Joseph Schumpeter (1940) declared investment in small scale business as a necessary condition for economic growth. Small scale business plays a vital role to the development of rural economics if not all other economics. One fundamental question that need to asked is have rural economics in Nigeria benefited maximally from small business as it is the casein other parts of the world? The most obvious answer to the above question is negative. Every concerned Nigeria would want to know why the role player by small scale business in development of rural economic in Nigeria is commensurate to what is obtainable in other parts of the world such as Brazil which was at a point in time categorized with Nigeria in terms of economic development, and whether the situation can be turned for the better.
There is no single criterion for classifying a business unit as small, medium or large. The terms small, medium and large are relative different from country to country, industry to industry, institution to institution and there is no unique or accepted definition of these terms.
It is of paramount importance to recognize the definition changes over a period of time depending to a large scale business in the 1950s may be regarded as small today.
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