ENTREPRENEURSHIP: OPPORTUNITIES & ROAD BLOCKS IN INDIA

ENTREPRENEURSHIP: OPPORTUNITIES & ROAD BLOCKS IN INDIA AUTHORS: 1 Dr. Shailendra Kumar Verma

Assistant Professor, Department of Business Management & Entrepreneurship, Dr. RML Avadh University, Faizabad (U.P.) Contact: 9415183089, e-mail: [email protected]

2 Mr. Pashupati Nath Verma Assistant Professor, Faculty of Management GCRG Memorial Trusts Group of Institution, Lucknow Contact: 9918277333, e-mail:[email protected]

ENTREPRENEURSHIP: OPPORTUNITIES & ROAD BLOCKS IN INDIA ABSTRACT – Entrepreneurship is the back bone of any economy. It is recognized as essential factor of economical development since last so many years. Most of the developing & developed countries are emphasizing on the entrepreneurial development from all over the world. Indian economy can be strengthened and optimum growth rate can be achieved through entrepreneurial development. Present paper is intended to compare India with BRIC countries & with few of the developed economies to know where we are lagging behind. This paper, also, suggest few of the most developing MSME sectors lead by entrepreneurs in India. An effort has been made to know the factors and road blocks to them, which can contribute to Entrepreneurship in present scenario. The study is based on exploratory research design using Secondary data. Keywords: Entrepreneurship Development, Entrepreneurial Innovation, Technological Innovation Abbreviations Used: NISIET- National Institute for Small Industry Extension & Training NIESBUD-National Institute for Entrepreneurship & Small Business Development SISI- Small Industries Service Institute EDI- Entrepreneurship Development Institute SIDO- Small Industries Development Organisation IIC- Indian Investment Centre SIDBI-Small Industries Development Bank of India DIC-District Industries Centre INTODUCTION The word entrepreneur is derived from the French verb enterprendre which means ‘to undertake’. In the 16 &18 century this term was used for the leaders of the military expeditions& contractors consequently. But in 1933 the word entrepreneur has got a place in business and means one who undertakes his enterprise through coordinating capital and labour for production. Presently, a person can be said as entrepreneur who buys factors of production at certain price with a purpose of combining them to produce goods or service and selling those at a certain price. The entrepreneur perceives opportunities and works as an originator of new business. During Liberalization India started emphasizing & promoting entrepreneurship at various levels due to its capacity of employment & revenue generation. For enchasing the rural entrepreneurial opportunities Entrepreneurial development Institute of India has initiated rural entrepreneur’s training programme since 1998. Apart from this, EDI of India is also providing ED workshop to the educational institutes with a motive of forwarding it to the next level. Some other national & state agencies are also engaged in organising EDP’S like NIESBUD, SIDO, IIC, NISIET, SIDBI, SISI etc. As the government, through its various organizations & programmes is supporting & developing the entrepreneurship and providing all kinds of means for entrepreneurship development. Surely, government will be able to develop optimum level of entrepreneurship but when it is a question mark. The ground reality is that this all is just like a drop in the ocean. Sometime, it seems too hard to believe that these government agencies are doing the job in right way. Reason Behind this rationale is that, in Year 2013, we have census/ sample data for MSME is just up to Year 2006-2007. This is where our government agencies are lagging behind than other BRIC countries & definitely with US, UK, Japan, Australia etc. I have no idea that without sufficient data how these government agencies were planning for entrepreneurial development. Till the date, government agencies do not have a robust structure for entrepreneurial development. OBJECTIVES

1. To know the trend of MSME for entrepreneurs. 2. To study & compare trends of entrepreneurship among few developing & developed economy. 3. To critically evaluate the support services/sources for entrepreneurs provided by the government.

RESEARCH METHODOLOGY Research Design: Exploratory Research Design Data Type: Secondary Data Data Source: Books, Journals, Research Papers, Government Published Data, Referred Websites

TABLE1.1: EVOLUTION GOVERNMENT POLICIES & PROGRAMMES IN POST-LIBERALIZATION ERA 1989 Small Industries Development Bank of India Act enacted 1990 Department of SSI & ARI 1993 Indian Institute for Entrepreneurship, Guwahati PMRY: 10 lakh entrepreneurs, 7 lakh enterprises

Rashtriya Mahila Kosh,(Women entrepreneurship) 1999 Separate Ministry of SSI & ARI 2000 Credit Guarantee Scheme (CGFTSI)

Comprehensive Policy Package for SSI and Tiny Sector 2001 Ministry of SSI and Ministry of Agro and Rural Industries 2004 National Commission for Enterprises in the Unorganized Sector 2006 MSME Act and Ministry of MSME 2007 Package for Promotion of Micro & Small Enterprises 2008 Rajiv Gandhi Udyami Mitra Yojana (A Handholding Scheme for New Entrepreneurs); Prime Minister’s Employment Generation Programme (Training/Financing of New Entrepreneurs)

DATA ANALYSIS AND INTERPRETATION: After MSME Development Act, 2006; as per the provisions of the Act, all MSMEs are required to file Entrepreneurs Memorandum (Part-I) at District Industries Centers (DICs). After commencement of the project, the entrepreneur concerned is required to file Entrepreneurs Memorandum (Part-II) [EM (Part-II)]. Prior to enactment of the MSMED Act, 2006 there was a system of registration to small scale industrial units by the DICs. Thus we can say that situations are improving.

Chart1.1: Number of Registered MSME during Past few Years

Source

1: Entrepreneurs Memorandum (Part-II) DATA on MSME, Ministry of MSME, Govt. of India

Interpretation of Chart 1.1: MSMEs has shown consistent growth in terms of number of Entrepreneurs Memorandum (Part II) [EM-II] filed every year. Number of EM-II filed during 2007-08 in the district Industries centers across the country was 1.74 lakh which increased to 1.93, 2.14, 2.37 and 2.82 lakh during 2008-09, 2009-10, 2010-11 and 2011-12 respectively.

Chart 1.2: Growth of Top 10 Industry Group by Number of Entrepreneurs Memorandum (Part-II) filed Micro,

Small & Medium Enterprises in 2011-12

Source

1: Entrepreneurs Memorandum (Part-II) DATA on MSME, Ministry of MSME, Govt. of India

Interpretation of Chart 1.2: We can see that whole sale trade & commission trade has a trend of exponential growth, Mfg. of food Products & Beverages at sharp decline from 2010-11 to 2011-12. Wood & Wood Products category is at continuous decline from 2007-08 to 1011-12. Government must review its policies related to the industries which are showing a down trend. Except Textile Manufacturer & Fabricated Metal Products manufacturer other industries are either manufacturing industries are either showing a flat growth or at decline and this is not a good sign of entrepreneurial development. Probably this is due to bad infrastructure and support facilities. Rise in wholesale & commission trader is just due to higher risk involved in manufacturing business as this is not appropriately supported by the government. To compare entrepreneurial trend, we have compared the developed and developing countries like US, UK, Japan, BRIC countries with India on few parameters viz:

1. New Business Ownership Rate 2. Total Early-stage Entrepreneurial Activity (TEA) 3. Growth Expectation early-stage Entrepreneurial Activity 4. Entrepreneurial Intention 5. New Product early-stage Entrepreneurial Activity

New Business Ownership: If we talk about new business establishment and define a new business establishment as a running business that has paid salaries, wages, or any other payments to the owners for more than three months, but not more than 42 months. Then we can define New Business Ownership rate as follows: New Business Ownership Rate: Percentage of 18-64 population who are currently an owner-manager of a new business, i.e., owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than three months, but not more than 42 months. The data obtained from Global Entrepreneurship Research Association (GERA) produces following Chart:

Chart1.3: New Business Ownership Rate

Source

2: Global Entrepreneurship Research Association (GERA) Last updated: May 13, 2013

Interpretation of Chart 1.3: On New Business Ownership parameter India’s performance is better than US, UK, Russia, Japan but we are lagging behind the China & Brazil. This shows New Business Owners are growing rapidly in Brazil & China in comparison to India. Early-stage Entrepreneurship Early Stage Entrepreneurship refers a new business enterprise (as described above) or nascent enterprises (a new enterprise that does not pay any salaries, wages, or any other payments to the owners for more than three months). Parameter Total early-stage Entrepreneurial Activity (TEA) has been defined as follows: Total early-stage Entrepreneurial Activity (TEA): Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business.

Chart 1.4: Total Early-stage Entrepreneurial Activity(TEA)

Source

3: Global Entrepreneurship Research Association (GERA) Last updated: May 13, 2013

Interpretation of Chart 1.4: From the chart Brazil & china are at better TEA score than India but again our score is better than US, UK, Russia and Japan.

Growth Expectation: Growth Expectation has been measured in terms employment generated by an Early Stage Enterprise as follows. Growth Expectation early-stage Entrepreneurial Activity: Relative Prevalence Percentage of TEA who expects to employ at least five employees five years from now.

Chart 1.5: Growth Expectation early-stage Entrepreneurial Activity

Source

4: Global Entrepreneurship Research Association (GERA) Last updated: May 13, 2013

Interpretation of Chart 1.5: From the chart we can note that India’s outlook is the poorest among all the countries under consideration. Although in a survey conducted by Accenture on Entrepreneurial Innovation 81 percent of Entrepreneurs are expected to create new jobs in the next two years

5.

Intention for Entrepreneurship: To measure the readiness/intention to start a new enterprise in coming year has been measured by Entrepreneurial Intention as defined below. Entrepreneurial Intention: Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who intend to start a business within three years.

Chart1.6: Entrepreneurial Intention

Source

6: Global Entrepreneurship Research Association (GERA) Last updated: May 13, 2013

Interpretation of Chart 1.6: Chart shows a larger chunk in India have entrepreneurial intention then most of the other countries under consideration. And, as we have higher population base then any other countries except China, this attitude of Indians may lead India to a self-dependent developed country.

New Product Early-stage Entrepreneurship: New Product Early-stage Entrepreneurial Activity: This refers to Percentage of TEA (Total early-stage Entrepreneurial Activity) who indicate that their product or service is new to at least some customers

Chart1.7: New Product early-stage Entrepreneurial Activity

Source

7: Global Entrepreneurship Research Association (GERA) Last updated: May 13, 2013

Interpretation of Chart 1.7: From the chart it is clear that China have high percentage of New Product early-stage Entrepreneurial Activity and that is why China is well known country for developing new product world wide. On this ground of battle India is for behind to its neighbor. Only Brazil in the comparison group has lower score than India. So, finally if we rank India on these parameters India’s scores are as follows:

Parameter India’s

Rank

Top Ranker

1. New Business Ownership Rate 3rd

Rank China

2. Total Early-stage Entrepreneurial Activity (TEA) 3rd

Rank China

3. Growth Expectation early-stage Entrepreneurial Activity 7th

Rank Japan

4. Entrepreneurial Intention 1st Rank India

5. New Product early-stage Entrepreneurial Activity 6th

Rank China

It is not easy to startup a new enterprise. The problem an entrepreneur face while staring a business are as follows:

7 Deadly Roadblocks for

Startup Entrepreneurs8

1. Zero Startup Capital

2. Not Knowing Where

to Start

3. Fear of Failure

4. Idea Chaos

5. Relationship

Dysfunction

6. Customer Shortage

7. Cash Flow Crunch Doing Business 2014 report released by the World Bank this week ranks India at 134 among the 189 countries surveyed. This report is an annual study by the World Bank on the regulations that enhance business activity and those that constrain it. India ranks behind even countries such as Rwanda (32), Tunisia (51), Ghana (67), Sri Lanka (85), Namibia (98), Nepal (105), Pakistan (110), Swaziland (123) and Bangladesh (130). Further, if we compare India with rest of the countries under consideration hopeless situation will appear in the mind of any entrepreneur. It takes 27 days to start a business here in India as compared to 5 days in US & 12 Days in UK. Cost of starting Business in India is 47.3% (% of Income per capita) as compared to 0.3% in UK, 1.3% in Russia, 1.5% in US, 2% in China, 4.6” in Brazil, and 7.6 % in Japan. Overall ranking for starting a business in the country given by “Doing Business 2014” Report is 179 that means on this dimension India is behind 178 countries.

Economy Brazil China India Japan Russian

Federation United

Kingdom United States

Starting a

Business

Rank (Out of 189 Economy) 123 158 179 120 88 28 20

Procedures (number) 13 13 12 8 7 6 6

Time (days) 107.5 33 27 22 15 12 5

Cost (% of income per capita) 4.6 2 47.3 7.5 1.3 0.3 1.5

Paid-in Min. Capital (% of income per capita) 0 78.2 124.4 0 1.2 0 0

World Economic Forum in his report

10 on Global

Competitiveness Index, India has lost 15 places since 2006 while the countries like Sri Lanka gained 19 ranks. Philippines, once 40 places behind, is now ahead of India. India is 29 ranks behind China, whereas it was only 8 places behind the country in 2006. China leads the BRICS economies by a wide margin, well ahead of South Africa (53rd), India (60) and Russia (64). The report suggests the factors which are prone to block the roads of entrepreneurial Development are as follows:

Young Entrepreneurs’ Alliance Summit 2013 in his report

5 suggests that Entrepreneurs expect a diverse series of actions from

Governments to support them (%), which are as follows:

Conclusions: 1. Inadequate infrastructure, support facilities, increased corruption & red-tapism is affecting entrepreneurial

development in India. 2. Rank of India on few important parameters is as follows:

Parameter India’s Rank Top Ranker

1. New Business Ownership Rate 3rd

Rank China

2. Total Early-stage Entrepreneurial Activity (TEA) 3rd

Rank China

3. Growth Expectation early-stage Entrepreneurial Activity 7th

Rank Japan

4. Entrepreneurial Intention 1st Rank India

5. New Product early-stage Entrepreneurial Activity 6th

Rank China

So, we can say India need to improve on the above parameters so as to support entrepreneurial development.

3. Government support to entrepreneurial development is not adequate and a number of policy levers can be used by Governments to support entrepreneurs so as to minimize the effect of above problematic factors. These policy leavers are outlined below:

Categories of Policy Policy Leavers Examples

Pu

bli

c P

oli

ces

Str

ateg

ies

To

Cre

ate

Bu

sin

ess

En

vir

on

men

t

Simple and adapted admin processes & Policy Stability

Integrated online portal, A Separate Small Business Act, Reducing Red Tapism, procedures, regulations and corruption.

Tolerance for failure Increased tolerance for failure (bankruptcy), Better resolution of Insolvency

Data transfers and data privacy Harmonized Cloud standards/certification

International business Process to set up business in several countries

Develop Infrastructure Digital Infrastructure, Rail, All Weather Road, Procurement Infra. R and D and Technology Infrastructure

To

S

up

po

rt

En

trep

ren

eur

Taxation policies Tax credits, Tax Incentives,

Finance policies Supportive Policies for Business Angels, VC, Banking, Capital Markets, crowd funding

Education/training Provide know-How Technology, Promote STEM graduates

Thriving eco-system Mentoring, Incubators, Clusters, Open Immigration Policy to Attract skilled worker

Intellectual Property Rights Adequate IPR Policies

To

Sti

mu

late

D

eman

d

Public spend Digital infrastructures, “Digitalize” Public Services

Public Procurement and R&D SBA/SBIR

Delivery of Public Services Open data policies

Access to International Markets Export schemes

Adequate Local Marketing Support Trade Fares

By the use of policy livers as described above entrepreneurship will flourish in India & it will make us a self-dependent nation.

Appendix-I All India Industry Group-wise distribution of Number of Entrepreneurs Memorandum (Part-II) filed Micro, Small & Medium Enterprises based on NIC-2004 at two digit level during 2007-08 to 2011-12

Position as on: 30/07/2012 Sr. No

Description 2007-08 2008-09 2009-10 2010-11 2011-12

2008-09 2009-10 2010-11 2011-12

1 Agriculture, Hunting and Related Service Activities 690 606 648 695 639 2 Forestry, Logging and Related Service Activities 359 334 359 460 496 3 Fishing, Aquaculture and Service Activities

Incidental to Fishing 28 5 34 15 13

4 Mining of Coal and Lignite; Extraction of Peat 22 19 54 70 33 5 Extraction of Crude Petroleum and Natural Gas;

Service Activities incidental to Oil and Gas Extraction, excluding Surveying

53 44 37 32 22

6 Mining of Uranium and Thorium Ores 115 104 85 70 13 7 Mining of Metal Ores 83 137 158 115 188 8 Other Mining and Quarrying 808 1,078 1,491 1,178 1,035 9 Mfg of Food Products and Beverages 15,839 16,357 18,353 19,447 14,388 10 Mfg of Tobacco Products 466 408 381 565 305 11 Mfg of Textiles 14,327 18,803 20,995 24,469 25,383 12 Mfg of Wearing Apparel; Dressing and Dyeing of

Fur 14,183 15,001 17,428 21,351 19,694

13 Mfg of Leather & Leather Product 3,091 3,136 2,999 3,467 2,535 14 Mfg of Wood And Wood Products 6,268 6,688 6,342 6,283 6,220 15 Mfg of Paper And Paper Products 2,885 2,985 4,028 5,672 2,545 16 Publishing, Printing & Reproduction of Recorded

Media 1,907 2,057 2,027 2,185 5,202

17 Mfg of Coke & Refined Petroleum Products and Nuclear Fuel

388 341 350 543 402

18 Mfg of Chemicals and Chemical Products 5,477 5,488 5,849 5,914 5,079 19 Mfg of Rubber and Plastics Products 5,248 4,874 5,086 5,572 5,856 20 Mfg of Other Non-Metallic Mineral Products 7,595 8,035 8,358 8,768 8,211 21 Mfg of Basic Metals 3,569 4,144 3,144 3,662 3,877 22 Mfg of Fabricated Metal Products 13,959 14,399 17,223 20,528 23,088 23 Mfg of Machinery and Equipment n.e.c. 6,996 6,702 8,636 9,270 10,122 24 Mfg of Office, Accounting & Computing Machinery 193 207 295 406 499 25 Mfg of Electrical Machinery and Apparatus n.e.c. 2,768 2,775 3,207 3,718 2,510 26 Mfg. of Radio, Television and Communication

Equipment and Apparatus 844 969 918 1,088 1,325

27 Mfg of Medical, Precision and Optical Instruments, Watches and Clocks

622 785 968 832 1,034

28 Mfg of Motor Vehicles, Trailers and Semi-Trailers 416 507 697 693 1,301 29 Mfg of Other Transport Equipment 654 768 903 980 647 30 Mfg of Furniture; Manufacturing n.e.c. 6,780 8,114 7,472 7,501 10,134 31 Recycling 42 66 72 38 227 32 Electricity, Gas, Steam and Hot Water Supply 113 102 91 114 237 33 Collection, Purification and Distribution of Water 30 24 45 83 501 34 Construction 233 294 461 464 975 35 Repair & Maintenance of Motor Vehicle, Retail Sale

of Automotive Fuel 2,621 2,656 2,504 2,463 3,619

36 Wholesale of Trade and Commission Trade 200 292 306 2,815 10,652

Source: http://www.dcmsme.gov.in/publications/EMP2.pdf

Appendix-II Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises

Economy Brazil China India Japan Russian

Federation United

Kingdom United States

Ease of Doing Business Rank 116 96 134 27 92 10 4

Starting a Business

Rank 123 158 179 120 88 28 20

Procedures (number) 13 13 12 8 7 6 6

Time (days) 107.5 33 27 22 15 12 5

Cost (% of income per capita) 4.6 2 47.3 7.5 1.3 0.3 1.5

Paid-in Min. Capital (% of income per capita)

0 78.2 124.4 0 1.2 0 0

Dealing with Construction

Permits

Rank 130 185 182 91 178 27 34

Procedures (number) 15 25 35 14 36 12 16

Time (days) 400 270 168 193 297 88 91

Cost (% of income per capita) 34.8 344.7 2,640.40 28.1 89 66 16.7

Getting Electricity

Rank 14 119 111 26 117 74 13

Procedures (number) 4 5 7 3 5 5 4

Time (days) 58 145 67 105 162 126 60

Cost (% of income per capita) 34.4 499.2 230.7 0 293.8 91.9 15.6

Registering Property

Rank 107 48 92 66 17 68 25

Procedures (number) 14 4 5 6 4 6 4

Time (days) 30 29 44 13 22 21.5 12

Cost (% of property value) 2.6 3.6 7 5.8 0.1 4.7 3.4

Getting Credit

Rank 109 73 28 28 109 1 3

Strength of legal rights index (0-10) 3 5 8 7 3 10 9

Depth of credit information index (0-6) 5 5 5 6 5 6 6

Public registry coverage (% of adults) 50.4 30.2 0 0 0 0 0

Private bureau coverage (% of adults) 63.4 0 19.8 100 59.2 100 100

Protecting Investors

Rank 80 98 34 16 115 10 6

Extent of disclosure index (0-10) 5 10 7 7 6 10 7

Extent of director liability index (0-10) 8 1 4 6 2 7 9

Ease of shareholder suits index (0-10) 3 4 8 8 6 7 9

Strength of investor protection index (0-10)

5.3 5 6.3 7 4.7 8 8.3

Paying Taxes

Rank 159 120 158 140 56 14 64

Payments (number per year) 9 7 33 14 7 8 11

Time (hours per year) 2,600 318 243 330 177 110 175

Profit tax (%) 24.9 6.2 24.4 27.2 8 21.6 27.9

Labor tax and contributions (%) 39.6 49.6 20.7 17.9 36.7 10.6 9.9

Other taxes (%) 3.8 7.9 17.8 4.5 6.1 1.7 8.4

Total tax rate (% profit) 68.3 63.7 62.8 49.7 50.7 34 46.3

Trading Across

Borders

Rank 124 74 132 23 157 16 22

Documents to export (number) 6 8 9 3 9 4 3

Time to export (days) 13 21 16 11 22 8 6

Cost to export (US$ per container) 2,215 620 1,170 890 2,615 1,005 1,090

Documents to import (number) 8 5 11 5 10 4 5

Time to import (days) 17 24 20 11 21 6 5

Cost to import (US$ per container) 2,275 615 1,250 970 2,810 1,050 1,315

Enforcing Contracts

Rank 121 19 186 36 10 56 11

Time (days) 731 406 1,420 360 270 437 370

Cost (% of claim) 16.5 11.1 39.6 32.2 13.4 39.9 18.4

Procedures (number) 44 37 46 31 36 28 32

Resolving Insolvency

Rank 135 78 121 1 55 7 17

Time (years) 4 1.7 4.3 0.6 2 1 1.5

Cost (% of estate) 12 22 9 4 9 6 7

Outcome (0 as piecemeal sale and 1 as going concern)

1 0 0 1 0 1 1

Recovery rate (cents on the dollar) 19.5 36 25.6 92.8 42.8 88.6 81.5

Source: http://www.doingbusiness.org/custom-query#Economies as on 8 Dec. 13

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