REVITALIZING SMALL AND MEDIUM ENTERPRISES (SMEs) THROUGH ENGINEERING PRACTICE
Publication Date : 15/03/2018
A significant aspect of small and medium size enterprises (SMEs) is in the following developing areas: creation of employment, stimulation of indigenous entrepreneurship, transformation of traditional industry, linkage effort, contribution to regional activities or co-operation, utilization and multi-nationalization of indigenous enterprises. It is the process of creating something new with value by devoting the necessary time and effort, with the accompanying financial and social risks, while receiving in return monetary rewards and personal satisfaction and independence. Good engineering practice such as research and development (R & D), effective maintenance culture, training and re-training of workers using seminars, workshops and conferences, reverse engineering, mentoring, etc. could be deployed to revitalize SMEs resulting in job and wealth creation and resultant national development. The paper concludes that good engineering practice can help to revitalize SMEs for rapid and sustained economic growth but there is urgent need to change the mindset of the average Nigerians especially the youths towards embracing self-employment and deemphasize the search for white collar jobs that are non-existent. It was recommended that SMEs should be accorded top priority by all concerned since they are the hub of any national development. Material and technical framework for revitalization and sustainable development of SMEs through the reduction of inadequate managerial capacity and poor quality services and products should be put in place.
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