BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Lack of capital
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Inability to attract talented and tech-savvy manpower
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Good infrastructure and utilities
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Lack of innovation
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Detailed explanation-1: -Despite of the outlined benefits, SMEs still face challenges that can stimulate good innovations. These challenges include knowledge challenges, resource challenges, technological challenges, legal and policy challenges and environmental challenges.
Detailed explanation-2: -Despite this, MSMEs in India suffer from the problems of financial assistance, lack of business expertise, and technological obsolescence. Indian SMEs are also facing tough competition from their global counterparts due to liberalization, redundant manufacturing strategies and uncertain market scenarios.
Detailed explanation-3: -Indeed, many SMEs pioneer new technologies, products, and services. What’s more, SMEs are frequent participants in open innovation partnerships with a range of stakeholders. Research from the European Commission highlights that this process can be improved with effective support, however.