Small Business Class 11 Notes Business Studies Chapter 8 - CBSE
Chapter : 8
What Are Small Business ?
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Entrepreneurship Development
- The process of setting up one’s own business as distinct from pursuing any other economic activity, be it employment or practising some profession termed as Entrepreneurship and the person who set up the business known as Entrepreneur.
- Entrepreneurship development refers to the enhancement of the knowledge and skill of entrepreneurs through several classroom coaching and programs, and training. Its main objective is to strengthen and increase the number of Entrepreneurs.
Characteristics of Entrepreneurship Development
- Improves standard of living
- Continuous process
- Grants Entrepreneurial Career
- Strengthen organising and managerial abilities
- Focuses on operational training rather than academic training.
Need of Entrepreneurship Development
- Grants economic independence
- Helps in economic growth and development
- Provides employment opportunities
- Facilitates the utilisation of natural resources
- Development of tribal and backward areas.
Process of Entrepreneurship Development
- Discover
- Evaluation
- Developing a plan
- Resources
- Managing the company
- Harvesting
Start-up India Scheme
Start-up India Scheme is made to build a strong and secure ecosystem for nurturing innovation and start-ups in the country. This scheme aims to:
- Encourage dynamic start-ups
- Create Awareness
- Bring about an entrepreneurial culture and values
- Development of socially, economically backward communities
Ways to fund start-up
- Bank loan
- Crowd Funding
- Self-Funding or Boot Strapping
- Government programmes that offers start-up capital
- Venture Capital
Intellectual Property Rights And Entrepreneurships
Intellectual Property Rights are made to provide an edge to the start-ups for developing and building ventures successfully.
Types Of IPRs
- Copyright
- Trademark
- Geographical Indication
- Patent
- Design
- Plant Variety
Classification Of Entrepreneurship
The classification of Micro, Small and Medium Enterprises is defined under the MSMED Act 2006 amendment date 01/06/2020.
- Micro Enterprise: Where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees.
- Small Enterprise: Where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees.
- Medium Enterprises: Where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
Role Of Small Business In India With Reference To Rural India
- Encourages non-farm employment
- Prevents migration
- Promotes rural industrialisation and small scale industries
- Eradicates poverty
- Contributes to socio-economic aspects
Government schemes and agencies for Small Scale Industries
- National Bank for Agriculture and Rural Development (NABARD)
- Rural Small Business Development Centre (RSBDC)
- National Small Industries Corporation (NSIC)
- Small Industries Development Bank of India (SIDBI)
- The National Commission for Enterprises in the Unorganised Sector (NCEUS)
- Rural and Women Entrepreneurship Development (RWED)
- World Association for Small and Medium Enterprises (WASME)
- Scheme of Funds for Re-generation of Traditional Industries
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