Author : Anisiuba, C. A.(Ph.D)1, Emengini, E. S.(Ph.D)2,Ezeaku, H.C.3

Small and Medium Scale Enterprises (SMEs) obstacles in fulfilling their economic roles has attracted the attention of government, its agencies and researchers alike both in the developed and developing economies. This study aims at filling a gap by evaluating SMEs challenges and prospects in achieving business success and national industrialization. To carry out this study, the researchers used survey research design. Data were collected by means of structured questionnaire distributed to 600 SMEs managers in the South-east of Nigeria. The researchers grouped the questions into accounting and non-accounting business challenges. Data were analysed using percentage frequency. Hypotheses were tested using Multinomial Logit Model (MNL) technique. The results of the data analysis shows that the model is well fitted and the regressors that are accounting challenges are jointly significant in affecting SMEs business success. The study also reveals that the regressors which are non-accounting challenges are jointly significant in affecting SMEs contributions to national industrialization. The researchers therefore recommends that SMEs should endeavour to institute proper accounting system and maintain up to date and accurate book keeping as well as financial reports. This can be achieve through effective handling of the accounting tasks by either employing the services of an accountant, outsourcing the accounting functions or utilizing accounting software that suits the organisation’s accounting needs. In addition, government should embark on public/private partnership for provision of socio-economic facilities for easy running of business. They should equally ensure provision of financial support, effective security, adequate power supply, and rent subsidy for SMEs so as to motivate them towards contributing to national industrialized
Affiliation : 1,2Department of Accountancy, University of Nigeria, Enugu Campus 3Department of Banking and Finance, Caritas University, Enugu
Keywords : Business Success, Challenges, Prospects, National Industrialization. Small and Medium Scale Enterprises (SMEs)
Date : Friday ,28 ,June ,2019

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