Ent Pro

Diagnostic Analysis of Entrepreneur Satisfaction Level

on Indian Support System

ENTREPRENEURSHIP Project submitted by

Rajat Goyal – 501Sumit Pratap Singh - 50176

Department of Management StudiesINDIAN INSTITUTE OF TECHNOLOGY, DELHI

HAUZ KHAS, NEW DELHI – 110016 MAY 2006

May 2006

CERTIFICATE

This is to certify that the major project titled “Diagnostic Analysis of Entrepreneur

Satisfaction Level on Indian Support System” is a bonafide record of work carried out by

Rajat Goyal and Sumit Pratap Singh under our guidance and supervision in partial

fulfillment of the requirement of the Entrepreneurship Project at Bachelor Of Business

Studies [Shaheed Sukhdev College Of Business Studies].

Ms. Neha Thakur

Associate Professor

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ACKNOWLEDGEMENTS

We would like to express our sincere gratitude to my supervisor Prof Neha Thakur for

her continous guidance and help during completion of this project, which could not have

been conceived, designed or delivered without her explicit support. I would like to testify

to highly supportive role that our supervisor played throughout completion of this project.

We are also grateful to all those executives and managers who spend their valuable time

in providing useful data and information, required for the research study.

(Rajat Goyal)(Sumit Pratap Singh)

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ABSTRACT

The Small and Medium Enterprises (SME) play a vital role in the industrial development

of any country. The importance of the SME sector is well recognized world over from its

significant contribution in gratifying various socio-economic objectives, such as higher

growth of employment, output, promotion of exports and fostering entrepreneurship.

In India the small and medium enterprises are not well defined. The internal group set up

by the Reserve Bank of India has recommended that the units with investment in plant

and machinery in excess of SSI limit and upto Rs. 10 crores may be treated as medium

enterprises. The definitions of ‘small’ and ‘medium’ sized enterprises differ from one

country to another. SMEs have been defined against various criteria such as the number

of workers employed, volume of output or sales, value of assets employed, and the use of

energy.

A general conclusion from literature survey is that multiple environmental variables and

their interactions contain relevant information in explaining system success in terms of

various parameters like revenue growth, profit growth, technological advances etc.

The research study was carried out with the objective to empirically derive a correlation

between Overall Satisfaction Level of Entrepreneur and revenue growth of Small and

Medium Enterprise segmented on following parameters

1) Industry Type. Only 2 are considered for study- Service and Manufacturing.

2) Ownership Type- a) Proprietorship b) Partnership c) Private Ltd

3) Initiator of Firm- a) Self b)Father

The correlation of following factors

1) Availability and quality of Raw Material

2) Plant And Machinery Availability at subsidized rate and its Maintenance Support

3) Availability and quality of Human Resources

4) Financial Support

iv

5) Marketing Infrastructure

6) Technology

7) Transportation Facilities

8) Taxes and other important rates like Inflation, Exchange Rate

9) Government Officials Attitude

With overall satisfaction level and revenue growth is determined and analyzed with

reference to present satisfaction level to identify roadblocks and accelerators in path

of Small and Medium Enterprise.

However the main focus of the study was to derive the relevant environment variable and

establish the linkage between the relevant variables derived above and Enterprise

Revenue Growth.

The study revealed there is a high correlation between Overall Satisfaction Level and

Revenue Growth between Small and Medium Manufacturing Enterprise. Overall

Satisfaction Level is significantly affected by

1) Raw Material Satisfaction Level

2) Plant and Machinery Satisfaction Level

3) Transportation Facilities Satisfaction Level

4) Government Official Attitude Satisfaction Level

5) Marketing Satisfaction Level

Satisfaction Level of first four areas is below 50% in the segment.

In service sector also, the high correlation value of Overall Satisfaction Level and

Revenue Growth highlights the need to work for increase Satisfaction.

The most significant correlation among Various Satisfaction Parameters and Overall

Satisfaction is shown by Human Resource Satisfaction Level which is presently not very

high.

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TABLE OF CONTENTS

CHAPTER 1 PAGE NO.

INTRODUCTION

1.1 Definitions of Small and Medium Enterprise in India and the World 2

1.2 Indian Small and Medium Enterprise 7

1.3 Significance of Small and Medium Enterprise 7

1.4 Objectives of the Study 8

1.5 Scope of the Study 8

1.6 Methodology of the Study 9

1.7 Plan of the Study 9

1.8 Concluding Remarks 9

CHAPTER 2 PAGE NO.

LITERATURE REVIEW

2.1 Evolution of Indian SME Policies 12

2.2 SME Policies – International Perspective 14

2.3 Performance 14

2.4 Constraints 17

2.5 Issues Emerging from Literature Review 18


CHAPTER 3 PAGE NO.

CONCEPTUAL FRAMEWORK AND STUDY DESIGN

3.1 Research Model 20

vi

3.2 Pilot Study 20

3.3 Research Methodology 20

3.4 Plan Adopted for Research Study 21

3.5 Design of Questionnaire 21

3.6 Data Collection 22


CHAPTER 4 PAGE NO.

DATA ANALYSIS AND INTERPRETATION

4.1 Introduction 26

4.2 Descriptive Statistics 26

4.3 Removing Outliners from Data 28

4.4 Descriptive Statistics Comparison of Sampled Respondent with and

without Outliners

30

4.5 Detailed Descriptive Statistics 31

4.6 Descriptive Statistics- Manufacturing Sector 36

4.7 Correlation Analysis- Manufacturing Sector 36

4.8 K Means Clustering- Manufacturing 39

4.9 Cluster Analysis and Inferences- Manufacturing 40

4.10 Summary Of Manufacturing Sector 48

4.11 Descriptive Statistics- Service Sector 49

4.12 Correlation Analysis- Service Sector 50

4.13 K Means Clustering-Service 51

4.14 Cluster Analysis and Inferences-Service 52

4.15 Summary Of Service Sector 55

4.16 Analysis based on Ownership 56

4.17 Analysis based on Entrepreneur Generation 61


CHAPTER 5 PAGE NO.

SUMMARY AND CONCLUSIONS

5.1 Summary of Present Study 66

5.2 Major Recommendations 66

5.3 Limitations of the Present Study 67

vii

5.4 Scope for Further Study 67

Appendix 68

References 72

Resume 78

viii

CHAPTER 1

INTRODUCTION

1.1 DEFINITIONS OF SMALL AND MEDIUM ENTERPRISE IN INDIA AND THE WORLD

1.2 Indian Small and Medium Enterprise

1.3 Significance of Small and Medium Enterprise

1.4 Objectives of the Study

1.5 Scope of the Study

1.6 Methodology of the Study

1.7 Structure of the Report

1.8 Concluding Remarks

1.1 Definition of Small and Medium Enterprises

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AUSTRALIA

Definition: Australian Bureau of Stats define on basis of no. of employees small less

than 20, medium 21 to 200, large greater than 200

Key SME Associations:

Council of Small Business Associations of Australia ( COSBOA )

FRANCE

Definition: Enterprise less than 250 employees


Confederation Génerale dee Petites & Moyens Entreprises (CGPME)

UNITED STATES

Definition: There is no "official" certification process to be determined as a small

business. It is a self-certifying and paperless procedure. The U.S. Small Business

Administration (SBA) uses the North American Industrial Classification System

(NAICS) in determining size standards; which as of October 1, 2000, replaced the

Standard Industrial Classification (SIC) Codes.

The definition varies from industry to industry. No standard definition based on turnover

or investment as is the case in India. The company should be independently owned and

not be a dominant player in the market.


• National Association of Manufacturers

• The US Association of Small Business Enterprises

• The National Business Association

• The National Federation of Independent Business

UNITED KINGDOM

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Definition: The company law thresholds for SMEs have recently been increased to the

maximum possible under EU regulations.

1. The thresholds for small businesses are 50 employees, £5.6 million turnover and £2.8

million balance sheet total.

2. For medium-sized companies this is 250 employees, £22.8 million turnover and £11.4

million balance sheet total.


• Small business Europe

• Federation of Small Businesses

RUSSIAN FEDERATION

Definition: Small enterprises:

• < 100 employees in industry and construction:

• < 60 employees in agriculture;

• < 60 employees in science;

• < 50 employees in wholesale trade;

• < 30 employees in retail trade and household services; and

• < 50 employees in other production and non-production spheres.

Medium-sized enterprises: No definition exists.

1.2 Indian Small and Medium Enterprise

In India the small and medium enterprises are not well defined. The internal group set up

by the Reserve Bank of India has recommended that the units with investment in plant

and machinery in excess of SSI limit and upto Rs.10 crores may be treated as medium

enterprises. The definitions of ‘small’ and ‘medium’ sized enterprises differ from one

country to another. SMEs have been defined against various criteria such as the number

of workers employed, volume of output or sales, value of assets employed, and the use of

energy.

3

1.3 Significance of Small and Medium Enterprise

The Small and Medium Enterprises (SME) play a vital role in the industrial development

of any country. The importance of the SME sector is well recognized world over from its

significant contribution in gratifying various socio-economic objectives, such as higher

growth of employment, output, promotion of exports and fostering entrepreneurship.

The SSI sector in India employs around 26 million people and is involved with the

production of over 7500 industrial items with the product range varying from very simple

items produced with traditional technology to high tech products. At present, the SSI

sector accounts for over 90% of industrial units in the country, 40% of value addition in

the manufacturing output and approximately 35% of India’s exports.

1.4 Objectives of the Study

The study has been carried out to determine these important issues with the following

objectives:-

1) To determine the satisfaction level of Small and Medium Enterprise Entrepreneurs

with the existing support System.

2) To determine the roadblocks, this hinders the growth of these enterprises.

3) To determine the co-relation between external environment variables and revenue

growth.

1.5 Scope of the Study

In order to carry out the feasible study to accomplish the objectives following scopes

were defined:-

1) The study was directed at 1st or 2nd Generation Entrepreneurs because subjects

would have appropriate knowledge to answer questions concerning various

aspects of support system.

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2) The study covers the select organization from service, auto-ancillaries, chemicals

etc.

1.6 Methodology of the Study

The study was initiated by scanning of existing literatures to gain an appreciation of

various support functions required by Small and Medium Enterprises.

Various research methodologies have been examined and blend of select methodologies

considered most suitable has been adopted. The study is both quantities and qualitative in

nature. For quantities, a survey instrument was developed to quantify the above

objectives.

From the empirical study, inference has been drawn both quantitatively and qualitatively

to suggest recommendations for growth of Small and Medium Enterprises.

1.7 Structure of the Report

The study is organized in 5 Chapters. A brief outline is given as under:-

CHAPTER 1: deals with introduction to the study. The research background, need and

relevance have been discussed.

CHAPTER 2: covers literature review pertaining to the Research topic.

CHAPTER 3: provides the conceptual framework and research design. It also discusses

research design, questionnaire development, and data collection.

CHAPTER 4: analyzes the data collected from 110 respondents. Based on analysis

carried out, inferences are drawn.

CHAPTER 5: presents the summary and conclusion of the research study.

5


In this chapter attempt has been made to present the background of the research work. It

contains a brief introduction to Small and Medium Enterprises. It also presents in

brief the objectives of the research work, the scope and methodology of the study. A

brief on the structure of the report is also presented to give an understanding on the

contents of the following chapters.

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CHAPTER 2

LITERATURE REVIEW

CHAPTER 2

2.1 Introduction

2.2 Evolution of Indian SME Policies

2.3 SME Policies –International Perspective

2.4 Performance

2.5 Constraints

2.6 Issues Emerging from Literature Review


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2.1 Introduction

With the advent of planned economy from 1951 and the subsequent industrial policy

followed by Government of India, both planners and Government earmarked a special

role for small-scale industries and medium scale industries in the Indian economy. Due

protection was accorded to both sectors, and particularly for small scale industries from

1951 to 1991, till the nation adopted a policy of liberalization and globalization. Certain

products were reserved for small-scale units for a long time, though this list of products is

decreasing due to change in industrial policies and climate.

SMEs always represented the model of socio-economic policies of Government of India

which emphasized judicious use of foreign exchange for import of capital goods and

inputs; labour intensive mode of production; employment generation; non concentration

of diffusion of economic power in the hands of few (as in the case of big houses);

discouraging monopolistic practices of production and marketing; and finally effective

contribution to foreign exchange earning of the nation with low import-intensive

operations. It was also coupled with the policy of de-concentration of industrial activities

in few geographical centers.

SMEs are developed to achieve the following objectives:

High contribution to domestic production

Significant export earnings

Low investment requirements

Operational flexibility

Location wise mobility

Low intensive imports

Capacities to develop appropriate indigenous technology

Import substitution

Contribution towards defense production

Technology – oriented industries

Competitiveness in domestic and export markets

At the same time one has to understand the limitations of SMEs, which are:

Low Capital base

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Concentration of functions in one / two persons

Inadequate exposure to international environment

Inability to face impact of WTO regime

Inadequate contribution towards R & D

Lack of professionalism

In spite of these limitations, the SMEs have made significant contribution towards

technological development and exports.

SMEs have been established in almost all-major sectors in the Indian industry such

as:

Food Processing

Agricultural Inputs

Chemicals & Pharmaceuticals

Engineering; Electricals; Electronics

Electro-medical equipment

Textiles and Garments

Leather and leather goods

Meat products

Bio-engineering

Sports goods

Plastics products

Computer Software, etc.

As a result of globalization and liberalization, coupled with WTO regime, Indian SMEs

have been passing through a transitional period. With slowing down of economy in India

and abroad, particularly USA and European Union and enhanced competition from China

and a few low cost centers of production from abroad many units have been facing a

tough time.

Those SMEs who have strong technological base, international business outlook,

competitive spirit and willingness to restructure themselves shall withstand the present

challenges and come out with shining colours to make their own contribution to the

Indian economy.

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2.2 Evolution of Indian SME’s Policies

Since independence, the Government of India has formulated a total of six Industrial

Policy Resolutions / Statements with a view to promote industrial growth in the country.

All these policies have also covered the small-scale sector, in general. To attain higher

growth in SSI sector, various incentives pertaining to financial, fiscal and infrastructure

related measures were designed and extended to SSI units. Protectionist policies have

been devised to guard the SSIs against competition from the large scale sector. Later, on

the lines of economic liberalization, it was decided to phase out the reservation policy

with the objective of enhancing the potential of SSI sector in their export orientation.

With the gradual phasing out of reservation, the list of reserved items for the SSI sector

stood at 506, as of March 2012. Realising the credit requirements of SSI sector, the

Government evolved a credit policy under the priority sector lending. Several committees

have been constituted to increase the credit flow to the SSI sector. The Internal Group set

up by the Reserve Bank of India to review the guidelines of credit flow to the SME sector

recommended self set targets for the commercial banks, with an increasing disbursement

over the previous year. The Group also advocated for empowering the Boards of the

banks to frame their own policies with regard to SME financing, so that lending policies

would be more liberal than the existing policies. The Union Minister for Finance,

Government of India in a statement in Rajya Sabha on August 10, 2012 fixed a minimum

growth of 20% in credit to SME sector so that the flow of credit to this sector could be

doubled from Rs. 67600 crores in 2010-11 to 135000 crores by 2016-17.

2.3 SME’s Policies-International Perspective

Institutional framework and policy specifications are important factors in helping the

evolution and success of SMEs across the globe. Today, many countries have a range of

programme in diverse areas, viz., financing, technology, innovation, managerial ability,

market information and developmental assistance, aimed at improving the working

environment for SMEs.

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Finance

The Community Programme in Czech Republic provides financial assistance to SME

units in areas with less than 2000 population. The Credit Guarantee Corporation of

Hungary plays an active role in promoting SME development and improve their

competitiveness. In Japan, Credit Guarantee Association acts as a guarantor for SMEs

that are having no collateral security. A financial safety net has been established in South

Korea to help SMEs to overcome the financial shortage. South Korea also has a

facilitative bankruptcy law to enable the exit and restructuring of SMEs that experience

financial stress.

Technology

The Czech Republic has a Technos Programme to support research, development and

innovation in SMEs by accelerating their rate of technology acquisition through

realisation of R&D projects. South Korea has established international cooperation

programmes to strengthen competitiveness through technology transfer.

Innovation

China has an Innovation Fund for small technology based firms to promote technological

innovation amongst SME units. The SME agency of Japan supports the innovation

activities of SMEs through various products and services. Direct subsidies are also given

by Government of Japan for R&D activities of SMEs in Japan.

Information and Marketing

In China, an SME network has been established to meet the information requirement of

SMEs on policies, laws, regulations, emerging technologies, emerging product lines,

sources of raw materials, trends in supply and demand. National Bank of Foreign Trade

(BANCOMEXT), in Mexico provide easy access to information on foreign trade to SME

units and help them in their globalisation efforts. Czech Republic has a Marketing

Programme aimed at supporting SME units to get subsidy for export and marketing

consultation. Mexico has a Supplier Development Programme, which would help

integration of SMEs in to productive chains of large business houses in Mexico.

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Skill Development

Italian Government provides curriculum on entrepreneurial skill development as

vocational course to their citizens, which enables them to start SME units and contribute

to the economic and social development of the country. Japan has SME support centers

which provide over the counter consultation, on-site professional assistance, business

feasibility assessments and information services. South Korea has business incubators to

increase management skills of women entrepreneurs. The Global Supplier Programme of

Malaysia helps in developing critical skills in SME units and also facilitate linkages with

MNCs and large scale units.

2.4 Performance

SSI sector in India has been exhibiting a striking export performance. Barring few years,

exports have grown double digit in the last 10 years. Exports at current prices in 2008-09,

the latest year for which data is available, stood at Rs. 86000 crores. This works out to

about 34% of total exports in India in the same year. Major sectors contributing to SSI

exports include readymade garments (27%), engineering goods (14.5%), chemicals &

pharmaceuticals, electronics & computers, and processed foods (11%each). In terms of

export orientation, sports goods have 100% exports from SSI followed by

readymade.garments (90%), leather (70%), marine products (47%) and chemicals &

pharmaceuticals (44%). Over the last 10 years, the share of SSI exports has increased in

most of the sectors. At the same time, in some sectors, the share of SSI in total exports

has come down. The SSI intensive sectors that have witnessed increase in export share

include engineering goods, chemicals and allied products, plastic products, processed

foods, marine products, woolen garments and knitwear, processed tobacco. Sectors like

basic chemicals & pharmaceuticals, finished leather and leather products, synthetic and

rayon products have witnessed declining share in total exports. Sectors like readymade

garments and sports goods were observing neutral trend, with the share remaining the

same. These 12 SSI intensive sectors accounted for about 95% of total SSI exports from

India, in the year 1991-92. However, the share has come down to 85% in 2008-09. While

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these sectors have improved their cumulative share in India’s total exports from 51.6% in

1991-92 to 55.5% in 2008-09, the export share by SSI units in these sectors have come

down from 58.4% in 1991-92 to 52.4% in 2008-09. Thus, it may be inferred that, since

liberalization, more and more exporting units from SSI sector have been increasing their

capital investment to come out of the SSI net and emerge as global players. Such a trend

is happening especially in sectors like basic chemicals, pharmaceuticals, engineering

goods, leather and textile sectors. There are no official data for compilation of export

performance by the medium scale units. However, analysis has been made using the

CMIE’s India Corporate Database, which represents more than two-third of Indian

manufacturing sector.Analysis has been made to measure the export performance of

medium scale units in select sectors, using two definitions, viz., based on capital

investment, as defined by RBI, and based on sales turnover of units up to Rs. 75 crores.

The analysis revealed that sectors like food and beverages, chemicals, autocomponents,

machinery, electronics, metals, castings and forgings have witnessed increasing export

orientation trend over the last decade. However, the export orientation of sectors like

leather, textiles and readymade garments has more or less remained static over the period.

It may be inferred that these sectors, since they require plenty of capital investment to

meet the global challenges, need to be kept out of any limit on capital investment, to

emerge as global players.

2.4 Constraints

The constraints faced by the SSI sector include product reservations, regulatory hassles –

both at the entry and exit stages, insufficient finance at affordable terms, inflexible labour

markets and infrastructure related problems- like high power tariff, and insufficient

export infrastructure.

These are briefly elaborated below:

l ) The policy of product reservations has restricted operation of economies of scale and

greater efficiency in the small scale sector.

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2) Starting a business in India requires number of permits, even after the initiation of

liberalization programme, as compared to many other developing Asian nations.

3) Insufficient finance at affordable terms is another challenge daunting the performance

of Indian SME Sector. Infrastructural bottlenecks such as transportation /communication

facility and insufficient export infrastructure increases the transaction cost of SME units

in India.

4) Problems in assessing adequate and reliable power at affordable price is another key

constraint of Indian SMEs.

2.5 Issues Emerging from Literature Review

Indian SME’s have shown good results particularly in terms of export performance

despite innumerable constraints as compared to international peers. Although we claim to

be liberalized and globalized economy but still Indian SME’s do not have access to world

class infrastructure, credit and Marketing facilities. With government putting more input

year after year in every budget, it can be hoped that some of the constraints discussed

above may be loosened out.


The literature survey was a very important part of the present research study. It was with

the help of extensive literature reviewing that conceptual model for the study was

designed . Though several articles and publications were studied but a total of around 20

were referred for study.

The literature review clearly identified the gap in the research in the field of Satisfaction

for Support System for Small and Medium Enterprises. Literature Review provides a

sound basis for taking up the present research study which will be dealt in subsequent

chapters. It gave critical input in the design of the study.

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CHAPTER 3

CONCEPTUAL FRAMEWORK AND STUDY DESIGN

CHAPTER 3

3.1 Research Model

3.2 Pilot Study

3.3 Research Methodology

3.4 Plan Adopted for Research Study

3.5 Design of Questionnaire

3.6 Data Collection


15

3.1 Research Model

The identification of research variables helped in the conceptualization of the problem.

The variables identified with the help of Literature Review and Pilot Study were used to

develop a anticipated model.

3.2 Pilot Study

The present study has been carried out in 2 parts: - Main Study and Pilot Study. In the

pilot study 20 Entrepreneurs were asked what External Support they think are important

for growth of their Enterprise. Their response acted as an input for Survey Instrument.

3.3 Research Methodology

The research study has been divided in three parts for ease of understanding. In first part

Small and Medium Enterprise are segmented on basis of

1) Industry Type. Only 2 are considered for study- Service and Manufacturing.

2) Ownership Type- a) Proprietorship b) Partnership c) Private Ltd.

In the second part empirical evidence has been used to gauge the satisfaction level of

entrepreneurs segmented on above basis on following Environmental parameters:-

1) Availability and quality of Raw Material

2) Plant And Machinery Availability at subsidized rate and its Maintenance Support

3) Availability and quality of Human Resources

4) Financial Support

5) Marketing Infrastructure

6) Technology

7) Transportation Facilities

8) Taxes and other important rates like Inflation, Exchange Rate

9) Government Officials Attitude

10) Overall Satisfaction Level

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The third part attempts to derive a correlation between satisfaction level on various

environmental parameters and revenue growth of the industry. Based on these

quantitative inferences, qualitative inferences have been drawn.

After defining the broad area of research, an extensive literature survey was conducted, to

get an insight on various issues emerging from past work carried. Based on this

questionnaire was developed to get quantitative aspect and qualitative inference were

drawn out of these.

3.4 Plan Adopted for Research Study

The following activities were carried out as part of research work:-

1) Broad Area of Research was identified

2) Extensive Literature Survey was carried out to get into various aspects.

3) With the help of literature survey, research framework was conceptualized.

4) In order to carry out the survey study, a detailed questionnaire was designed to

capture the required quantitative information about the sample organization and

respondents. The questionnaire was subjected to pre-testing from a small group of

entrepreneurs. On the basis of feedback received by this group, the questionnaire

was further refined and restructured.

5) The final questionnaire was administered to a cross section of respondents from a

variety of industry types. The questionnaire, which was received back, was

subject to statistical analysis.

3.5 Design of Questionnaire

To accomplish the research objectives, an empirical study was carried out by gathering

data through a research questionnaire (Appendix 2). The survey instrument was divided

in two parts. In the first part demographic information about respondent and their

organization was asked to segment the data received in second part. In second part

respondents were asked to mark their satisfaction level with various Environment

variables on 5 Point Scale.

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3.6 Data Collection

The questionnaire was administered to approximately 110 Small and Medium Enterprise

Entrepreneur. The sample comprised First and Second Entrepreneur as it was felt that the

subjects would have the better understanding to answer the second part of questionnaire.

100 were used for Data Analysis.

Only profit seeking organizations were chosen for Data Analysis.

CHARACTERISTICS OF STUDY SAMPLE

Industry Type Selected For Sample

Service44%

Manufacturing56%

44% of Total Sampled Organization belong to Service Sector-Software, Web portals etc.

56% of Total Sampled Organization belongs to Manufacturing Sector- Auto Parts,

Chemicals, Readymade Clothes, and Glassware etc.

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Ownership Type Selected For Sample

Private Ltd32%

Proprietorship34%

Partnership34%

34% Sampled organization were Partnership, 32% Private Ltd, 34% Proprietorship.

Firm is established by

Self36%

Father64%

64% of Sampled Respondents were Second Generation Entrepreneur.

3.7 Concluding RemarksThe conceptual framework developed in this chapter provides a focus to the research

study. The questionnaire was designed to collect quantitative information. The pilot study

was conducted to determine research variables. A total of 100 respondents were used in

Data Analysis.

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CHAPTER 4

DATA ANALYSIS AND INTERPRETATION

CHAPTER 4

4.1 Introduction

4.2 Descriptive Statistics

4.5 Detailed Descriptive Statistics

4.6 Descriptive Statistics- Manufacturing Sector

4.7 Correlation Analysis- Manufacturing Sector

4.8 K Means Clustering- Manufacturing

4.9 Cluster Analysis and Inferences- Manufacturing

4.10 Summary Of Manufacturing Sector

4.11 Descriptive Statistics- Service Sector

4.12 Correlation Analysis- Service Sector

4.13 K Means Clustering-Service

4.14 Cluster Analysis and Inferences-Service

4.15 Summary Of Service Sector

4.16 Analysis based on Ownership

4.17 Analysis based on Entrepreneur Generation


4.1 Introduction

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In the research, the respondents were asked to rate their satisfaction level on 5 point

scale. According to this scale 1 means least satisfied and 5 means Most Satisfied. There

were 99 responses which were finally grouped under following heads:-

Raw Material

Plant and Machinery

Human Resource

Ease of Financing

Marketing

Technology

Transportation Facilities

Economic Indicators

Government Official Attitude

Overall Satisfaction Level

An average of responses under the head is taken is taken as Satisfaction Level of the

head. 110 Entrepreneurs were interviewed for the study.7 of them were found to be

outliners based on Extreme value Criteria.100 were used for study for sake of

simplicity.

4.2 Descriptive Statistics

A total of 110 respondents were interviewed for the study. The descriptive statistics of

their responses is given in Table 1.

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Table 1:Descriptive Statistics of 110 Respondents

Satisfaction Level(Out of 5) N Mean Median ModeStd.

Deviation SkewnessStd. Error of Skewness

Kurtosis

Std. Error of

Kurtosis Min MaxRaw Material 62 2.05 2.00 2.00 0.78 1.25 0.30 2.76 0.60 1.00 4.75Plant and Machinery 110 2.90 3.00 2.00 1.11 0.01 0.23 -1.15 0.46 0.90 5.00Human Resource 110 3.06 3.00 3.00 0.66 1.05 0.23 3.33 0.46 1.00 5.00Ease of Financing 110 3.26 3.30 3.00 0.74 0.16 0.23 0.47 0.46 1.00 5.00Marketing 110 3.05 3.00 3.00 0.87 0.48 0.23 -0.16 0.46 1.00 5.00Technology 110 2.52 2.30 2.00 0.82 1.47 0.23 2.52 0.46 1.00 5.00Transportation Facilities 62 2.40 2.34 2.20 0.77 1.92 0.30 4.74 0.60 1.00 5.00Economic Indicators 110 2.73 2.50 4.00 1.21 0.30 0.23 -1.31 0.46 1.00 5.00Government Official Attitude 110 2.27 2.00 2.00 0.90 1.73 0.23 3.12 0.46 1.00 5.00Overall Satisfaction Level 110 3.00 3.00 3.00 0.87 0.41 0.23 0.07 0.46 1.00 5.00Revenue Growth(In %) 110 8.80 9.00 7.00 2.61 0.10 0.23 -1.02 0.46 4.75 15.00

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4.5 Detailed Descriptive Statistics of 100 Respondents

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Figure 1

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4.6 Descriptive Statistics-Manufacturing

56 Manufacturing Sector Entrepreneurs were interviewed. Their Descriptive Statistics is

given in Table 4.

4.10 Conclusion-Manufacturing Sector

There is a high correlation between Overall Satisfaction Level and Revenue Growth

between all four clusters of this segment. Overall Satisfaction Level is significantly

affected by

1) Raw Material Satisfaction Level

2) Plant and Machinery Satisfaction Level

3) Transportation Facilities Satisfaction Level

4) Government Official Attitude Satisfaction Level

5) Marketing Satisfaction Level

Satisfaction Level of first four areas is quite low in all 4 cluster.

28

4.11 Descriptive Statistics-Service

44 Service Sector Entrepreneurs were interviewed. Their Descriptive Statistics is given in Table 18.

Table 18: Descriptive Statistics of Service Sector

Satisfaction Level(On 5 pt Scale)

Mean

Median

Std. Deviation

Skewness

Std. Error of

SkewnessKurtosi

s

Std. Error of

Kurtosis Min Max

Plant and Machinery 3.74 3.90 0.42 -1.80 0.36 5.45 0.702.00 4.30

Government official Attitude 3.03 3.03 0.35 -0.25 0.36 1.86 0.702.00 4.00

Ease of Financing 3.43 3.67 0.51 -0.42 0.36 -1.36 0.702.50 4.12

Economic Indicators 3.67 4.00 0.63 -0.86 0.36 -0.25 0.702.00 4.50

Human Resource 3.03 3.11 0.39 -0.41 0.36 0.56 0.702.00 4.00

Marketing 2.62 2.58 0.54 0.36 0.36 -0.31 0.701.50 4.00

Technology 2.26 2.20 0.52 0.21 0.36 -0.19 0.701.23 3.50

Overall Satisfaction Level 3.20 3.00 0.59 -0.08 0.36 -0.28 0.702.00 4.00

Revenue Growth11.1

8 11.00 1.67 -0.74 0.36 2.04 0.706.00

15.00

Their Satisfaction Level is high as compared to Manufacturing Sector. They look dissatisfied with Marketing and

Technology.

29

4.15 Conclusion- Service Sector

The high correlation value of Overall Satisfaction Level and Revenue Growth highlights

the need to work for increase Satisfaction.

The most significant correlation among Various Satisfaction Parameters and Overall

Satisfaction is shown by Human Resource Satisfaction Level which is presently not very

high. Some steps by institutes like IIT can be undertaken to increase this satisfaction level

by imparting training to the deserving students.

4.16 Analysis Based on Ownership

Three types of Ownership are considered for the study

Proprietorship

Partnership

Private Limited

30

Table 26: Proprietorship: Descriptive Statistics

Satisfaction Level(On 5pt Scale) N Mean

Std. Deviation Skewness

Std. Error of Skewness Kurtosis

Std. Error of Kurtosis Min Max Percentiles

25 50 75Raw Material 24 1.59 0.53 0.82 0.47 0.20 0.92 1.00 3.00 1.20 1.30 2.00Plant and Machinery 34 2.14 0.98 0.56 0.40 -1.15 0.79 0.90 3.90 1.22 2.00 3.31Human Resource 34 2.93 0.29 -0.48 0.40 0.27 0.79 2.30 3.50 2.80 3.00 3.10Ease of Financing 34 2.90 0.45 0.91 0.40 0.46 0.79 2.00 3.95 2.60 2.73 3.05Marketing 34 3.00 0.71 0.03 0.40 -0.40 0.79 1.50 4.30 2.54 3.00 3.46Technology 34 2.36 0.54 0.06 0.40 -1.50 0.79 1.34 3.00 2.00 2.00 3.00Transportation Facilities 24 2.53 0.31 -0.04 0.47 -0.56 0.92 1.95 3.10 2.23 2.56 2.69Economic Indicators 34 2.50 1.02 0.41 0.40 -0.94 0.79 1.20 4.50 1.38 2.40 3.13Government Official Attitude 34 1.97 0.55 -0.03 0.40 -1.41 0.79 1.20 3.00 1.33 2.00 2.43Overall Satisfaction Level 34 2.91 0.62 0.05 0.40 -0.23 0.79 2.00 4.00 2.75 3.00 3.00

Revenue Growth 34 7.97 2.55 0.63 0.40 -0.64 0.79 5.0014.0

0 6.00 7.00 10.25

31

Table 27: Partnership: Descriptive Statistics


Std. Deviation

Skewness

Std. Error of

Skewnes Kurtosis

Std. Error of

Kurtosis Min Max Percentiles 25 50 75Raw Material 20 2.28 0.53 2.26 0.51 5.28 0.99 1.90 4.00 2.00 2.05 2.30Plant and Machinery 34 2.81 0.77 0.19 0.40 -1.43 0.79 1.80 4.20 2.00 3.00 3.41Human Resource 34 2.85 0.38 -0.16 0.40 -0.41 0.79 2.00 3.60 2.50 3.00 3.10Ease of Financing 34 3.01 0.56 0.40 0.40 -0.65 0.79 2.00 4.12 2.50 3.00 3.47Marketing 34 3.02 0.71 0.06 0.40 -0.90 0.79 2.00 4.30 2.33 3.05 3.44Technology 34 2.45 0.39 0.40 0.40 -1.19 0.79 1.89 3.20 2.12 2.40 2.85Transportation Facilities 20 1.95 0.32 1.02 0.51 -0.17 0.99 1.56 2.60 1.70 1.89 2.08Economic Indicators 34 2.31 1.12 0.68 0.40 -1.21 0.79 1.00 4.20 1.46 1.56 3.50Government Official Attitude 34 2.25 0.45 0.75 0.40 -0.38 0.79 1.60 3.20 1.92 2.12 2.53Overall Satisfaction Level 34 2.59 0.61 0.50 0.40 -0.56 0.79 2.00 4.00 2.00 3.00 3.00Revenue Growth 34 8.82 1.80 0.02 0.40 -1.07 0.79 6.00 12.0 7.00 9.00 10.00

32

Table 28: Private Limited: Descriptive Statistics


Std. Deviatio

nSkewnes

s

Std. Error of

SkewnessKurtosi

s

Std. Error of

Kurtosis Min Max Percentiles 25 50 75Raw Material 12 2.42 0.31 -0.32 0.64 0.98 1.23 1.80 3.00 2.31 2.45 2.59Plant and Machinery 32 3.41 0.82 -0.68 0.41 -1.27 0.81 1.80 4.30 2.52 3.95 4.00Human Resource 32 3.07 0.37 -0.69 0.41 2.39 0.81 2.00 4.00 2.90 3.11 3.24Ease of Financing 32 3.65 0.24 -0.72 0.41 0.34 0.81 3.00 4.00 3.50 3.70 3.87Marketing 32 2.77 0.61 1.00 0.41 0.51 0.81 2.00 4.30 2.39 2.63 3.00Technology 32 2.27 0.52 0.45 0.41 -0.01 0.81 1.23 3.50 2.00 2.00 2.50Transportation Facilities 12 2.28 0.25 0.17 0.64 0.93 1.23 1.89 2.80 2.13 2.34 2.40Economic Indicators 32 3.03 1.04 -0.04 0.41 -1.74 0.81 1.70 4.50 1.83 3.05 4.00Government Official Attitude 32 2.02 0.51 1.07 0.41 1.32 0.81 1.23 3.50 1.66 2.00 2.35Overall Satisfaction Level 32 3.19 0.64 -0.19 0.41 -0.51 0.81 2.00 4.00 3.00 3.00 4.00Revenue Growth 32 10.69 2.26 -0.72 0.41 0.48 0.81 5.00 15.00 10.00 11.00 12.00

33

Table 29: Comparison on Basis of Ownership

Satisfaction Level(On 5 pt Scale)

Mean Satisfaction Level(In % Terms) Std. Deviation

ProprietorshipPartnershi

p Pvt. Ltd ProprietorshipPartnershi

pPvt. Ltd.

Raw Material 32 46 48 0.53 0.53 0.31Plant and Machinery 43 56 68 0.98 0.77 0.82Human Resource 59 57 61 0.29 0.38 0.37Ease of Financing 58 60 73 0.45 0.56 0.24Marketing 60 60 55 0.71 0.71 0.61Technology 47 49 45 0.54 0.39 0.52Transportation Facilities 51 39 46 0.31 0.32 0.25Economic Indicators 50 46 61 1.02 1.12 1.04Government Official Attitude 39 45 40 0.55 0.45 0.51Overall Satisfaction Level 58 52 64 0.62 0.61 0.64Revenue Growth 8 9 11 2.55 1.80 2.26

Proprietors are least satisfied in 3 critical Manufacturing parameters-

1) Raw Material

2) Plant and Machinery.

3) Government Official Attitude

Human Resource Satisfaction which is most critical parameter for Service Sector is similar across the board.

34

4.17 Analysis Based on Entrepreneur Generation

In this section respondents are segregated on basis of who initiated the firm. If the firm has been initiated by the respondent

then it is classified as First Generation, or if initiated by father it is termed as Second Generation.

Table 30: Descriptive Statistics: First Generation Entrepreneurs

Satisfaction Level(On 5 pt Scale) N MeanStd. Deviation Skewness

Std. Error of Skewness Kurtosis

Std. Error of Kurtosis Min Max Percentiles

25 50 75

Raw Material 26 2.34 0.53 0.90 0.46 3.63 0.90 1.10 4.00 2.00 2.30 2.58

Plant and Machinery36 2.85 0.81 0.37 0.40 -1.34 0.78 1.67 4.20 2.00 2.56 3.80

Human Resource36 2.89 0.35 -0.65 0.40 0.26 0.78 2.00 3.50 2.75 3.00 3.10

Ease of Financing36 3.53 0.36 -0.64 0.40 0.63 0.78 2.50 4.12 3.40 3.50 3.80

Marketing36 2.79 0.60 0.48 0.40 -0.23 0.78 2.00 4.20 2.30 2.70 3.00

Technology36 2.50 0.48 0.01 0.40 -1.90 0.78 1.90 3.20 2.00 2.50 3.00

Transportation Facilities26 2.29 0.27 0.82 0.46 2.51 0.90 1.80 3.10 2.15 2.30 2.43

Economic Indicators36 1.89 0.65 0.91 0.40 -0.27 0.78 1.20 3.50 1.32 1.80 2.50

Government Official Attitude36 1.90 0.64 0.90 0.40 -0.64 0.78 1.20 3.20 1.33 1.70 2.50

Overall Satisfaction Level36 2.83 0.71 0.26 0.40 -0.89 0.78 2.00 4.00 2.00 3.00 3.00

35

Table 31: Descriptive Statistics: Second Generation Entrepreneurs

N MeanStd.

Deviation SkewnessStd. Error of Skewness Kurtosis

Std. Error of

Kurtosis Min Max Percentiles 25 50 75Raw Material 30.00 1.71 0.50 0.23 0.43 -0.38 0.83 1.00 3.00 1.20 1.94 2.00Plant and Machinery 64.00 2.73 1.10 -0.15 0.30 -1.52 0.59 0.90 4.30 1.90 3.15 3.78Human Resource 64.00 2.98 0.36 -0.24 0.30 0.61 0.59 2.00 4.00 2.80 3.00 3.20Ease of Financing 64.00 2.98 0.54 0.50 0.30 -0.87 0.59 2.00 4.00 2.60 2.80 3.50Marketing 64.00 3.02 0.71 0.15 0.30 -0.75 0.59 1.50 4.30 2.46 3.00 3.48Technology 64.00 2.29 0.49 0.25 0.30 -0.29 0.59 1.23 3.50 2.00 2.20 2.58Transportation Facilities 30.00 2.25 0.48 0.06 0.43 -1.65 0.83 1.56 3.00 1.80 2.28 2.67Economic Indicators 64.00 3.01 1.08 -0.24 0.30 -1.47 0.59 1.00 4.50 2.10 3.05 4.00Government Official Attitude 64.00 2.18 0.41 0.39 0.30 1.45 0.59 1.23 3.50 1.99 2.17 2.43Overall Satisfaction Level 64.00 2.92 0.65 0.08 0.30 -0.56 0.59 2.00 4.00 2.25 3.00 3.00

36

Table 32: Descriptive Statistics Comparison: First Generation and Second Generation.

Satisfaction Level(On 5 pt Scale) N

Mean(In% term)

Std Deviation

Percentiles 25%

Percentiles 50%

Percentiles 75%

FG SG FG SG FG SG FG SG FG SG FG SGRaw Material 26 30 47 34 0.53 0.50 40 24 46 39 52 40Plant and Machinery 36 64 57 55 0.81 1.10 40 38 51 63 76 76Human Resource 36 64 58 60 0.35 0.36 55 56 60 60 62 64Ease of Financing 36 64 71 60 0.36 0.54 68 52 70 56 76 70Marketing 36 64 48 60 0.60 0.71 46 49 54 60 60 70Technology 36 64 50 46 0.48 0.49 40 40 50 44 60 52Transportation Facilities 26 30 46 45 0.27 0.48 43 36 46 46 49 53Economic Indicators 36 64 55 60 0.65 1.08 26 42 36 61 50 80Government Official Attitude 36 64 48 44 0.64 0.41 27 40 34 43 50 49Overall Satisfaction Level 36 64 57 58 0.71 0.65 40 45 60 60 60 60

First Generation Entrepreneurs have high satisfaction level as compared to Second Generation in

1) Raw Material

2) Ease of Financing Satisfaction Level

But they look dissatisfied with the Marketing.

37


In this part attempt has been made to cluster industry based on Type, Ownership, and

Generation. Further segment has been constructed based on K- Means Analysis.

Value of k is chosen such that Fnuc is maximum to ensure maximum homogeneity

between the clusters. Each cluster is analyzed and named. Descriptive Statistics and

Correlation of Various Satisfaction Level Factor with Overall Satisfaction Level and

Revenue Growth is done to diagnostically analyze impact of present satisfaction level

of various parameters.

38

CHAPTER 5

SUMMARY AND CONCLUSIONS

CHAPTER 5

5.1 Introduction

5.2 Summary of Present Study

5.3 Major Recommendations

5.4 Limitations of the Present Study

5.5 Scope for Further Study

5.1 Introduction

39

This chapter presents the summary of the research study. The important research

findings have been summarized and synthesized in this chapter. On the basis of

research findings some recommendations are suggested. It also presents significant

contribution made by the study. The chapter also highlights the limitations of the

present study and delineates the direction for further research.

5.2 Summary of the Present Study

There is a high correlation between Overall Satisfaction Level and Revenue

Growth between all Small and Medium Manufacturing Firm. Overall

Satisfaction Level is significantly affected by:

1. Raw Material Satisfaction Level

2. Plant and Machinery Satisfaction Level

3. Transportation Facilities Satisfaction Level

4. Government Official Attitude Satisfaction Level

5. Marketing Satisfaction Level

Satisfaction Level of first four areas is quite low in all clusters.

In service sector, the high correlation value of Overall Satisfaction Level and

Revenue Growth highlights the need to work for increase Satisfaction.

The most significant correlation among Various Satisfaction Parameters and

Overall Satisfaction is shown by Human Resource Satisfaction Level which is

presently not very high.

Segregating on basis of type of Ownership, Proprietors are least satisfied in 3

critical Manufacturing parameters-

1. Raw Material

2. Plant and Machinery.

3. Government Official Attitude

Human Resource Satisfaction which is most critical parameter for Service

Sector is similar across the board.

5.3 Major Recommendations

40

Human Resource has emerged as the most critical element for growth of service

industry. The present satisfaction level of Service Industry with reference to Human

Resource is nearly 60%, which has tremendous source for improvement. It can be

improved by government emphasizing more on vocational training.

First Generation Entrepreneurs are not satisfied with marketing infrastructure. They

can be given short term training on the same.

5.4 Limitations of the Study

Some of the limitations of the study are

1) The data in the study was collected through questionnaires. The survey,

therefore, are subject to well known limitations of such survey.

2) For empirical study the organizations selected were primarily located in and

around Delhi so regional bias might be there.

3) Only limited characteristics were considered in the study.

5.5 Scope for Further Study

Following are some of the areas of further Research:-

1) The present study gauges the satisfaction level of entrepreneurs. The reason for

this level is important area to be explored.

2) The satisfaction level of Indian Entrepreneur need to be compared with

International peers.

3) The reasons for low satisfaction level need to be explored. The important issue

“Does Country lack infrastructure or Entrepreneur Lacks Awareness?” need to be

explored.

41

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