THE IMPACT OF GLOBALISATION ON SMALL INDUSTRY DEVELOPMENT IN DEVELOPING COUNTRIES: A STUDY OF ZAMBIAN SMALL INDUSTRIES IN THE CENTRAL BUSINESS DISTRICT OF LUSAKA

Abstract

Globalization has been extensively addressed in different pieces of literature, with a focus on the worldwide benefits it offers, such as trade liberalization, removal of trade obstacles and restrictive trade tariffs. However, little research has been done on the influence of this new global economic order on the development of small businesses, particularly in developing nations. The goal of this research is to look into the influence of globalization on small businesses based on a study of small businesses in Lusaka, Zambia's Central Business District. The data was collected and analyzed using a qualitative and quantitative data collection and analysis approach from 40 randomly selected Small Industries in the study region, with the results being generalized to the full population. The study discovered a link between Small Business performance and the study's findings. Other external and internal elements evaluated, on the other hand, were determined to have a significant impact on the sector. Due to time and cost constraints, as well as a lack of categorical information on the sector's operations, the study could only be cross-sectional. These limitations, however, do not jeopardize the research findings' validity. According to the findings, the government should take steps to improve entrepreneurial management skills, build infrastructure that supports small-scale industry operations, such as Multi facility Economic Zones that encourage clustering of small industry categories, and improve funding for small businesses by establishing Micro Financing Institutions that will cater to their financial needs. Another government intervention strategy should be to open up markets for the sector