MSME entrepreneurship training in India project report

MSME entrepreneurship training in IndiaA brief report on training & opportunities in India

Lokesh Sharma(IMT Ghazibad) Pooja Agarwal(XIMB) Vivek Kumar(IIM Indore)

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1 MSME entrepreneurship training in India

Letter of transmittalJuly 22, 2014

The Director,

Rangnekar Institute of Management Studies & Research,

Dear Sir,

This letter transmits the report that discusses on the opportunities and training available for MSME entrepreneurs in India. A secondary research as well as primary research has been conducted for need gap analysis. Finally recommendations are given based upon the research conducted. In case you require any other information please feel free to contact us.

Sincerely,Vivek Kumar(IIM INDORE)Pooja Agarwal(XIMB)Lokesh Sharma(IMT Ghaziabad)

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Executive SummaryThis report provides an insight to the available training options in India for MSME entrepreneurs and emphasizes the opportunities available in this area. It covers the brief introduction of the MSME sector importance to Indian economy. Various training programs especially by the government institution are covered. Some of the course facets and requirements are elaborated through an in depth research on a considerable base of respondents comprising of entrepreneurs, students and faculties. Finally recommendations are given to bridge the gap between the actual and desired state of the course.

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Contents

EXECUTIVE SUMMARY...........................................................................................................................................2

INTRODUCTION .....................................................................................................................................................4

WHY MBA FOR ENTREPRENEURSHIP?................................................................................................................................4ROLE OF MSME IN INDIAN ECONOMY ...............................................................................................................................4

CURRENT TRAINING PROGRAMS IN MSME(INDIA) ................................................................................................6

TRAINING PROGRAMS RUNNING IN MSME-DEVELOPMENT INSTITUTE, AGRA .........................................................6TRAINING SERVICES OF MSME, DELHI .....................................................................................................................7MSME GUWAHATI TRAINING PROGRAMS...........................................................................................................................8TRAINING PROGRAMS OF MSME-DIS ...............................................................................................................................8

OPPORTUNITIES.....................................................................................................................................................9

RESEARCH DESIGN AND METHODOLOGY............................................................................................................... 9

SURVEY INSTRUMENT......................................................................................................................................................9POPULATION AND SAMPLE (DATA COLLECTION): .................................................................................................................10QUESTIONS DEVELOPED AS PART OF THE RESEARCH INSTRUMENT:..........................................................................................10

DATA ANALYSIS ................................................................................................................................................... 11

GRAPHICAL REPRESENTATION OF THE RESPONSES TO THE RESPECTIVE QUESTIONS: ....................................................................12

CONCLUSION AND IMPLICATIONS ....................................................................................................................... 29

RECOMMENDATIONS .......................................................................................................................................... 29

REFERENCES......................................................................................................................................................... 30

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IntroductionWhy MBA for entrepreneurship?MBA is a valuable tool when starting up an enterprise or business. Many entrepreneurs start up their business with a zeal and passion for their specific purpose but having no real sense or knowledge of business because of which so many start ups are shut down every year. With an MBA degree, one can get the solid base of financial and marketing understanding of the business in order to face the various challenges ahead. The wide range of subjects makes one competent in micro and macroeconomics, finance, accounting, marketing, human resources, etc. A proper understanding of the overall picture and the ability to decode the statistics and the competitor’s behavior really makes a difference in today’s market. Although deciding the correct timings to expand or consolidate is an art in itself, its basic foundation is laid in education.

Apart from the studying the market trends and spreadsheet analysis, MBA equip one with soft skills like leadership, communication and people management which makes one understand the dynamics of team building . In short, an MBA fosters the spirit of innovation and entrepreneurship in following ways:-

Case studies approach to learn from role models and frameworks

Benefit of learning through the peers of different disciplines and culture

Access to global experts and resources

Networking and brand of the business school, which may provide easier access to acquiring some basic components of the start up

A great place to show creativity and openness

A safe place to experiment and fail

The best thing is the entrepreneurship cell in the MBA colleges, where one can experiment with their ideas- and fail with less harsh consequences. This leads to a wider approach of thinking. Exposure to inspiring people, powerful ideas, and creative thinking encourages experimentation and new ideas. One can incur more debt, but it will lead to a whole new community of people who can help to make one’s idea work—and in the future, maybe even participate in funding the business. It does not guarantee success but it will provide one with many useful tools which will be required in the future.

Entrepreneurship is a matter of heart, an attitude and an appetite to take risks and these characteristics are in built in the personality. MBA can influence one’s attitude towards risk by giving him the scale to measure it but the ability to take risk is one’s choice and decision.

Role of MSME in Indian economyMSMEs play a pivotal role in the industrial economy of India. It accounts for more than 80% of the total number of industrial enterprises with over 8000 value-added products. According to estimated values, the sector accounts for 45% of the manufacturing output and 40% of the total

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export of the country. It contributed significant by employing about 73 million people across 31 million units in the country. For FY11, total production coming from MSME sector was estimated to be Rs.10957.6 billion, an increase of more than 11 % over the previous year.

Fixed investments in the MSME sector grew at a CAGR of 11.48 % between FY07 and FY11 with a growth in employment of more than 5%. The sector’s total production grew at a CAGR of 11.5 %, stating the significant contribution to Indian economy.

The MSME sector in India is highly heterogeneous due to difference in the size of the enterprises, variety of products and services and levels of technology. Along with its role in providing employment opportunities at comparatively lower capital cost than large industries, it

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also helps to industrialize then rural and backward areas thus reducing regional imbalances and leading to more equitable distribution of national income. They are like complement to the large industries and contribute efficiently to the socioeconomic development of the country.

Owing to the vital role of MSMEs in the Indian economy, Government is giving high priority to its financing and development. Ministry of MSME is conducting a number of programs for skill development through its National level Entrepreneurship Development Institutes, MSME-Development Institutes, Tool Rooms and Training Centers. Institutions like SIDBI, SFCs, NBFCs, Schedule Commercial Banks(SCBs), etc. are meeting the long term fund requirements of the MSMEs because of their vital role in the economy.

Current training programs in MSME(India)Currently, the MSME-Development institutes, established by the ministry of MSME are imparting training in this field. Let’s have a look on some of these:-

Training Programs Running in MSME-Development Institute, Agra

Entrepreneurial and Skill Development Programs - Computer Accounting - Leather Footwear & Leather Goods - Computer Application - Computer Hardware maintenance - Beautician Course for Women

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- Computer Networking - Fashion Technology Course For Women - Call Centre Management - Food Processing - Baking Technology - Mobile Repairing - Refrigeration & Air Conditioning - Inverter Assembly - Chemical & Cosmetic Products - Interior Designing - Electrical Appliances Maintenance & Repairing - Leather Garments - Office Automation with Tally Accounting - Shoe Designing - Computerized Jewelry Designing - Computerized Fashion Designing - Computer Hardware & Networking And IT Enabled A/c - Testing of Forging & Casting Items - Dress Designing & Making - Computerized Fashion Designing & Readymade Garment Making - Office Automation - Foundry & Forging

Management Development Programs - Marketing Management - Marketing and Sales Management - Export Marketing Management and Documentation - Financial Management - Industrial Legislation - Production, Planning and Control - Working Capital Management - E Commerce & E Business Fundamentals - Management Information System with Internet

Training Services of MSME, DelhiWith an objective to support specifically to MSMEs and also to other industries for improvement of skill of their testing personnel, the MSME-Testing Centre, New Delhi imparts following types of training in the field of Electrical, Chemical, Metallurgical and Mechanical testing of various products. Such trainings develop human resources, who are beneficial to all Industries, since they get a trained graduate/diploma holder engineers and graduate chemists who may contribute for testing and implementation of quality control activities in their respective establishments.1. Training Programsa. Long Term TrainingMSME offers 3 months duration long-term training in specific fields throughout the year in all the four technical divisions.b. Specialized TrainingMSME offers 15 days’ duration specialized training in specific and specialized areas on specific request of the Industries association or individuals. This specialized training is offered

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throughout the year. Organizing such training, however, depends on the availability of suitable number of candidates.c. Synchronized Training ProgramThis is a very special type of training program intended for industry sponsored candidates. This training offers “hands-on-training” since the trainee will learn to test his own sample. The Electrical Division, at the specific request of the industry, generally conducts this unique training program.d. Training PolicyOrganizing any or all the above training programs depend on the policy and plan DC(MSME) , Ministry of MSME and directives time to time received from them and also on the availability of suitable number of candidates. The training programs shall, however, be notified one month in advance before commencement.

MSME Guwahati training programs

NATIONAL LEVEL VENDOR DEVELOPMENT PROGRAMME AT TINSUKIA from 5th February, 2014 to 7th February, 2014.ENTREPRENEURSHIP SKILL DEVELOPMENT PROGRAMME on “Electrical Wiring”, "Repair & Maintenance of Power Supply, Inverter, UPS" and "Web page designing & website maintenance" at Guwahati.SIX WEEK long ENTREPRENEURSHIP SKILL DEVELOPMENT PROGRAMME on “Mobile Repairing” and "Computer Hardware & Networking" at Guwahati.ESDP on Value-added Jute products at Bagharbari, Tiniali, Guwahati -37, from 21.09.2012 to 06.11.2012National Vendor Development Programme- Cum - Exhibition W.E.F. 23rd to 25th February’ 2013Reimbursement on Barcode, ISO-9001 and ISI/ Product Certification for the year 2012-13

Training Programs of MSME-DIs

Various types of training programs conducted by various MSME-DIs are provided in the table below.

Programme Name Various Topics covered

Entrepreneurship Development Programs

(EDPs)

Computer Application, Computer Awareness, Beautician, Garment Manufacturing, Leather Goods Manufacturing, Call centre (IT) industry, Catering, Industrial Accounting, Fruits and Vegetable Products, etc.

Entrepreneurship Skill Development Programs

(ESDP)

Computer Application, Computer Hardware Maintenance, DTP, Motor Winding, CNC Operation and Programming, Mobile Handset Repairing, Computer Accounting, Food processing, Embroidery, Fashion Designing, Jewellery Designing, Soft Toys, Air Conditioning and Refrigeration, Consumer Chemical Products, etc.

Business Skill Development Programs

Product/ process design, Manufacturing Process involvedTesting, Selection & usage of appropriate machinery and equipment,

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(BSDP) Marketing avenues/ techniques, Product / service pricing, Export opportunities, Cash flow, Preparation of project profiles, Quality management Standard, Quality Management Tools, Creativity, Value Engineering and Value analysis, Industrial DesignPatenting, scheme for TIFAC for energy new design

Management Development Programs

(MDP)

Management of Small Enterprises, Retail Management, Computer Management, Export Procedure and Documentation, Financial Management and Accounting, E-marketing, Sales Promotion and Marketing, Quality Management, Human Resource Management, Web Security Management, etc.

Industrial Motivation Campaigns (IMCs)

Industrial Motivation Campaigns

Vocational and Education Training

Courses in Tools Engineering, Skill Enhancement Courses for Industry Personnel, Customised training programs for industries

OpportunitiesThe field of training MSME entrepreneurship is still more occupied by the government institutions and there is a very wise scope for the private players to design courses to suit the requirements of the increasing base of entrepreneurs. We can briefly mention the opportunities in this field:

Market trend towards entrepreneurship, which starts with MSME ventures A growing base of consumers to cater to Slack in the current course and the market conditions in the present courses A good area of research for the colleges and institutions to focus It is the need of the hour as per the current market scenario and economic condition of

our country There are some management institutes who have specifically targeted this segment like

SME Business School(http://www.smebschool.com)

Research design and methodologySurvey InstrumentThe present study was conducted using questionnaires as a survey instrument with variables selected from exploratory research of secondary literature. Demographic information regarding name and profession were also collected. The rest of the questionnaire focused on questions containing variables determining skills needed for entrepreneurs and the questions have been listed below. Questions were formulated using a Likert scale with options varying from Strongly

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Disagree to Strongly Agree. The variables were selected to align with the respective hypotheses of the study with three or four variables falling under a particular hypothesis characteristic eg. Finance, operation, network, risk etc

Population and sample (data collection):Online and field survey was conducted to gather information through respondents about the pre defined research objective based on the convenient sampling method. Respondents are people across different age groups who are entrepreneurs or aspire to be an entrepreneur. Survey method has advantage as it led to generation of standard information and it is suitable for data tabulation, analysis and interpretation .We visited different startups as well as different colleges in nearby areas to interact with different people who filled our questionnaire. We also send the questionnaire to respondents on the email which is time, cost efficiency ,wide coverage and quick response method for collecting data. A total of 80 responses were obtained. Demographic information related to profession was also collected as it plays a decisive and impactful role in conducting survey and running further analyses. The data that was collected was later analysed using descriptive statistics, t-test, an exploratory factor analysis followed by multiple regression on the factors.

Questions developed as part of the research instrument:(Responses may vary from Strongly Disagree, Disagree, Neutral, Agree and Strongly Agree)

1 I think exposure to entrepreneurial ideas is important while pursuing our degree.

2 I think seminars and talk should be given by local entrepreneurs in college for knowing about how to run business.

3 I think knowledge in financial accounting is important for entrepreneurs.

4 I believe that course should be there to identify business opportunity for starting our own venture.

5 I think knowledge of intellectual property rights plays an important role plays an important role in starting new business.

6 I think leadership traits perspective should be provided while pursuing our degree.

7 I think mentorship should be offered from successful entrepreneurs to know about the practical aspect of business.

8 I think exposure to new technology should be provided by industrial visit.

9 I think different financing sources should be known to us to start new venture.

10 I think different aspects of product development and process improvement should be

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practically imparted to us through training.

11 I think variation in market condition should be known to us for adapting our new venture according to it.

12 I think networking with clients is also important for sustainability of new venture.

13 I think incubation center should be promoted by college for students who want to start new business.

14 I think lean manufacturing techniques should be taught to us for minimizing the waste and improving quality.

15 I think business communication skills play an important part in successful venture.

16 I think Customer Relationship Management training should be included to get awareness about the customer management.

17 I think more opportunities for on job training should be provided during our education.

18 I think interactive sessions between different entrepreneurs from different field should be conducted to know about their views.

19 I think more opportunities for on job training should be provided during our education.

20 I think an entrepreneur should not be risk averse.

21 I think an entrepreneur should have strong analytic skills to be successful.

Data AnalysisThe demographic characteristics of the respondents:

Profession Bar Response %1 Student 0.425 34 43%2 Faculty 0.25 20 25%3 Entrepreneur 0.325 26 33%

Total 80 100%

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Do you think to become an entrepreneur one needs a bachelor/master degree?

Answer Bar1 Yes 0.76252 No 0.2375

Total

Graphical representation of the responses to the respective questions:Q. I think exposure to entrepreneurial ideas is important while pursuing our degree.

Q. I think seminars and talk should be given by local entrepreneurs in college for knowing about how to run business.

0

5

10

15

20

25

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35

40

Strongly Disagree

Disagree

MSME entrepreneurship training in India

Do you think to become an entrepreneur one needs a bachelor/master

Response %0.7625 61 76%0.2375 19 24%

80 100%


Q. I think seminars and talk should be given by local entrepreneurs in college for knowing about

Neither Agree nor Disagree

Agree Strongly Agree

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Q. I think seminars and talk should be given by local entrepreneurs in college for knowing about


Q. I think knowledge in financial accounting is important for entrepreneurs.

Q. I believe that course should be there to identifyventure.

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15

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30

35

Strongly Disagree

Disagree

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Strongly Disagree

Disagree


Q. I think knowledge in financial accounting is important for entrepreneurs.

Q. I believe that course should be there to identify business opportunity for starting our own





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business opportunity for starting our own


Q. I think knowledge of intellectual property rights plays an important role plays an important role in starting new business.

Q. I think leadership traits perspective should be provided while pursu

0

5

10

15

20

25

30

35

Strongly Disagree

Disagree

0

5

10

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20

25

Strongly Disagree

Disagree


Q. I think knowledge of intellectual property rights plays an important role plays an important

Q. I think leadership traits perspective should be provided while pursuing our degree.





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Q. I think knowledge of intellectual property rights plays an important role plays an important

ing our degree.


Q. I think mentorship should be offered from successful entrepreneurs to know about the practical aspect of business.

Q. I think exposure to new technology should be provided by industrial visit.

0

5

10

15

20

25

30

Strongly Disagree

Disagree

0

5

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Strongly Disagree

Disagree


Q. I think mentorship should be offered from successful entrepreneurs to know about the

Q. I think exposure to new technology should be provided by industrial visit.





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Q. I think mentorship should be offered from successful entrepreneurs to know about the


Q. I think different financing source

Q. I think different aspects of product development and process improvement should be practically imparted to us through training.

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10

15

20

25

30

35

Strongly Disagree

Disagree

0

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35

Strongly Disagree

Disagree


Q. I think different financing sources should be known to us to start new venture.

Q. I think different aspects of product development and process improvement should be practically imparted to us through training.





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s should be known to us to start new venture.

Q. I think different aspects of product development and process improvement should be


Q. I think variation in market condition should be known to us for adaptingaccording to it.

Q. I think networking with clients is also important for sustainability of new venture.

0

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35

Strongly Disagree

Disagree

0

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35

Strongly Disagree

Disagree


Q. I think variation in market condition should be known to us for adapting our new venture






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our new venture



Q. I think incubation center should be promoted by college for students who want to start new business.

Q. I think lean manufacturing techniques should be taught to us for minimizing the waste and improving quality.

0

5

10

15

20

25

30

Strongly Disagree

Disagree

0

5

10

15

20

25

30

35

40

Strongly Disagree

Disagree


Q. I think incubation center should be promoted by college for students who want to start new

manufacturing techniques should be taught to us for minimizing the waste and





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Q. I think incubation center should be promoted by college for students who want to start new

manufacturing techniques should be taught to us for minimizing the waste and


Q. I think business communication skills play an important part in successful venture.

Q. I think Customer Relationship Management training should be includabout the customer management.

0

5

10

15

20

25

30

Strongly Disagree

Disagree

0

5

10

15

20

25

30

Strongly Disagree

Disagree



Q. I think Customer Relationship Management training should be included to get awareness about the customer management.





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ed to get awareness


Q. I think more opportunities for on job training should be provided during our education.

Q. I think interactive sessions between different entrepreneurs from different field should be conducted to know about their views.

0

5

10

15

20

25

30

35

40

Strongly Disagree

Disagree

0

5

10

15

20

25

30

35

Strongly Disagree

Disagree



Q. I think interactive sessions between different entrepreneurs from different field should be know about their views.





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Q. I think interactive sessions between different entrepreneurs from different field should be


Q. I think an entrepreneur should not be risk averse.

Q. I think an entrepreneur should have strong analytic skills to be successful.

0

5

10

15

20

25

30

Strongly Disagree

Disagree

0

5

10

15

20

25

30

Strongly Disagree

Disagree


Q. I think an entrepreneur should not be risk averse.

Q. I think an entrepreneur should have strong analytic skills to be successful.





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An overall picture can be graphed as following

Descriptive Statistics: The table belowvariables used in the questionnaire. The results indicate moderate to high mean values. From the table the highest mean was 4.02 while the lowest was 3.31

I think exposure to entrepreneurial ideas is important while pursuing our degree.

0

5

10

15

20

25

30

35

Strongly Disagree

Disagree

0

5

10

15

20

25

30

35

40

1 3 5 7 9 11 13


An overall picture can be graphed as following

The table below depicts the means and standard deviations of the various variables used in the questionnaire. The results indicate moderate to high mean values. From the table the highest mean was 4.02 while the lowest was 3.31

MeanStd.

DeviationAnalysis

I think exposure to entrepreneurial ideas is important while pursuing our degree.

4.02 .935



13 15 17 19 21

Strongly Disagree

Disagree


Agree

Strongly Agree

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depicts the means and standard deviations of the various variables used in the questionnaire. The results indicate moderate to high mean values. From the

Analysis N

Missing N

81 0

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I think seminars and talk should be given by local entrepreneurs in college for knowing about how to run business.

3.60 .944 81 0

I think knowledge in financial accounting is important for entrepreneurs.

3.52 .976 81 0

I believe that course should be there to identify business opportunity for starting our own venture.

3.47 .963 81 0

I think knowledge of intellectual property rights plays an important role plays an important role in starting new business.

3.46 1.096 81 0

I think leadership traits perspective should be provided while pursuing our degree.

3.51 1.014 81 0

I think mentorship should be offered from successful entrepreneurs to know about the practical aspect of business.

3.74 .919 81 0

I think exposure to new technology should be provided by industrial visit.

3.63 .955 81 0

I think different financing sources should be known to us to start new venture.

3.60 1.057 81 0

I think different aspects of product development and process improvement should be practically imparted to us through training.

3.69 1.008 81 0

I think variation in market condition should be known to us for adapting our new venture according to it.

3.73 .881 81 0

I think networking with clients is also important for sustainability of new venture.

3.63 1.042 81 0

I think incubation center should be promoted by college for students who want to start new business.

3.61 .849 80 1

I think lean manufacturing techniques should be taught to us for minimizing the waste and improving quality.

3.31 1.045 81 0

I think business communication skills play an important part in successful venture.

3.56 .949 81 0

I think Customer Relationship Management training should be included to get awareness about the customer management.

3.61 1.000 80 1

I think more opportunities for on job training should be provided during our education.

3.57 .921 81 0

I think interactive sessions between different entrepreneurs from different field should be conducted to know about their views.

3.65 1.063 81 0


3.47 1.026 81 0

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I think an entrepreneur should not be risk averse.

3.49 .976 81 0

I think an entrepreneur should have strong analytic skills to be successful.

3.43 1.072 81 0

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Total Variance Explained

Component

Initial Eigen values Extraction Sums of Squared Loadings

Rotation Sums of Squared Loadings

Total % of Variance

Cumulative %

Total % of Variance

Cumulative %

Total

% of Variance

Cumulative %

1 11.029 52.519 52.519 11.029 52.519 52.519 4.667

22.223 22.223

2 1.297 6.177 58.696 1.297 6.177 58.696 3.724

17.733 39.956

3 1.121 5.337 64.034 1.121 5.337 64.034 3.109

14.804 54.760

4 1.028 4.897 68.931 1.028 4.897 68.931 2.976

14.170 68.931

5 .810 3.856 72.787

6 .756 3.598 76.386

7 .748 3.561 79.946

8 .616 2.934 82.880

9 .534 2.541 85.421

10 .477 2.271 87.692

11 .409 1.948 89.640

12 .327 1.557 91.197

13 .303 1.443 92.640

14 .294 1.399 94.039

15 .276 1.314 95.353

16 .244 1.160 96.513

17 .188 .896 97.410

18 .181 .861 98.270

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Exploratory factor Analysis: The variables measuring skills of entrepreneurs were factor analyzed. Bartlett test of Sphericity (Approx.: Chi-square 1177.755, df. 171, sig. 0.000) and the KMO measure of sampling adequacy (value of 0.888) confirmed that there was significant correlation among the variables to warrant the application of exploratory factor analysis. Only factors whose Eigen values were equal or greater than 1 were selected. Moreover variables with loadings of at least 0.5 and factors with a reliability threshold of 0.7 selected for the analysis. In the initial exploration, all the 22 variables were factor analyzed which subsequently yielded four factors as illustrated in the principal component factor loadings table shown below. The eight factors altogether explain satisfactory 68.91percent variance.

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .888

Bartlett's Test of Sphericity Approx. Chi-Square

1177.794

df 210

Sig. .000

Varimax rotated principal component loadings: The 22 variables were later rotated using the Varimax rotation as the extraction method. The results revealed that the variables loaded perfectly onto the four factors. Five variables loaded highly on Factor 1 and were all related to the strategy aspect of entrepreneurs. Factor 2 also had five variables which were also related to the interpersonal skills aspect of entrepreneurs. Furthermore, Factor 3 had six variables which related to the new technology aspect of entrepreneurs. The fourth Factor had four items and these related to training aspect of entrepreneurs.

19 .164 .781 99.051

20 .114 .545 99.596

21 .085 .404 100.000


Rotated Component Matrixa

I think exposure to entrepreneurial ideas is important while pursuing our degree.I think seminars and talk should be given by local entrepreneurs in college for knowing about how to run business.I think knowledge in financial accounting is important for entrepreneurs.I believe that course should be there to identify business opportunity for starting our own venture.I think knowledge of intellectual property rights plays an important role plays an important role in starting new business.I think leadership traits perspective should be provided while pursuing our degree.


Component1 2

I think exposure to entrepreneurial ideas is important while pursuing our degree.I think seminars and talk should be given by local

college for knowing about how to

I think knowledge in financial accounting is

I believe that course should be there to identify business opportunity for starting our own venture.

think knowledge of intellectual property rights plays an important role plays an important role in

.703

I think leadership traits perspective should be provided while pursuing our degree.

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Component3 4

.689

.816

.656

.806

.506

28


I think mentorship should be offered from successful entrepreneurs to know about the practical aspect of business.

.585

I think exposure to new technology should be provided by industrial visit.

.629

I think different financing sources should be known to us to start new venture.

.621

I think different aspects of product development and process improvement should be practically imparted to us through training.

.751

I think variation in market condition should be known to us for adapting our new venture according to it.

.704

I think networking with clients is also important for sustainability of new venture.I think incubation center should be promoted by college for students who want to start new business.

.546

I think lean manufacturing techniques should be taught to us for minimizing the waste and improving quality.

.567

I think business communication skills play an important part in successful venture.

.596

I think Customer Relationship Management training should be included to get awareness about the customer management.

.547


.493

I think interactive sessions between different entrepreneurs from different field should be conducted to know about their views.

.508


.538

I think an entrepreneur should not be risk averse.

I think an entrepreneur should have strong analytic skills to be successful.

.712

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Conclusion and ImplicationsStrategy Aspect : The rotated matrix has revealed that respondents have perceived these factors to be the most important factors with the highest explained variance of 22.22%. Five out of twenty variables load on significantly to this component.

Interpersonal Skills: The rotated matrix has revealed that respondents have perceived these factors to be the most important factors with the highest explained variance of 17.73%. Five out of twenty variables load on significantly to this component.

New Technology: The rotated matrix has revealed that respondents have perceived these factors to be the most important factors with the highest explained variance of 14.8%. Four out of twenty variables load on significantly to this component.

Training Aspect: The rotated matrix has revealed that respondents have perceived these factors to be the most important factors with the highest explained variance of 14.17%. Four out of twenty variables loads on significantly to this component.

We finally conclude that strategy or planning skills, interpersonal skills, technology aspect and training in colleges should be provided to increase the number of people opting for entrepreneurship in college as well as for people who want to open new enterprise but need guidance to sustain it for long time.

RecommendationsAfter the research, we can recommend the following:-

The course structure should be so designed as to match the current market scenario with constant revisions periodically

Constant assessment of the participants should be done in order to measure their application skills

More stress should be given on the practical aspects of the course like live project, incubation centre, etc.

Finance should be made available for the feasible ideas at a lower interest rate

Promotion of this type of course should be made to the budding entrepreneurs so that they can attain proper training before starting their venture

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MSME entrepreneurship training in India project report

Small Business & Entrepreneurship

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