Small Businesses in India Quiz
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Questions and Answers

What is the main aim of the Rural and Women Entrepreneurship Development programme?

  • To eliminate unemployment among urban youth
  • To provide financial assistance to rural areas
  • To train women for government jobs
  • To promote a conducive business environment for rural and women entrepreneurs (correct)

Which of the following is NOT a service provided by the Rural and Women Entrepreneurship Development programme?

  • Training manuals for women entrepreneurs
  • Creating a business environment
  • Providing venture capital funding (correct)
  • Enhancing human and institutional capacities

What is a primary function of the District Industries Centers (DICs)?

  • To identify suitable schemes and prepare feasibility reports (correct)
  • To regulate the prices of local goods
  • To enforce intellectual property rights
  • To provide tax relief to rural businesses

When was the District Industries Center (DIC) launched?

<p>1 May 1978 (B)</p> Signup and view all the answers

What does the Scheme of Fund for Regeneration of Traditional Industries (SFURTI) aim to achieve?

<p>To increase productivity and competitiveness of traditional industries (B)</p> Signup and view all the answers

Which of the following best defines entrepreneurship as described in the content?

<p>Setting up one's own business distinct from other economic activities (B)</p> Signup and view all the answers

What aspect does the Rural and Women Entrepreneurship Development programme NOT focus on?

<p>Creating jobs in urban areas (D)</p> Signup and view all the answers

Which of these activities is NOT mentioned as a primary function of District Industries Centers?

<p>Providing consultancy for startups (D)</p> Signup and view all the answers

What prompted Khumbongmayum to start his business venture?

<p>He created a unique purse that impressed his friends. (D)</p> Signup and view all the answers

Which mistake did Khumbongmayum make as a first-time entrepreneur?

<p>He used cheap quality materials for his products. (B)</p> Signup and view all the answers

What role does Khumbongmayum's father play in his early life?

<p>He taught Khumbongmayum the craft of tailoring. (D)</p> Signup and view all the answers

What did Khumbongmayum initially think about his father's profession?

<p>He wanted to avoid a similar life of hard work with little reward. (D)</p> Signup and view all the answers

In what year did Khumbongmayum launch his company, 'Romi Bags'?

<p>1996 (A)</p> Signup and view all the answers

How did Khumbongmayum's friends contribute to his business idea?

<p>They expressed interest in purchasing his unique designs. (C)</p> Signup and view all the answers

What is the primary role of entrepreneurship in relation to economic development?

<p>To create opportunities for self-employment (B)</p> Signup and view all the answers

What critical aspect did Khumbongmayum overlook in his initial business plan?

<p>Researching quality materials. (B)</p> Signup and view all the answers

Which of the following is not one of the main objectives of the government’s scheme according to the content?

<p>Eliminating job-seeking behaviors (D)</p> Signup and view all the answers

What overall theme can be derived from Khumbongmayum's story?

<p>Proper planning and quality are vital for business success. (A)</p> Signup and view all the answers

What is defined as the business unit in the entrepreneurship process?

<p>Enterprise (A)</p> Signup and view all the answers

How does entrepreneurship impact job creation?

<p>It creates sustained employment opportunities (B)</p> Signup and view all the answers

In what way does entrepreneurship contribute to individual wealth?

<p>By creating profits for the entrepreneur (C)</p> Signup and view all the answers

What is emphasized as a vital aspect of entrepreneurship in the context of national economic growth?

<p>The creative and systematic activity of identifying needs (C)</p> Signup and view all the answers

According to the content, what has globalization created for entrepreneurs?

<p>Numerous opportunities to exploit (C)</p> Signup and view all the answers

What is the significance of public-private partnerships in entrepreneurship as mentioned in the content?

<p>They enhance competitive advantage and profitability (A)</p> Signup and view all the answers

What is the main purpose of a patent's 20-year protection period?

<p>To promote investment in research and development (D)</p> Signup and view all the answers

What is one purpose of intellectual property protection?

<p>To ensure creators receive recognition for their works (A)</p> Signup and view all the answers

What does licensing involve in the context of patents?

<p>Seeking permission from the patentee for use (B)</p> Signup and view all the answers

Which of the following acts was established for the protection of intellectual property in India?

<p>Geographical Indications of Goods (Registration and Protection) Act 1999 (B)</p> Signup and view all the answers

What happens to a patented invention once its term expires?

<p>It enters the public domain and is free for use (C)</p> Signup and view all the answers

What does the acronym TRIPS stand for?

<p>Trade-Related Intellectual Property Systems (D)</p> Signup and view all the answers

Why is it important to respect others' intellectual property (IP)?

<p>To enhance innovation and creativity (C)</p> Signup and view all the answers

What is a prerequisite for claiming intellectual property rights according to the content?

<p>The creation must be original (C)</p> Signup and view all the answers

What is a semiconductor integrated circuit commonly known as?

<p>An IC (A)</p> Signup and view all the answers

What role does technology play in intellectual property rights?

<p>It ensures the creator has protection for novel creations (C)</p> Signup and view all the answers

What role do Indian farmers have regarding intellectual property?

<p>They are recognized as cultivators, conservers, and breeders (D)</p> Signup and view all the answers

Which of the following is NOT a key facet of intellectual property protection mentioned?

<p>Commerce (A)</p> Signup and view all the answers

What does the term 'monopoly' refer to in relation to patents?

<p>An exclusive control over a patented invention (B)</p> Signup and view all the answers

What is the significance of being a signatory to the TRIPS agreement for India?

<p>It promotes international trade (D)</p> Signup and view all the answers

What is a start-up primarily focused on?

<p>Developing and innovating new products and services (A)</p> Signup and view all the answers

Which act was passed to protect plant varieties and farmers' rights?

<p>Protection of Plant Varieties and Farmers' Rights Act 2001 (A)</p> Signup and view all the answers

What was a major reason for the invention of the wheel during the Stone Ages?

<p>To improve the efficiency of work (D)</p> Signup and view all the answers

Which of the following companies is recognized as a tyre giant today?

<p>CEAT (D)</p> Signup and view all the answers

What is the primary objective of the Start-up India initiative?

<p>To encourage entrepreneurship among Indians (D)</p> Signup and view all the answers

How significant are Small Scale Industries (SSIs) in India's industrial framework?

<p>They comprise 95% of industrial units (C)</p> Signup and view all the answers

What advantage do Small Scale Industries (SSIs) have over larger industries?

<p>Quick decision making (B)</p> Signup and view all the answers

What role does intellectual property rights (IPR) play in new ventures?

<p>It aids in monetizing ideas and establishing competitiveness (D)</p> Signup and view all the answers

What is one of the main benefits of Small Scale Industries in terms of regional development?

<p>They contribute to balanced regional development by using local materials (A)</p> Signup and view all the answers

What proportion of total exports do Small Scale Industries account for?

<p>45% (A)</p> Signup and view all the answers

Flashcards

Small Business

A business that is independently owned and operated, typically with a limited number of employees and a less complex structure than larger corporations.

Entrepreneur

A person who starts and runs a new business, taking on financial risks in hopes of profit.

Business Plan

A document outlining a business's goals, strategies, and financial projections.

Problem of Small Business

Small businesses often struggle with cost control and lack of capital, sometimes resulting in rejection by consumers.

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Khumbongmayum Dhanachandra Singh

A business owner who started Romi Bags, a purse making company in Manipur.

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Romi Bags

The purse making company started by Khumbongmayum Dhanachandra Singh.

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Market Demand

The quantity of a product or service that consumers are willing and able to buy at a given price.

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Financial Projections

Forecasts of a business's financial performance, such as revenue, expenses, and profit.

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Rural Small Business Development Centre

A center sponsored by NABARD that helps disadvantaged rural individuals and groups.

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Rural and Women Entrepreneurship Development (RWED)

A program promoting a good business environment for rural entrepreneurs, especially women.

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District Industries Centers (DICs)

Government centers at the district level that help businesses develop.

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Scheme of Fund for Regeneration of Traditional Industries (SFURTI)

A scheme to improve traditional industries to be more competitive.

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Entrepreneurship

Starting and running your own business.

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Business environment

The conditions and factors that affect a business's ability to operate.

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Human and institutional capacities

The abilities and structures needed to support entrepreneurs.

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Training manuals for women entrepreneurs

Guides and materials specifically to support women business owners.

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Enterprise

A business unit, the output of the entrepreneurial process.

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What is the role of entrepreneurs in the economy?

Entrepreneurs create employment opportunities and contribute to economic development by introducing new products and services.

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What are the benefits of entrepreneurship?

Besides providing self-employment, entrepreneurship offers rewards like financial independence, personal satisfaction, and the opportunity to create something new.

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What is a cluster of traditional industries?

A group of traditional businesses located in a specific region, often sharing similar skills and resources.

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Why are traditional industries important?

Traditional industries preserve cultural heritage, provide livelihoods, and can adapt to modern markets with innovation.

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Why are entrepreneurship and globalization crucial for India?

Entrepreneurship can help India exploit new opportunities in the global market and become a leading economic power.

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What is the relationship between entrepreneurship and economic development?

Entrepreneurship plays a vital role in economic growth by creating new enterprises, generating employment, and driving innovation.

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Intellectual Property (IP)

A legal right granted to creators or inventors for their original works, inventions, or designs, protecting them from unauthorized use.

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Traditional Knowledge

Knowledge, innovations, and practices developed by indigenous peoples and local communities over generations, often passed down orally.

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Why is IP important?

IP rights offer creators exclusive rights to their work, ensuring their economic benefit, preventing unauthorized use, and promoting innovation.

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TRIPS Agreement

An international agreement under the World Trade Organization (WTO) that sets minimum standards for intellectual property protection worldwide.

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What is a trade mark?

A symbol, design, or phrase legally registered to represent a company or product, distinguishing it from competitors.

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Geographical Indication

A sign used on products that have a specific geographical origin and qualities or reputation linked to that place.

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What is a patent?

A legal right granted for an invention, giving the inventor exclusive rights to use, sell, and make it for a specific time.

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Copyright

A legal right granted to authors of original works, protecting their expression in various forms, like books, music, or software.

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Patent

A legal document granting an inventor the exclusive right to make, use, and sell their invention for a specific period, typically 20 years.

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Licensing

The process where a patent holder grants permission to another party to use their invention for a fee, allowing others to commercially use the patented invention.

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What happens when a patent expires?

The invention enters the public domain, becoming freely available for anyone to use, manufacture, or sell. The patent holder no longer has exclusive rights to it.

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Integrated Circuit (IC)

A tiny chip that's the brain of computers and other electronic devices, containing transistors and other circuitry elements built on a semiconductor material.

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Semiconductor

A material, like silicon, that conducts electricity better than an insulator but not as well as a conductor, which is essential for building transistors and other electronics.

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Importance of Innovating

Continuous innovation is vital for businesses to stay competitive, adapting to changing customer needs and market trends.

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Respecting Intellectual Property

Respecting others' creative work and inventions, not only for ethical reasons but also for legal compliance.

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Start-up

A new business venture focusing on developing, improving, and bringing innovative products, processes, or services to the market.

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What is the role of small businesses in India?

Small businesses in India play a crucial role in the country's socio-economic development. They contribute significantly to employment, industrial value addition, and exports, promoting balanced regional growth.

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What are the key features of SSIs in India?

SSIs in India are characterized by being mostly small units, employing a significant portion of the workforce, producing diverse products, and utilizing local resources.

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What are the benefits of small businesses in India?

SSIs in India benefit from low production costs, quick decision-making, adaptability, and suitability for customized production. They also provide opportunities for entrepreneurship.

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What is the significance of Intellectual Property (IP) for businesses?

Protecting and managing intellectual property rights is crucial for businesses to monetize their ideas, establish competitiveness in the market, and gain a protective edge.

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Start-up India Initiative

This initiative aims to encourage entrepreneurship in India, aiming to establish a nation of job creators rather than job seekers.

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What is the role of technology in business development?

Technology plays a significant role in driving business advancements, from creating new products and services to revolutionizing business processes.

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Entrepreneurship in India

India is a hub for entrepreneurship, with a flourishing start-up ecosystem. The Start-up India initiative aims to nurture this entrepreneurial spirit.

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What is the impact of disruptive technologies?

Disruptive technologies can have a profound impact on how we live, work, and think. They often lead to significant changes in industries and societies.

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Study Notes

Learning Objectives

  • Explain the meaning and nature of small business
  • Appreciate the role of small business in India
  • Analyze the problems of small business
  • Classify the different forms of assistance provided by the government to small businesses, particularly in rural and hilly areas

Small Businesses in India

  • Small scale industries are a significant part of India's economy
  • They employ a large percentage of the workforce
  • They contribute to balanced regional development

Types of Small Businesses

  • Manufacturing
    • Micro enterprise: Investment in plant and machinery does not exceed 25 lakh rupees
    • Small enterprise: Investment in plant and machinery is more than 25 lakh rupees but does not exceed 5 crore rupees
    • Medium enterprise: Investment in plant and machinery is more than 5 crore rupees but does not exceed 10 crore rupees
  • Services
    • Micro enterprise: Investment in equipment does not exceed 10 lakh rupees
    • Small enterprise: Investment in equipment is more than 10 lakh rupees but does not exceed 2 crore rupees
    • Medium enterprise: Investment in equipment is more than 2 crore rupees but does not exceed 5 crore rupees
  • Village Industries
    • Located in rural areas
    • Produce goods or services with or without power
    • Fixed capital investment per worker is specified by the central government
  • Cottage Industries
    • Often referred to as Rural or Traditional Industries
    • Not defined by capital investment criteria
    • Characterized by family labor, simple equipment, and low capital investment

Role of Small Businesses

  • Contribute to balanced regional development
  • Second largest employers of human resources
  • Important for economic growth
  • Offer greater employment per unit of capital invested compared to large businesses
  • Provide variety of goods including mass consumption goods, readymade garments, hosiery etc.

Problems of Small Businesses

  • Finance: Difficulty in accessing adequate capital
  • Raw Materials: Procurement issues (availability, quality, prices)
  • Managerial Skills: Lack of experienced managers
  • Labor: Attracting skilled, qualified employees
  • Marketing: Challenges in promoting products and reaching customers
  • Quality: Difficulty in adhering to quality standards
  • Competition: Competition from larger enterprises
  • Technology: Using outdated technology

Governmental Assistance

  • Various schemes and programs offered to support small businesses, especially in rural areas
  • Government efforts focus on providing financial assistance, skill development, infrastructure and marketing support
  • Institutions like NABARD, NSIC, and SIDBI provide support for the development of small industries

Startup India Scheme

  • Aims to create a strong startup ecosystem for fostering entrepreneurship and innovation
  • Offers various advantages such as simplification of compliance for startups, access to funding and mentorship

Intellectual Property Rights (IPR)

  • Critical for protecting the creations of businesses for innovation
  • Categories: patents, trademarks, geographical indications and business secrets
  • Offer protection and incentivize entrepreneurs to invest and innovate

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NCERT Class 11 Business Studies Chapter 9 PDF

Description

Test your knowledge on the significance of small businesses in India. This quiz covers their role in the economy, classification, and the support provided by the government. Delve into the nuances of small scale industries and their impact on employment and regional development.

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