BUSINESS STUDIES MASTER

Unit 8: Small Business & Entrepreneurship

1. Entrepreneurship Development (ED)

ED is the process of sharpening entrepreneurial skills. It’s not just about starting a business; it's a Systematic & Continuous process of human skill enhancement.

🧠 Mnemonic: The "I-R-G" Factor

Every Entrepreneur needs I-R-G:

• Innovation: Creating something new.
• Risk-taking: Gambling on a vision.
• Goal-oriented: Eyes on the prize!

"Funding comes in Angel wings,
Or Venture Capital strings,
Startup India clears the way,
With Tax Holidays to save the day!"

2. Intellectual Property Rights (IPR)

IPR gives creators Exclusive Rights over their creations. No one can steal your "Brain Power" without permission!

[Image of types of Intellectual Property Rights]

🛡️ The IPR Trio:

• Patents: For technical Inventions.
• Trademarks: For Brand Identities (Logos/Names).
• Copyrights: For Artistic Works (Music, Literature).

3. MSMED Act 2006 (Revised Limits)

The government classifies businesses based on Investment and Turnover.

Type	Investment (Inr)	Turnover (Inr)
Micro	Up to 1 Cr	Up to 5 Cr
Small	Up to 10 Cr	Up to 50 Cr
Medium	Up to 50 Cr	Up to 250 Cr

4. Rural Role & Support

Small businesses act as a Regional Balancer by bringing industry to villages.

🌾 Rural Mnemonic: "E-L-S-A"

• Employment: Jobs at the doorstep.
• Low-Cost: Using local resources.
• Standard of Living: Better money for villagers.
• Agro-Based: Helping farmers process crops.

Key Agencies:

• NSIC: Supplies raw materials and handles Marketing.
• DIC: The "Single Window" at the district level for all permissions.

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