

Also, globalisation on a small scale firm can be defined as the activity of establishing new organisations, notably new businesses, in response to identified opportunities. Another definition describes it as a person who is eager and capable of transforming a fresh ideal invention into a successful innovation.

Also, small-scale business globalisation was well practiced in Japan, Taiwan, and the United States. The recognition of small-scale business as a vital sector in the development of the Japanese economy can be traced back to the 1920s.

Prior to this period, the Japanese government prioritised large-scale industry. Although this technique boosted Japanese industrialization, it also caused a number of construction problems, highlighting the importance of integrating small-scale firm industrial into national industrial policy (Owuala 1992).

Institutional support for the expansion of small-scale businesses in Japan began following World War II. Prior to the emergence of institutional sources of finance, informal sources such as trade credit provided a solid means of financial support.

Recognising the importance of small businesses in the Japanese economy, financial institutions for small businesses, such as the medium business financing company, have been established.

As the most dynamic and adaptable sector of the economy, small-scale businesses are at the forefront of this new wave of globalisation. As a microcosm of the whole economy, the group of businesses is extremely diverse.

Many small businesses are seeing unprecedented development potential as a result of the current wave of globalisation and are quickly integrating into global supply chains, whilst others are having to compete with low-wage foreign competitors for the first time.

1.2 Statement of the Problem

It is well known that researchers have authored books and conducted research on a similar topic, but there is a need to narrow down the issues of globalisation to small-scale business survival.

1.3 Scope of the Study

The study will address the influence of globalisation on the survival of small businesses, as well as provide a basic theoretical framework for explaining the interaction between the global market and small businesses.

1.4 Objective of the Study

Specifically, the objectives of this investigation are:

i. To present and discuss the impact of globalisation on small-scale businesses.

ii. To highlight the purpose and benefits of globalisation for small-scale business survival.

iii. Make appropriate recommendations for improving the performance of small-scale businesses.

iii. Identify and debate the problems and potential for small-scale businesses around the world.

v. Discuss the role of small-scale businesses in the global economy.

1.5 Significance of the Study

i. How globalisation affects the survival of small-scale businesses. The world is filled with both challenge and menace.

ii. Globalisation also challenges undeveloped countries to meet the problem at hand.

iii. Globalisation also supports efforts aimed at improving the competitiveness of small-scale businesses.

iii. Determine the impact of globalisation on small-scale business survival.

1.6 Definition of the Key Terms

i. Global: The term refers to the entire world.

ii. Globalisation: This can be defined as the network of connections between organisations and people that span national, regional, and cultural barriers.

iii. International Economic: This is dedicated to assisting with economic development and improving the quality of life for professionals.

iv. International Marketing: This is a type of market that deals with creating and managing trade across international borders.

v. International Law: This is the law that governs the interactions and relationships between nations as a result of official rules, treaties, agreements, and customs.

vi. International Trade: This is defined as the exchange of goods and services (trade) between individuals or businesses in different countries.

vii. International Business: This term refers to any firm that engages in international trade or investment.

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