Catalyzing Small Business Growth: The Five Step Way

Abstract

There are millions of micro, small and medium enterprises (MSME) in India. Their population is increasing with wide spread entrepreneurship. While it is a positive trend for the sector, MSMEs breaking out of the pack and becoming large enterprises is extremely rare. With India exploding into an opportunity bonanza for entrepreneurial individuals, our high potential MSMEs have tremendous scope to not just thrive but break out full throttle. Lack of a clear and wellcrafted strategy is one reason for its non-occurrence. Much of strategic thinking literature also remains out of bounds for the typical Indian MSME Using academic literature and author's experience with the sector, thispaper provides a simple five-step approach to strategy formulation. This approach can enable MSMEs set the right aspirations, make the right design choices, and recreate their enterprises for scale.