Enterprise Development: New Dimensions towards Aatmanirbhar

Enterprise Development: New Dimensions towards Aatmanirbhar

The announcement of Aatmanirbhar Bharat Abhiyaan has given a profound scope to create new enterprises and develop the existing enterprises towards strengthening their entrepreneurial management skills through capacity building and training.

In addition, the revised MSME definitions of small and micro enterprises have also open up wide scope for not only the manufacturing enterprises but also for the service enterprises. This would enhance the growth opportunities for all the entrepreneurs as they will be able to avail the benefits offered by the Ministry of MSME irrespective of the size of their enterprise. 

With a motive to simplify the process of enterprise development we have made a list of important components that should follow during the development of an enterprise.

The below components are based on the views and discussions made by a panel of Industry Experts.

1. Inception

1. Idea generation
2. Product selection
3. Market Research
4. Preparation of project profile
5. Validation of project reports

2. Business Name

1. Search for availability of a business name
2. Request business name registration
3. Register a MSME
4. Register the business (like a sole proprietorship or a partnership)
5. Register a trade name (under existing business)
6. Creation of article/ memorandum of association

3. Business Formalization

1. Bank account creation (including KYC and other requirements)
2. Loan/overdraft/CC account application
3. Licenses (as applicable) and NOCs (as required)
4. Creation of article/ memorandum of association

4. Statutory Requirements

1. PAN, GST Registration
2. Electricity Connection, Water Connection
3. Municipality clearances
4. Filing for annual reports
5. Filing tax returns
6. Technology Development
7. Selection of feasible technology
8. Connection with machinery suppliers
1. Mediating machinery purchases
10. Mediating service consistency with suppliers
11. Establish a Website (Optional)
12. Registration of domain name
13. Business e-mail services
14. Website hosting
15. Internet marketing

5. Value Chain Development

1. Identifying raw material providers
2. Establishing the supply chain
3. Establishing and developing aggregators
4. Streamlining raw material/stock management system
5. Registration with export houses
6. Registration with Government E-Procurement Market Channels
7. Establishing logistic support
8. Identifying target market
9. Developing market strategy
10. Developing Business Continuity Plan

We hope that through the above information, aspiring entrepreneurs will get the encouragement and motivate to create and strengthen micro enterprise.

For further information and assistance, contact Department of Advocacy, Consultancy & Projects, NEHHDC.

1) Jyotirmoy Choudhury

Phone Number: +91-9707096875

2) Neeraj Kumar

Phone Number: +91-9864588055