What went wrong when the king rode under the arch?

It was too low and knocked off his crown

How does the chain of blame unfold in the poem?

Each accused person blames another, ending with the king's own changes

In which year was the MSMED Act passed?

The MSMED Act was passed in 2006.

What is a cottage industry?

A cottage industry is a traditional rural or household industry that is not defined by capital investment criteria.

State two characteristics of entrepreneurship.

It is a systematic activity that can be learnt, and it involves innovation and calculated risk-taking.

State any three problems faced by MSMEs.

Problems of finance, scarcity of raw materials, and weakness in marketing (along with managerial skills, quality and global competition).

State the role of MSME in the development of a country.

MSMEs promote balanced regional development, generate large-scale employment, supply a variety of goods and provide low-cost production using local resources.

For how long is a patent granted?

A patent is granted for a period of 20 years.

What are the broad categories of intellectual property?

Industrial property (patents, trademarks, designs, geographical indications) and copyright (literary and artistic works).

MSME and Business Entrepreneurship

Q: What is MSME?

MSME stands for Micro, Small and Medium Enterprises, classified under the MSMED Act 2006 on the basis of investment in plant and machinery and annual turnover.

Class 11 Business Studies · Business Studies · Chapter 9

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CBSE Class 11 · Business Studies

Every merit and limitation of 11 chapters

Marks booster + cheatsheet: key concepts in 2 lines each, common traps
20 marks: finance and MSME units
20 marks: internal and international trade
Five comparison tables, insurance to retail
Case cues for each chapter
Common traps, corrected

Page 1 free about 8 min read, Full kit about 55 min read

₹159See the full kit

CBSE Class 11 · Business Studies

Every merit and limitation of 11 chapters

Marks booster + cheatsheet: key concepts in 2 lines each, common traps
20 marks: finance and MSME units
20 marks: internal and international trade
Five comparison tables, insurance to retail
Case cues for each chapter
Common traps, corrected

Page 1 free about 8 min read, Full kit about 55 min read

₹159See the full kit

View all 44 amazing Marks Booster kits →

Summary

Micro, Small and Medium Enterprises (MSMEs) contribute a large share of India's GDP, exports and employment and form, after agriculture, the second largest employer, comprising subgroups such as handlooms, handicrafts, coir, sericulture, khadi and village industries, small-scale industries and powerlooms. Under the MSMED Act 2006, enterprises are classified as micro, small and medium on the basis of investment in plant and machinery and turnover. A village industry produces goods or services in a rural area within a prescribed limit of fixed capital per artisan, while cottage industries are traditional rural industries not defined by investment criteria. The role of MSMEs includes balanced regional development, large-scale employment, supply of a wide variety of products, freedom from locational constraints, opportunity for entrepreneurship with little capital, low cost of production and quick decisions; their problems include finance, raw materials, managerial and marketing weaknesses, quality, capacity utilisation and global competition. Entrepreneurship is the systematic, lawful and purposeful activity of innovation and organisation of production involving calculated risk-taking; the entrepreneur is the person, entrepreneurship the process and the enterprise the output. Intellectual Property Rights protect the products of the human mind and include copyright, trademark, geographical indication, patent (granted for 20 years), design (10 years, renewable for 5), plant variety and semiconductor layout designs, along with traditional knowledge and trade secrets. The Startup India scheme aims to trigger an entrepreneurial culture and broaden the supply of entrepreneurs.

Concept and classification of MSMEVillage, khadi and cottage industriesRole of MSME in developmentProblems faced by MSMEEntrepreneurship and its characteristicsEntrepreneur, entrepreneurship and enterpriseIntellectual Property Rights and their typesStartup India and entrepreneurship development

Key terms

MSME

Micro, Small and Medium Enterprises, classified under the MSMED Act 2006 on the basis of investment in plant and machinery and turnover.

Village industry

An industry located in a rural area that produces goods or services within a prescribed limit of fixed capital investment per artisan or worker.

Cottage industry

A traditional, rural or village industry, also called a household industry, not defined by capital investment criteria.

Entrepreneurship

The systematic, lawful and purposeful activity of identifying a need, innovating, organising production and bearing calculated risk to create value.

Intellectual Property Rights

Legal rights conferred on the intangible products of the human mind, such as patents, trademarks, copyrights and designs.

Patent

An exclusive right granted for a new, non-obvious and industrially applicable invention, for a period of 20 years.

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