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Questions and Answers

What is the main focus of the "Startup India Scheme"?

The Startup India Scheme focuses on nurturing innovation and startups within the country, encouraging an entrepreneurial mindset, and promoting job creation.

What are the two main categories of intellectual property?

The two main categories of Intellectual Property are industrial property and copyrights.

Which of the following is NOT a characteristic of entrepreneurship?

Lawful and purposeful activity

Systematic activity

Chance-driven activity (correct)

Innovation

What is the difference between "discovery" and "invention" in terms of intellectual property?

A discovery is the identification of something already existing, while an invention is the creation of something new and unique. Signup and view all the answers

What is the purpose of a patent?

A patent grants exclusive rights to the inventor for a limited time, allowing them to control the use of their invention for a specific period. Signup and view all the answers

What are some examples of "Geographical Indications" in India?

Some examples of Geographical Indications in India are Naga Mircha (chilli), Darjeeling Tea, Kangra Paintings, and Banaras Brocades. Signup and view all the answers

The registration of a trademark is mandatory under the Trademark Act, 1999.

False Signup and view all the answers

Why is Intellectual Property Rights important for entrepreneurs?

Intellectual Property Rights play a crucial role in fostering creativity, protecting inventions, and incentivizing entrepreneurs to invest in research and development. Additionally, they help entrepreneurs secure funding and establish their business in the market. Signup and view all the answers

What are some of the key challenges faced by small and medium enterprises (MSMEs) in India?

Some of the key challenges faced by MSMEs include access to finance, procurement of raw materials, marketing and branding, competition, lack of skilled labor, and limited adoption of technology. Signup and view all the answers

How do MSMEs contribute to the socio-economic development of India?

MSMEs contribute to India's socio-economic development by providing employment opportunities, promoting regional development, fostering entrepreneurship, and contributing to export growth. Signup and view all the answers

What is the significance of the "Plant Variety Protection" act?

The Plant Variety Protection act encourages innovation in agriculture by protecting new plant varieties developed by farmers, promoting investment in R&D, and promoting the growth of the seed industry. Signup and view all the answers

What are the key terms related to MSMEs, cottage industries, and entrepreneurship in India?

Key terms related to MSMEs, cottage industries, and entrepreneurship in India include: small-scale industries, micro business industries, cottage industries, khadi industries, tiny industries, and entrepreneurship. Signup and view all the answers

Study Notes

Chapter 9: MSME and Business Entrepreneurship

Learning Objectives:
- Explain the meaning and nature of MSMEs in India
- Appreciate the role of MSMEs in India
- Analyze problems faced by MSMEs in India
- Discuss the role of innovation and entrepreneurship for MSMEs

Introduction to MSMEs

MSMEs (Micro, Small, and Medium Enterprises) play a significant role in economic growth
Contribute ~29.7% of GDP and ~49.66% of exports
Employ ~60 million people
Complementary to large industries as ancillary units
Contribute to balanced regional development and indigenous skill growth
Wide range of products, from consumer goods to sophisticated finished products
Encouraged in both pre-reform and post-reform periods for self-reliance and rural industrialization
Employ large portions of India's workforce

The Role of MSMEs

Contribute to balanced regional development
Second largest employers after agriculture, generating many employment opportunities per unit of capital invested
Utilize local resources and indigenous skills, conducive to regional development
Produce diverse goods, e.g., mass consumption goods, garments, domestic utensils, etc.
Produce sophisticated products like electronics, machinery, medical equipment

Problems Associated with MSMEs

Finance: Non-availability of adequate finance for operations
Raw materials: Difficulty in procuring necessary materials at suitable costs and quality
Managerial Skills: Insufficient managerial expertise and training within the company
Marketing: Challenges in adequately marketing products and services
Quality control: Difficulty in maintaining quality standards
Capacity utilization: Operational below full capacity due to lack of demand and marketing
Global competition: Competition from large and multinational companies
Infrastructure: Lack of developed infrastructure, such as remote locations with underdeveloped facilities, in some areas

Startup India Scheme

Aims to foster innovation and startups
Goals:
- Trigger entrepreneurial culture
- Encourage educated youth to opt for entrepreneurship
- Broaden the base by addressing the needs of under-represented groups
Entrepreneurship is a purposeful activity
Crucial for economic development, especially in developing countries