Entrepreneurship

DICs

Share this…FacebookGoogle+TwitterLinkedin The District Industries Centers (DICs) programme was started on May 8, 1978 with a view to provide integrated administrative framework at the district level for promotion of small- scale industries in village areas.  Registration of small industries is done at the DICs.  At present there are 422 DICs operating in 431 districts of our country.   Role and Function of DICs The DIC’s role is mainly

SIDBI

Share this…FacebookGoogle+TwitterLinkedinThe Small Industries Development Bank of India (SIDBI) was set up as a subsidiary of the IDBI by a special Act of the Parliament in October, 1989. SIDBI ensures larger flow of financial and non-financial assistance to the small scale sector. The SIDBI commenced its functioning from April 2, 1990 Head office: Lucknow The SIDBI performs the following seven important functions: 1. Refinancing of loans and advances extended by

SIDCO

Share this…FacebookGoogle+TwitterLinkedinThe State Industries Development Corporations (SIDCO) are set up in various states under Companies Act, 1956 .  To cater to the primary development needs of micro, small and medium and village industries in the state.  There are 28 SIDCOs in India. The SIDCO primarily performs the following functions in the state: 1. Providing assistance in terms of term- loans 2. Preparation of feasibility report 3. Underwriting direct

Micro, Small & Medium Enterprises Development Act, 2006.

Share this…FacebookGoogle+TwitterLinkedinA single comprehensive legislation was made for promotion and development of MSME sector in 2006 when the ‘Micro, Small and Medium Enterprises Development (MSMED) Act, 2006’ was passed. The policies for MSME sector development initiated by the central and state governments can be summed up as follows: 1. Providing infrastructural facilities at low rates; piece of land, water, electricity, drainage systems etc. 2. Providing marketing facilities and assisting MSMEs

MSMEs

Share this…FacebookGoogle+TwitterLinkedinThe Ministry of Micro Small and Medium Enterprises , a branch of the Government of India, is the apex body for the formulation and administration of rules, regulations and laws relating to micro, small and medium enterprises in India. The  difference between these three types of enterprise is understood on the basis of investment ceilings i.e., the total investment made in plant and machinery/ equipment. The MSM Enterprises are classified into two parts:

Staffing a new business

Share this…FacebookGoogle+TwitterLinkedinFactors to be considered in staffing a new business : – number of employees needed over a couple of years; – the titles of each staff member; – the skills required for each position; – the availability of human resource in your area; – when each staff member is needed (hiring date); – duties & responsibilities of each employee; – forecasted salary, wage, and commission for each   position;

Marketing Strategies

Share this…FacebookGoogle+TwitterLinkedin1. Identify your customers (companies, buyers and users):  Start placing people and companies into categories to better understand your buyers and the different personas that are part of your user community.  This process is the cornerstone of your marketing plan.  2. Begin to build your unique messaging:  Before kicking off an integrated marketing campaign, it is vital to identify messaging that will move the conversation forward

Legal Requirements

Share this…FacebookGoogle+TwitterLinkedin1. Register the Business :  When setting up a business, your first job is to decide which business structure is best for you: sole proprietor, corporation, limited liability company or a partnership.  The business structure you choose dictates the paperwork you have to file with the state secretary’s office where the business operates, but you first have to register your business and name with the state secretary’s office. 2.

Starting the Venture

Share this…FacebookGoogle+TwitterLinkedin7 Key Steps to starting a Business: . Take time to brainstorm: Who is the target market for the product? What could go wrong and how will you solve it? Are there additional products or services that could tie into your main offering? 2. Create a business plan: The main parts of a business plan include the executive summary, a company description (what makes the company unique), a market