Small Business Test - 26

Indian handicrafts is an art of making crafts by hand in India is called Indian handicrafts, in ancient India people lived in colonies called tribals and they were used to make utility items for their daily needs, that art of making the crafts called handicrafts, and the items called handicrafts goods. Handicrafts are hugely important in terms of economic development. They provide ample opportunities for employment even with low capital investments and thus become a prominent medium for foreign earnings. From transforming the traditional Indian arts, and crafts to the customized version of an overseas art form.

The village and small industries (VSI) sector consists broadly of (i) traditional industries (viz. handlooms, khadi and village industries, sericulture, handicrafts and coir) and (ii) modern small scale industries including 'tiny' units and power looms.

National Small Industries Corporation Limited (NSIC) is a Mini Ratna PSU established by the Government of India in 1955 It falls under Ministry of Micro, Small & Medium Enterprises of India.

Creative Thinking Skills refers to how you approach problems and solutions. The capacity to put the existing ideas or combining the existing ways together to bring in to existence something new or different than usual way.

The village and small industries (VSI) sector comprises both traditional and modern small industries; it is constituted by eight specific groups viz. Handloom, Handicrafts, Coir, Sericulture, Khadi, Village Industries, Small-Scale Industries and Power looms. The last two items constitute the modern group of industries, the others being traditional.

An entrepreneur in order to be successful should posses some personal characteristics apart from the business idea he poses or the amount of capital he has to invest.

5 important personal traits are identified that an entrepreneur needs to poses. They are:

1. Passion to do something.
2. Motivation/ determination to excel
3. Creativity to think differently.
4. Dedication to what they do.
5. Risk taker

National Small Industries Corporation (NSIC): It was established in 1955 to promote and foster the growth of SSI in the country. Its main focus was:

1. to supply indigenous and imported machines in easy installments,
2. to procure and supply imported raw materials,
3. to export products of SSI,
4. to provide advisory and mentoring services,
5. to provide technical assistance,
6. to develop software technology part and technology transfer.

Cottage Industries are also known as Rural industries or Traditional industries. They are not defined by capital investment criteria as in the case of other small scale industries.

The Small Industries Development Organization (SIDO), also known as the Office of the Development Commissioner (SSI) which is attached to this ministry is responsible for implementing and monitoring of various policies and programmes formulated.

Some of the key elements of entrepreneurship are:

1. Innovative:- a person needs to be innovative to be an entrepreneur.

2. Risk taking:- a person must be able to undertake risk to be an entrepreneur.

3. Vision:- to be successful or scan the working environment one needs to have vision.

4. Organizing skills:- a person must posses organizing skills.