Business Training and Skilling Indispensable for Small Entrepreneurs
SME World|December 2020
According to Government estimates, India has 6.33 crore Medium, Small and Micro Enterprises, out of which 6.30 crore or over 99% are micro-enterprises. Making business training and skill sets accessible to entrepreneurs running these small and micro enterprises will give millions of businesses the knowledge and wherewithal to apply the right strategies for scaling up and move to the nest level of growth. In turn, this can harvest rich dividends for the Indian economy.
Dr Vivek Bindra
Business Training and Skilling Indispensable for Small Entrepreneurs

Entrepreneurship is a Ecoveted role. If you talk to 100 young professionals, chances are that 50% of them would express a desire to start their own business. Many people do start side businesses along with their regular jobs, hoping to turn full time entrepreneurs once their business picks pace. Millions inherit small enterprises, shops or factory units from their families and continue to conduct the businesses without any improvisation. Unfortunately, in the absence of adequate awareness and up to the mark business skills of entrepreneurs, a large number of small and micro businesses in India fail to reach their true potential. Limited exposure, low level of skills or lack of long term vision prevents many businesses in India from growing and scaling up. This also prevents them from becoming job creators.

Entrepreneurs and 'wantrepreneurs' today can undertake a series of online courses to up-skill themselves in multiple aspects of business operations. From learning effective digital marketing skills, acing working capital management to effective cost cutting techniques for a cash crunch situation to branding, here's why Indian entrepreneurs need relevant business training and up skilling:

Need for sustainable businesses

An entrepreneurship monitoring report prepared by Entrepreneurship Development Institute of India (EDI) in 2016-17 estimated that as much as 11 per cent of India's adult population is engaged in 'total early-stage entrepreneurial activity (TEA)'. However, only 5 per cent go on to establish their own businesses. While many drop out early on in their entrepreneurial journey, others end up failing within the first five years. A Survey by the Institute for Business Value and Oxford Economics estimates that up to 90 per cent of startups fail within half a decade.

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