Abstract:
Small businesses often face a variety of problems related to their size. A frequent
cause of bankruptcy is undercapitalization. This is often a result of poor planning
rather than economic conditions. It is a common rule of thumb that the entrepreneur
should have access to a sum of money at least equal to the projected revenue for the
first year of business in addition to his anticipated expenses. MSMEs in India face a
number of problems - absence of adequate and timely banking finance, nonavailability of suitable technology, ineffective marketing due to limited resources
and non-availability of skilled manpower. These are often confronted with problems
that are uncommon to the larger companies and multi-national corporations. These
problems include Lack of ITs Support, Lack of ITs Literacy, Lack of Formal
Procedure and Discipline, Uneven ITs Awareness and Management Skill, etc. But
Digitisation solves many problems of micro, small and medium enterprises as its
proper utilisation at proper place and right time reduces cost of production which in
turn helps in increasing profitability.
Description:
Fourteenth Biennial Conference on Entrepreneurship/ Edited by Rajeev Sharma, Sunil Shukla, Amit Kumar Dwivedi & Ganapathi Batthini
