Livelihood and Microenterprises in India: With reference to the IDRA (Industries Development and Regulation Act) of 1951 and business ecosystem

Seminar paper from the year 2016 in the subject Business economics - Company formation, Business Plans, grade: 4.6/7, Damodaram Sanjivayya National Law University, course: B.A, LLB, language: English, abstract: The project at large will be dealing with the aspiration of the youth, the people who intend to build their startup and grow like the successful entrepreneurs. The term ¿entrepreneurship¿ comes from the French verb ¿entreprendre¿ and the German word ¿unternehmen¿, both mean to ¿undertake¿. Bygrave and Hofer in 1891 defined the entrepreneurial process as involving all the functions, activities, and actions associated with perceiving of opportunities and creation of organizations to pursue them. In simple, entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods" (Santhi and Kumar) This paper draws together arguments, conclusions and insights generated by research to develop and test practical tools that could help development practitioners use sustainable livelihoods approaches in the particular context of enterprise development. The constraint of finance seems to be the primary reason, though there are several other constraints which seem to have been hidden by the seasoned politicians. The act of not reimbursing the small-scale industries sectors has demoralized the novice and the adept entrepreneurs in executing their plan.