Small Business Big Gains

Source: The Hitavada      Date: 15 May 2018 12:19:05


 

 

By anita rao


The young generation today live on lofty dreams of setting up a ‘Flipkart’ or an ‘Amazon’ as the Entrepreneurship bug has bitten most of them the hard way. Nothing wrong, except that if the venture does not click, there would be a lot at stake. Hence the words of Demosthenes ‘Small opportunities are often the beginning of great Enterprises’ sounds so profound.The Government of India has defined a SSI Unit as ‘An Industrial Undertaking in which the investment in fixed assets in Plant and Machinery, whether held on ownership terms or on Lease or by Hire purchase does not exceed Rs 100 lakh.Today the Small Scale Industry (SSI) constitutes a very important segment of the Indian Economy. The first Prime Minister of India Pandit Jawahar Lal Nehru had a vision to develop the small industries to strengthen our economy. The small scale sector has become vibrant enough to hold the key to the economic prosperity of our country. The last five decade has seen a phenomenal growth of this sector which can be attributed to capital scarcity, unemployment, under employment and the modern large industries which has offered ancillarisation and so on. The SSI sector has exhibited a positive growth trends even when the other sectors have either shown a normal or negative growth. Small Business has thrived and thrived oh so well-thanks to the small investment required and less complexities are involved in setting up a small business.
As an Entrepreneur and a Mentor for Start ups, many youngsters/women approach me wanting to know the ‘hot’ business avenues for they which they can venture out with a little more confidence. I have listed a few business ventures which are relatively more in demand and have the potential to grow into something substantial in the days to come:


1 .IT Enabled Business
2. Event Management
3. Biotechnology
4. Green Business
5. Food Processing
6. Mineral Water
7. Courier Service
8. Herbal Products.
9. Vermi Culture
10. Travel & Tourism
11. Health Care
12. Hospital Consumables
13. Data Processing
14. Outdoor Catering
15. Housekeeping Services
16. Mail Order Retailing
17. Artificial Flower Library
18. Clearing & Maintenance Service.
19 Window Cleaning Service
20. Door to Door Footwear maintenance service.


The next inevitable question invariably asked by the wannabe Entrepreneurs is ‘How does one go about setting up a Business’? Well, as a passionate Entrepreneur, I consider it my moral obligation to impart some guidelines to the soon-to-become Entrepreneurs. I usually take them through my own journey as an Entrepreneur, which gives them a fair idea of the shape of things to come.
In a nutshell, the process of setting up a small business can be spelt out as:
l Selection of a Project ( Product/Service/Location/Feasibility Study/Business Plan)
l Decide the constitution of the Firm.
l Obtain SSI Registration and other Government clearance.
l Arrange Infrastructure( Land/Shed/ Plant & Machinery)
l Prepare Project Report to arrange for Finance
l Apply for Loan ( Banks/Venture Capitalist/Angel Investors)
l Obtain final clearance and proceed to implement.
The accompanying good news is that under the ‘Ease of Doing Business’ the Government has floated several schemes for SSI units to propel up their business. In the Central Government level, institutions like MSME, NSIC, SIDBI, KVIC, SSI Board, SIDO etc are there to support SSI Units while in the State level there are DIC’s, MSSIDC, MCED ETC. One can browse through some of the below mentioned websites to gather more details of the relevant scheme related to the Product/Services in question:
l Technological Up gradation Scheme (TUFS) – http://texmin.nic.in
l Food Processing - http://www.mofpi.nic.in
l Integrated Leather Sector (IDLS) - http:// dipp.nic.in
l Credit Linked Capital Scheme for - http://www.dcmsme.gov.in
l Technical Up gradation (CLCSS)
l Technology & Quality Upgradation - http:// msme.gov.in
l Support for MSME (TEQUP)
Government Subsidy for Small Business -
l http://mofpi.nic.in
For Cold Chain
l Scheme for extension of Financial - http://Coirboard.gov.in
Assistance
l Marketing Assistance by MSME - http://www.dcmsme.gov.in
l Marketing Assistance by NSIC - http://nsic.gov.in
Support for Entrepreneurial &
Managerial skill development -
l http://dcmsme.gov.in
Prime Minister Employment
Generation Program -
l http://www.kviconline.gov
Margin Money/Seed Money -
l http://www.doingbusinessinmaharashtra.org
Scheme
l Support for Exports & International - http://dcmsme.gov.in
Trade Fairs.
Financial Assistance for Small business-
l http://udyammitra.in
Most of the important Government websites have been listed above to set up a SSI unit.
So all you need now is to rise and shine, and show the world the stuff you are made of.
(The author is an Entrepreneur and a Research scholar on Entrepreneurship & Start ups and can be contacted at [email protected])
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