Diagnostic Analysis of Entrepreneur Satisfaction Level on Indian Support System

ENTREPRENEURSHIP Project submitted by

Rajat Goyal 501 Sumit Pratap Singh - 50176

Department of Management Studies INDIAN INSTITUTE OF TECHNOLOGY, DELHI

HAUZ KHAS, NEW DELHI 110016 MAY 2006 May 2006

CERTIFICATE

This is to certify that the major project titled Diagnostic Analysis of Entrepreneur Satisfaction Level on Indian Support System is a bonafide record of work carried out by Rajat Goyal and Sumit Pratap Singh under our guidance and supervision in partial fulfillment of the requirement of the Entrepreneurship Project at Bachelor Of Business Studies [Shaheed Sukhdev College Of Business Studies].

Ms. Neha Thakur Associate Professor

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ACKNOWLEDGEMENTS

We would like to express our sincere gratitude to my supervisor Prof Neha Thakur for her continous guidance and help during completion of this project, which could not have been conceived, designed or delivered without her explicit support. I would like to testify to highly supportive role that our supervisor played throughout completion of this project.

We are also grateful to all those executives and managers who spend their valuable time in providing useful data and information, required for the research study.

(Rajat Goyal) (Sumit Pratap Singh)

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ABSTRACT

The Small and Medium Enterprises (SME) play a vital role in the industrial development
of any country. The importance of the SME sector is well recognized world over from its significant contribution in gratifying various socio-economic objectives, such as higher growth of employment, output, promotion of exports and fostering entrepreneurship.

In India the small and medium enterprises are not well defined. The internal group set up by the Reserve Bank of India has recommended that the units with investment in plant and machinery in excess of SSI limit and upto Rs. 10 crores may be treated as medium enterprises. The definitions of small and medium sized enterprises differ from one country to another. SMEs have been defined against various criteria such as the number of workers employed, volume of output or sales, value of assets employed, and the use of energy.

A general conclusion from literature survey is that multiple environmental variables and their interactions contain relevant information in explaining system success in terms of various parameters like revenue growth, profit growth, technological advances etc.

The research study was carried out with the objective to empirically derive a correlation between Overall Satisfaction Level of Entrepreneur and revenue growth of Small and Medium Enterprise segmented on following parameters 1) Industry Type. Only 2 are considered for study- Service and Manufacturing. 2) Ownership Typea) Proprietorship b) Partnership c) Private Ltd

3) Initiator of Firm- a) Self b)Father The correlation of following factors 1) Availability and quality of Raw Material 2) Plant And Machinery Availability at subsidized rate and its Maintenance Support 3) Availability and quality of Human Resources 4) Financial Support iv

5) Marketing Infrastructure 6) Technology 7) Transportation Facilities 8) Taxes and other important rates like Inflation, Exchange Rate 9) Government Officials Attitude With overall satisfaction level and revenue growth is determined and analyzed with reference to present satisfaction level to identify roadblocks and accelerators in path of Small and Medium Enterprise.

However the main focus of the study was to derive the relevant environment variable and establish the linkage between the relevant variables derived above and Enterprise Revenue Growth.

The study revealed there is a high correlation between Overall Satisfaction Level and Revenue Growth between Small and Medium Manufacturing Enterprise. Overall Satisfaction Level is significantly affected by 1) Raw Material Satisfaction Level 2) Plant and Machinery Satisfaction Level 3) Transportation Facilities Satisfaction Level 4) Government Official Attitude Satisfaction Level 5) Marketing Satisfaction Level Satisfaction Level of first four areas is below 50% in the segment.

In service sector also, the high correlation value of Overall Satisfaction Level and Revenue Growth highlights the need to work for increase Satisfaction. The most significant correlation among Various Satisfaction Parameters and Overall Satisfaction is shown by Human Resource Satisfaction Level which is presently not very high.

TABLE OF CONTENTS
CHAPTER 1 INTRODUCTION
1.1 Definitions of Small and Medium Enterprise in India and the World 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Indian Small and Medium Enterprise Significance of Small and Medium Enterprise Objectives of the Study Scope of the Study Methodology of the Study Plan of the Study Concluding Remarks 7 7 8 8 9 9 9 2

PAGE NO.

CHAPTER 2 LITERATURE REVIEW

2.1 2.2 2.3 2.4 2.5 2.6 Evolution of Indian SME Policies SME Policies International Perspective Performance Constraints Issues Emerging from Literature Review Concluding Remarks

PAGE NO.

12 14 14 17 18 18

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CHAPTER 3 CONCEPTUAL FRAMEWORK AND STUDY DESIGN

3.1 3.2 3.3 3.4 3.5 3.6 3.7 Research Model Pilot Study Research Methodology Plan Adopted for Research Study Design of Questionnaire Data Collection Concluding Remarks

PAGE NO.

20 20 20 21 21 22 24

CHAPTER 4 DATA ANALYSIS AND INTERPRETATION

4.1 4.2 4.3 4.4 Introduction Descriptive Statistics Removing Outliners from Data Descriptive Statistics Comparison of Sampled Respondent with and without Outliners 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 Detailed Descriptive Statistics Descriptive Statistics- Manufacturing Sector Correlation Analysis- Manufacturing Sector K Means Clustering- Manufacturing Cluster Analysis and Inferences- Manufacturing Summary Of Manufacturing Sector Descriptive Statistics- Service Sector Correlation Analysis- Service Sector K Means Clustering-Service Cluster Analysis and Inferences-Service Summary Of Service Sector Analysis based on Ownership

PAGE NO.

26 26 28 30

31 36 36 39 40 48 49 50 51 52 55 56

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4.17 4.18

Analysis based on Entrepreneur Generation Concluding Remarks

61 64

CHAPTER 5 SUMMARY AND CONCLUSIONS

5.1 5.2 5.3 5.4 Summary of Present Study Major Recommendations Limitations of the Present Study Scope for Further Study

PAGE NO.

66 66 67 67

Appendix References Resume

68 72 78

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CHAPTER 1

INTRODUCTION

1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8

Definitions of small and medium enterprise in India and the World Indian Small and Medium Enterprise Significance of Small and Medium Enterprise Objectives of the Study Scope of the Study Methodology of the Study Structure of the Report Concluding Remarks

1.1 Definition of Small and Medium Enterprises

AUSTRALIA Definition: Australian Bureau of Stats define on basis of no. of employees small less than 20, medium 21 to 200, large greater than 200 Key SME Associations: Council of Small Business Associations of Australia ( COSBOA )

FRANCE Definition: Enterprise less than 250 employees Key SME Associations: Confederation Gnerale dee Petites & Moyens Entreprises (CGPME)

UNITED STATES Definition: There is no "official" certification process to be determined as a small business. It is a self-certifying and paperless procedure. The U.S. Small Business Administration (SBA) uses the North American Industrial Classification System (NAICS) in determining size standards; which as of October 1, 2000, replaced the Standard Industrial Classification (SIC) Codes. The definition varies from industry to industry. No standard definition based on turnover or investment as is the case in India. The company should be independently owned and not be a dominant player in the market. Key SME Associations: National Association of Manufacturers The US Association of Small Business Enterprises The National Business Association The National Federation of Independent Business

UNITED KINGDOM Definition: The company law thresholds for SMEs have recently been increased to the maximum possible under EU regulations. 1. The thresholds for small businesses are 50 employees, 5.6 million turnover and 2.8 million balance sheet total. 2. For medium-sized companies this is 250 employees, 22.8 million turnover and 11.4 million balance sheet total. Key SME Associations: Small business Europe Federation of Small Businesses

RUSSIAN FEDERATION Definition: Small enterprises: < 100 employees in industry and construction: < 60 employees in agriculture; < 60 employees in science; < 50 employees in wholesale trade; < 30 employees in retail trade and household services; and < 50 employees in other production and non-production spheres. Medium-sized enterprises: No definition exists.

1.2 Indian Small and Medium Enterprise

In India the small and medium enterprises are not well defined. The internal group set up by the Reserve Bank of India has recommended that the units with investment in plant and machinery in excess of SSI limit and upto Rs.10 crores may be treated as medium enterprises. The definitions of small and medium sized enterprises differ from one country to another. SMEs have been defined against various criteria such as the number of workers employed, volume of output or sales, value of assets employed, and the use of energy.

1.3 Significance of Small and Medium Enterprise

The Small and Medium Enterprises (SME) play a vital role in the industrial development of any country. The importance of the SME sector is well recognized world over from its significant contribution in gratifying various socio-economic objectives, such as higher growth of employment, output, promotion of exports and fostering entrepreneurship. The SSI sector in India employs around 26 million people and is involved with the production of over 7500 industrial items with the product range varying from very simple items produced with traditional technology to high tech products. At present, the SSI sector accounts for over 90% of industrial units in the country, 40% of value addition in the manufacturing output and approximately 35% of Indias exports.

1.4 Objectives of the Study

The study has been carried out to determine these important issues with the following
objectives:1) To determine the satisfaction level of Small and Medium Enterprise Entrepreneurs with the existing support System. 2) To determine the roadblocks, this hinders the growth of these enterprises. 3) To determine the co-relation between external environment variables and revenue growth.

1.5 Scope of the Study

In order to carry out the feasible study to accomplish the objectives following scopes were defined:1) The study was directed at 1st or 2nd Generation Entrepreneurs because subjects would have appropriate knowledge to answer questions concerning various aspects of support system.

2) The study covers the select organization from service, auto-ancillaries, chemicals etc.

1.6 Methodology of the Study

The study was initiated by scanning of existing literatures to gain an appreciation of various support functions required by Small and Medium Enterprises. Various research methodologies have been examined and blend of select methodologies considered most suitable has been adopted. The study is both quantities and qualitative in nature. For quantities, a survey instrument was developed to quantify the above objectives. From the empirical study, inference has been drawn both quantitatively and qualitatively to suggest recommendations for growth of Small and Medium Enterprises.

1.7 Structure of the Report

The study is organized in 5 Chapters. A brief outline is given as under:CHAPTER 1: deals with introduction to the study. The research background, need and relevance have been discussed.

CHAPTER 2: covers literature review pertaining to the Research topic.

CHAPTER 3: provides the conceptual framework and research design. It also discusses research design, questionnaire development, and data collection.

CHAPTER 4: analyzes the data collected from 110 respondents. Based on analysis carried out, inferences are drawn.

CHAPTER 5: presents the summary and conclusion of the research study.

1.8 Concluding Remarks

In this chapter attempt has been made to present the background of the research work. It contains a brief introduction to Small and Medium Enterprises. It also presents in brief the objectives of the research work, the scope and methodology of the study. A brief on the structure of the report is also presented to give an understanding on the contents of the following chapters.

CHAPTER 2

LITERATURE REVIEW

CHAPTER 2
2.1 2.2 2.3 2.4 2.5 2.6 2.7 Introduction Evolution of Indian SME Policies SME Policies International Perspective Performance Constraints Issues Emerging from Literature Review Concluding Remarks

2.1 Introduction
With the advent of planned economy from 1951 and the subsequent industrial policy followed by Government of India, both planners and Government earmarked a special role for small-scale industries and medium scale industries in the Indian economy. Due protection was accorded to both sectors, and particularly for small scale industries from 1951 to 1991, till the nation adopted a policy of liberalization and globalization. Certain products were reserved for small-scale units for a long time, though this list of products is decreasing due to change in industrial policies and climate. SMEs always represented the model of socio-economic policies of Government of India which emphasized judicious use of foreign exchange for import of capital goods and inputs; labour intensive mode of production; employment generation; non concentration of diffusion of economic power in the hands of few (as in the case of big houses); discouraging monopolistic practices of production and marketing; and finally effective contribution to foreign exchange earning of the nation with low import-intensive operations. It was also coupled with the policy of de-concentration of industrial activities in few geographical centers. SMEs are developed to achieve the following objectives: High contribution to domestic production Significant export earnings Low investment requirements Operational flexibility Location wise mobility Low intensive imports Capacities to develop appropriate indigenous technology Import substitution Contribution towards defense production Technology oriented industries Competitiveness in domestic and export markets

At the same time one has to understand the limitations of SMEs, which are: Low Capital base 8

Concentration of functions in one / two persons Inadequate exposure to international environment Inability to face impact of WTO regime Inadequate contribution towards R & D Lack of professionalism

In spite of these limitations, the SMEs have made significant contribution towards technological development and exports. SMEs have been established in almost all-major sectors in the Indian industry such as: Food Processing Agricultural Inputs Chemicals & Pharmaceuticals Engineering; Electricals; Electronics Electro-medical equipment Textiles and Garments Leather and leather goods Meat products Bio-engineering Sports goods Plastics products Computer Software, etc.

As a result of globalization and liberalization, coupled with WTO regime, Indian SMEs have been passing through a transitional period. With slowing down of economy in India and abroad, particularly USA and European Union and enhanced competition from China and a few low cost centers of production from abroad many units have been facing a tough time. Those SMEs who have strong technological base, international business outlook, competitive spirit and willingness to restructure themselves shall withstand the present challenges and come out with shining colours to make their own contribution to the Indian economy.

2.2 Evolution of Indian SMEs Policies

Since independence, the Government of India has formulated a total of six Industrial Policy Resolutions / Statements with a view to promote industrial growth in the country. All these policies have also covered the small-scale sector, in general. To attain higher growth in SSI sector, various incentives pertaining to financial, fiscal and infrastructure related measures were designed and extended to SSI units. Protectionist policies have been devised to guard the SSIs against competition from the large scale sector. Later, on the lines of economic liberalization, it was decided to phase out the reservation policy with the objective of enhancing the potential of SSI sector in their export orientation. With the gradual phasing out of reservation, the list of reserved items for the SSI sector stood at 506, as of March 2012. Realising the credit requirements of SSI sector, the Government evolved a credit policy under the priority sector lending. Several committees have been constituted to increase the credit flow to the SSI sector. The Internal Group set up by the Reserve Bank of India to review the guidelines of credit flow to the SME sector recommended self set targets for the commercial banks, with an increasing disbursement over the previous year. The Group also advocated for empowering the Boards of the banks to frame their own policies with regard to SME financing, so that lending policies would be more liberal than the existing policies. The Union Minister for Finance, Government of India in a statement in Rajya Sabha on August 10, 2012 fixed a minimum growth of 20% in credit to SME sector so that the flow of credit to this sector could be doubled from Rs. 67600 crores in 2010-11 to 135000 crores by 2016-17.

2.3 SMEs Policies-International Perspective

Institutional framework and policy specifications are important factors in helping the evolution and success of SMEs across the globe. Today, many countries have a range of programme in diverse areas, viz., financing, technology, innovation, managerial ability, market information and developmental assistance, aimed at improving the working environment for SMEs.

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Finance The Community Programme in Czech Republic provides financial assistance to SME units in areas with less than 2000 population. The Credit Guarantee Corporation of Hungary plays an active role in promoting SME development and improve their competitiveness. In Japan, Credit Guarantee Association acts as a guarantor for SMEs that are having no collateral security. A financial safety net has been established in South Korea to help SMEs to overcome the financial shortage. South Korea also has a facilitative bankruptcy law to enable the exit and restructuring of SMEs that experience financial stress.

Technology The Czech Republic has a Technos Programme to support research, development and innovation in SMEs by accelerating their rate of technology acquisition through realisation of R&D projects. South Korea has established international cooperation programmes to strengthen competitiveness through technology transfer.

Innovation China has an Innovation Fund for small technology based firms to promote technological innovation amongst SME units. The SME agency of Japan supports the innovation activities of SMEs through various products and services. Direct subsidies are also given by Government of Japan for R&D activities of SMEs in Japan.

Information and Marketing In China, an SME network has been established to meet the information requirement of SMEs on policies, laws, regulations, emerging technologies, emerging product lines, sources of raw materials, trends in supply and demand. National Bank of Foreign Trade (BANCOMEXT), in Mexico provide easy access to information on foreign trade to SME units and help them in their globalisation efforts. Czech Republic has a Marketing Programme aimed at supporting SME units to get subsidy for export and marketing consultation. Mexico has a Supplier Development Programme, which would help integration of SMEs in to productive chains of large business houses in Mexico.

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Skill Development Italian Government provides curriculum on entrepreneurial skill development as vocational course to their citizens, which enables them to start SME units and contribute to the economic and social development of the country. Japan has SME support centers which provide over the counter consultation, on-site professional assistance, business feasibility assessments and information services. South Korea has business incubators to increase management skills of women entrepreneurs. The Global Supplier Programme of Malaysia helps in developing critical skills in SME units and also facilitate linkages with MNCs and large scale units.

2.4 Performance
SSI sector in India has been exhibiting a striking export performance. Barring few years, exports have grown double digit in the last 10 years. Exports at current prices in 2008-09, the latest year for which data is available, stood at Rs. 86000 crores. This works out to about 34% of total exports in India in the same year. Major sectors contributing to SSI exports include readymade garments (27%), engineering goods (14.5%), chemicals & pharmaceuticals, electronics & computers, and processed foods (11%each). In terms of export orientation, sports goods have 100% exports from SSI followed by readymade.garments (90%), leather (70%), marine products (47%) and chemicals & pharmaceuticals (44%). Over the last 10 years, the share of SSI exports has increased in most of the sectors. At the same time, in some sectors, the share of SSI in total exports has come down. The SSI intensive sectors that have witnessed increase in export share include engineering goods, chemicals and allied products, plastic products, processed foods, marine products, woolen garments and knitwear, processed tobacco. Sectors like basic chemicals & pharmaceuticals, finished leather and leather products, synthetic and rayon products have witnessed declining share in total exports. Sectors like readymade garments and sports goods were observing neutral trend, with the share remaining the same. These 12 SSI intensive sectors accounted for about 95% of total SSI exports from India, in the year 1991-92. However, the share has come down to 85% in 2008-09. While

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these sectors have improved their cumulative share in Indias total exports from 51.6% in 1991-92 to 55.5% in 2008-09, the export share by SSI units in these sectors have come down from 58.4% in 1991-92 to 52.4% in 2008-09. Thus, it may be inferred that, since liberalization, more and more exporting units from SSI sector have been increasing their capital investment to come out of the SSI net and emerge as global players. Such a trend is happening especially in sectors like basic chemicals, pharmaceuticals, engineering goods, leather and textile sectors. There are no official data for compilation of export performance by the medium scale units. However, analysis has been made using the CMIEs India Corporate Database, which represents more than two-third of Indian manufacturing sector.Analysis has been made to measure the export performance of medium scale units in select sectors, using two definitions, viz., based on capital investment, as defined by RBI, and based on sales turnover of units up to Rs. 75 crores. The analysis revealed that sectors like food and beverages, chemicals, autocomponents, machinery, electronics, metals, castings and forgings have witnessed increasing export orientation trend over the last decade. However, the export orientation of sectors like leather, textiles and readymade garments has more or less remained static over the period. It may be inferred that these sectors, since they require plenty of capital investment to meet the global challenges, need to be kept out of any limit on capital investment, to emerge as global players.

2.4 Constraints
The constraints faced by the SSI sector include product reservations, regulatory hassles both at the entry and exit stages, insufficient finance at affordable terms, inflexible labour markets and infrastructure related problems- like high power tariff, and insufficient export infrastructure.

These are briefly elaborated below: l ) The policy of product reservations has restricted operation of economies of scale and greater efficiency in the small scale sector.

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2) Starting a business in India requires number of permits, even after the initiation of liberalization programme, as compared to many other developing Asian nations. 3) Insufficient finance at affordable terms is another challenge daunting the performance of Indian SME Sector. Infrastructural bottlenecks such as transportation /communication facility and insufficient export infrastructure increases the transaction cost of SME units in India. 4) Problems in assessing adequate and reliable power at affordable price is another key constraint of Indian SMEs.

2.5 Issues Emerging from Literature Review

Indian SMEs have shown good results particularly in terms of export performance despite innumerable constraints as compared to international peers. Although we claim to be liberalized and globalized economy but still Indian SMEs do not have access to world class infrastructure, credit and Marketing facilities. With government putting more input year after year in every budget, it can be hoped that some of the constraints discussed above may be loosened out.

2.6 Concluding Remarks

The literature survey was a very important part of the present research study. It was with the help of extensive literature reviewing that conceptual model for the study was designed . Though several articles and publications were studied but a total of around 20 were referred for study. The literature review clearly identified the gap in the research in the field of Satisfaction for Support System for Small and Medium Enterprises. Literature Review provides a sound basis for taking up the present research study which will be dealt in subsequent chapters. It gave critical input in the design of the study.

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CHAPTER 3

CONCEPTUAL FRAMEWORK AND STUDY DESIGN

CHAPTER 3
3.1 3.2 3.3 3.4 3.5 3.6 3.7 Research Model Pilot Study Research Methodology Plan Adopted for Research Study Design of Questionnaire Data Collection Concluding Remarks

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3.1 Research Model

The identification of research variables helped in the conceptualization of the problem. The variables identified with the help of Literature Review and Pilot Study were used to develop a anticipated model.

3.2 Pilot Study

The present study has been carried out in 2 parts: - Main Study and Pilot Study. In the pilot study 20 Entrepreneurs were asked what External Support they think are important for growth of their Enterprise. Their response acted as an input for Survey Instrument.

3.3 Research Methodology

The research study has been divided in three parts for ease of understanding. In first part Small and Medium Enterprise are segmented on basis of 1) Industry Type. Only 2 are considered for study- Service and Manufacturing. 2) Ownership Typea) Proprietorship b) Partnership c) Private Ltd.

In the second part empirical evidence has been used to gauge the satisfaction level of entrepreneurs segmented on above basis on following Environmental parameters:1) Availability and quality of Raw Material 2) Plant And Machinery Availability at subsidized rate and its Maintenance Support 3) Availability and quality of Human Resources 4) Financial Support 5) Marketing Infrastructure 6) Technology 7) Transportation Facilities 8) Taxes and other important rates like Inflation, Exchange Rate 9) Government Officials Attitude 10) Overall Satisfaction Level

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The third part attempts to derive a correlation between satisfaction level on various environmental parameters and revenue growth of the industry. Based on these quantitative inferences, qualitative inferences have been drawn. After defining the broad area of research, an extensive literature survey was conducted, to get an insight on various issues emerging from past work carried. Based on this questionnaire was developed to get quantitative aspect and qualitative inference were drawn out of these.

3.4 Plan Adopted for Research Study

The following activities were carried out as part of research work:1) Broad Area of Research was identified 2) Extensive Literature Survey was carried out to get into various aspects. 3) With the help of literature survey, research framework was conceptualized. 4) In order to carry out the survey study, a detailed questionnaire was designed to capture the required quantitative information about the sample organization and respondents. The questionnaire was subjected to pre-testing from a small group of entrepreneurs. On the basis of feedback received by this group, the questionnaire was further refined and restructured. 5) The final questionnaire was administered to a cross section of respondents from a variety of industry types. The questionnaire, which was received back, was subject to statistical analysis.

3.5 Design of Questionnaire

To accomplish the research objectives, an empirical study was carried out by gathering data through a research questionnaire (Appendix 2). The survey instrument was divided in two parts. In the first part demographic information about respondent and their organization was asked to segment the data received in second part. In second part respondents were asked to mark their satisfaction level with various Environment variables on 5 Point Scale.

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3.6 Data Collection

The questionnaire was administered to approximately 110 Small and Medium Enterprise Entrepreneur. The sample comprised First and Second Entrepreneur as it was felt that the subjects would have the better understanding to answer the second part of questionnaire. 100 were used for Data Analysis. Only profit seeking organizations were chosen for Data Analysis.

CHARACTERISTICS OF STUDY SAMPLE

Industry Type Selected For Sample

Service 44%

Manufacturing 56%

44% of Total Sampled Organization belong to Service Sector-Software, Web portals etc. 56% of Total Sampled Organization belongs to Manufacturing Sector- Auto Parts, Chemicals, Readymade Clothes, and Glassware etc.

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Ownership Type Selected For Sample

Partnership 34%

Private Ltd 32%

Proprietorship 34%

34% Sampled organization were Partnership, 32% Private Ltd, 34% Proprietorship.

Firm is established by

Self 36%

Father 64%

64% of Sampled Respondents were Second Generation Entrepreneur.

3.7 Concluding Remarks

The conceptual framework developed in this chapter provides a focus to the research study. The questionnaire was designed to collect quantitative information. The pilot study was conducted to determine research variables. A total of 100 respondents were used in Data Analysis.

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CHAPTER 4

DATA ANALYSIS AND INTERPRETATION

CHAPTER 4
4.1 4.2 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 4.17 4.18 Introduction Descriptive Statistics Detailed Descriptive Statistics Descriptive Statistics- Manufacturing Sector Correlation Analysis- Manufacturing Sector K Means Clustering- Manufacturing Cluster Analysis and Inferences- Manufacturing Summary Of Manufacturing Sector Descriptive Statistics- Service Sector Correlation Analysis- Service Sector K Means Clustering-Service Cluster Analysis and Inferences-Service Summary Of Service Sector Analysis based on Ownership Analysis based on Entrepreneur Generation Concluding Remarks

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4.1 Introduction
In the research, the respondents were asked to rate their satisfaction level on 5 point scale. According to this scale 1 means least satisfied and 5 means Most Satisfied. There were 99 responses which were finally grouped under following heads: Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level An average of responses under the head is taken is taken as Satisfaction Level of the head. 110 Entrepreneurs were interviewed for the study.7 of them were found to be outliners based on Extreme value Criteria.100 were used for study for sake of simplicity.

4.2 Descriptive Statistics

A total of 110 respondents were interviewed for the study. The descriptive statistics of their responses is given in Table 1.

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Table 1:Descriptive Statistics of 110 Respondents

Satisfaction Level(Out of 5) Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level Revenue Growth(In %) N 62 110 110 110 110 110 62 110 110 110 110 Mean 2.05 2.90 3.06 3.26 3.05 2.52 2.40 2.73 2.27 3.00 8.80 Median 2.00 3.00 3.00 3.30 3.00 2.30 2.34 2.50 2.00 3.00 9.00 Mode 2.00 2.00 3.00 3.00 3.00 2.00 2.20 4.00 2.00 3.00 7.00 Std. Deviation 0.78 1.11 0.66 0.74 0.87 0.82 0.77 1.21 0.90 0.87 2.61 Skewness 1.25 0.01 1.05 0.16 0.48 1.47 1.92 0.30 1.73 0.41 0.10 Std. Error of Skewness 0.30 0.23 0.23 0.23 0.23 0.23 0.30 0.23 0.23 0.23 0.23 Kurtosis 2.76 -1.15 3.33 0.47 -0.16 2.52 4.74 -1.31 3.12 0.07 -1.02 Std. Error of Kurtosis 0.60 0.46 0.46 0.46 0.46 0.46 0.60 0.46 0.46 0.46 0.46 Min 1.00 0.90 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 4.75 Max 4.75 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 15.00

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4.5 Detailed Descriptive Statistics of 100 Respondents

Raw Material Satisfaction Level
30

20

10

Frequency

Std. Dev = .61 Mean = 2.02 0 1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 3.25 3.50 3.75 4.00 N = 56.00

Raw Material Satisfaction Level

Plant and Machinery

30

20

10

Frequency

Std. Dev = 1.00 Mean = 2.78 0 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.25 1.25 1.75 2.25 2.75 3.25 3.75 N = 100.00

Plant and Machinery

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Human Resource
50

40

30

20

Frequency

10

Std. Dev = .36 Mean = 2.95 N = 100.00 2.00 2.25 2.50 2.75 3.00 3.25 3.50 3.75 4.00

Human Resource

Finance
16 14 12 10 8 6

Frequency

4 Std. Dev = .55 2 0 2.00 2.25 2.50 2.75 2.63 3.00 3.25 3.50 3.75 4.00 3.88 4.13 2.13 2.38 2.88 3.13 3.38 3.63 Mean = 3.18 N = 100.00

Finance

24

Marketing
30

20

10

Frequency

Std. Dev = .68 Mean = 2.93 0 1.50 1.75 2.00 2.25 2.50 2.75 3.00 3.25 3.50 3.75 4.00 4.25 N = 100.00

Marketing

Technology
40

30

20

Frequency

10 Std. Dev = .49 Mean = 2.36 0 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 3.25 3.50 N = 100.00

Technology

25

Transportation Facilities
10

Frequency

Std. Dev = .39 Mean = 2.27 N = 56.00 1.50 1.75 2.00 2.25 2.50 2.75 3.00 3.13 1.63 1.88 2.13 2.38 2.63 2.88

Transportation Facilities

Economic Indicators
20

10

Frequency

Std. Dev = 1.09 Mean = 2.60 0 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 1.25 1.75 2.25 2.75 3.25 3.75 4.25 N = 100.00

Economic Indicators

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Govt Official Attitude

30

20

10

Frequency

Std. Dev = .52 Mean = 2.08 0 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 3.25 3.50 N = 100.00

Govt Official Attitude

Overall Satisfaction Level

60

50

40

30

20

Frequency

10

Std. Dev = .67 Mean = 2.89 N = 100.00 2.00 2.50 3.00 3.50 4.00

Overall Satisfaction Level

Figure 1

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4.6 Descriptive Statistics-Manufacturing

56 Manufacturing Sector Entrepreneurs were interviewed. Their Descriptive Statistics is given in Table 4.

4.10 Conclusion-Manufacturing Sector

There is a high correlation between Overall Satisfaction Level and Revenue Growth between all four clusters of this segment. Overall Satisfaction Level is significantly affected by 1) Raw Material Satisfaction Level 2) Plant and Machinery Satisfaction Level 3) Transportation Facilities Satisfaction Level 4) Government Official Attitude Satisfaction Level 5) Marketing Satisfaction Level Satisfaction Level of first four areas is quite low in all 4 cluster.

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4.11 Descriptive Statistics-Service

44 Service Sector Entrepreneurs were interviewed. Their Descriptive Statistics is given in Table 18.

Table 18: Descriptive Statistics of Service Sector

Satisfaction Level(On 5 pt Scale) Plant and Machinery Government official Attitude Ease of Financing Economic Indicators Human Resource Marketing Technology Overall Satisfaction Level Revenue Growth Std. Deviation 0.42 0.35 0.51 0.63 0.39 0.54 0.52 0.59 1.67 Std. Error of Skewness 0.36 0.36 0.36 0.36 0.36 0.36 0.36 0.36 0.36 Std. Error of Kurtosis 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70

Mean 3.74 3.03 3.43 3.67 3.03 2.62 2.26 3.20 11.18

Median 3.90 3.03 3.67 4.00 3.11 2.58 2.20 3.00 11.00

Skewness -1.80 -0.25 -0.42 -0.86 -0.41 0.36 0.21 -0.08 -0.74

Kurtosis 5.45 1.86 -1.36 -0.25 0.56 -0.31 -0.19 -0.28 2.04

Min 2.00 2.00 2.50 2.00 2.00 1.50 1.23 2.00 6.00

Max 4.30 4.00 4.12 4.50 4.00 4.00 3.50 4.00 15.00

Their Satisfaction Level is high as compared to Manufacturing Sector. They look dissatisfied with Marketing and Technology.

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4.15 Conclusion- Service Sector

The high correlation value of Overall Satisfaction Level and Revenue Growth highlights the need to work for increase Satisfaction. The most significant correlation among Various Satisfaction Parameters and Overall Satisfaction is shown by Human Resource Satisfaction Level which is presently not very high. Some steps by institutes like IIT can be undertaken to increase this satisfaction level by imparting training to the deserving students.

4.16 Analysis Based on Ownership

Three types of Ownership are considered for the study Proprietorship Partnership Private Limited

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Table 26: Proprietorship: Descriptive Statistics

Satisfaction Level(On 5pt Scale) Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level Revenue Growth

N 24 34 34 34 34 34 24 34 34 34 34

Mean 1.59 2.14 2.93 2.90 3.00 2.36 2.53 2.50 1.97 2.91 7.97

Std. Deviation 0.53 0.98 0.29 0.45 0.71 0.54 0.31 1.02 0.55 0.62 2.55

Skewness 0.82 0.56 -0.48 0.91 0.03 0.06 -0.04 0.41 -0.03 0.05 0.63

Std. Error of Skewness 0.47 0.40 0.40 0.40 0.40 0.40 0.47 0.40 0.40 0.40 0.40

Kurtosis 0.20 -1.15 0.27 0.46 -0.40 -1.50 -0.56 -0.94 -1.41 -0.23 -0.64

Std. Error of Kurtosis 0.92 0.79 0.79 0.79 0.79 0.79 0.92 0.79 0.79 0.79 0.79

Min 1.00 0.90 2.30 2.00 1.50 1.34 1.95 1.20 1.20 2.00 5.00

Max 3.00 3.90 3.50 3.95 4.30 3.00 3.10 4.50 3.00 4.00 14.00 25 1.20 1.22 2.80 2.60 2.54 2.00 2.23 1.38 1.33 2.75 6.00

Percentiles 50 75 1.30 2.00 2.00 3.31 3.00 3.10 2.73 3.05 3.00 3.46 2.00 3.00 2.56 2.69 2.40 3.13 2.00 3.00 7.00 2.43 3.00 10.25

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Table 27: Partnership: Descriptive Statistics

Satisfaction Level (On 5pt Scale) Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level Revenue Growth Std. Deviation 0.53 0.77 0.38 0.56 0.71 0.39 0.32 1.12 0.45 0.61 1.80 Skew ness 2.26 0.19 -0.16 0.40 0.06 0.40 1.02 0.68 0.75 0.50 0.02 Std. Error of Skewnes 0.51 0.40 0.40 0.40 0.40 0.40 0.51 0.40 0.40 0.40 0.40 Std. Error of Kurtosis 0.99 0.79 0.79 0.79 0.79 0.79 0.99 0.79 0.79 0.79 0.79

N 20 34 34 34 34 34 20 34 34 34 34

Mean 2.28 2.81 2.85 3.01 3.02 2.45 1.95 2.31 2.25 2.59 8.82

Kurtosis 5.28 -1.43 -0.41 -0.65 -0.90 -1.19 -0.17 -1.21 -0.38 -0.56 -1.07

Min 1.90 1.80 2.00 2.00 2.00 1.89 1.56 1.00 1.60 2.00 6.00

Max 4.00 4.20 3.60 4.12 4.30 3.20 2.60 4.20 3.20 4.00 12.0 25 2.00 2.00 2.50 2.50 2.33 2.12 1.70 1.46 1.92 2.00 7.00

Percentiles 50 75 2.05 2.30 3.00 3.41 3.00 3.10 3.00 3.47 3.05 3.44 2.40 2.85 1.89 2.08 1.56 3.50 2.12 3.00 9.00 2.53 3.00 10.00

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Table 28: Private Limited: Descriptive Statistics

Satisfaction Level(On 5pt Scale) Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level Revenue Growth Std. Deviatio n 0.31 0.82 0.37 0.24 0.61 0.52 0.25 1.04 0.51 0.64 2.26 Skewnes s -0.32 -0.68 -0.69 -0.72 1.00 0.45 0.17 -0.04 1.07 -0.19 -0.72 Std. Error of Skewness 0.64 0.41 0.41 0.41 0.41 0.41 0.64 0.41 0.41 0.41 0.41 Kurtosi s 0.98 -1.27 2.39 0.34 0.51 -0.01 0.93 -1.74 1.32 -0.51 0.48 Std. Error of Kurtosis 1.23 0.81 0.81 0.81 0.81 0.81 1.23 0.81 0.81 0.81 0.81

N 12 32 32 32 32 32 12 32 32 32 32

Mean 2.42 3.41 3.07 3.65 2.77 2.27 2.28 3.03 2.02 3.19 10.69

Min 1.80 1.80 2.00 3.00 2.00 1.23 1.89 1.70 1.23 2.00 5.00

Max 3.00 4.30 4.00 4.00 4.30 3.50 2.80 4.50 3.50 4.00 15.00 25 2.31 2.52 2.90 3.50 2.39 2.00 2.13 1.83 1.66 3.00 10.00

Percentiles 50 2.45 3.95 3.11 3.70 2.63 2.00 2.34 3.05 2.00 3.00 11.00

75 2.59 4.00 3.24 3.87 3.00 2.50 2.40 4.00 2.35 4.00 12.00

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Table 29: Comparison on Basis of Ownership

Mean Satisfaction Level(In % Terms) Satisfaction Level(On 5 pt Scale) Proprietorship 32 43 59 58 60 47 51 50 39 58 8 Partnership 46 56 57 60 60 49 39 46 45 52 9 Pvt. Ltd 48 68 61 73 55 45 46 61 40 64 11 Std. Deviation Proprietorship 0.53 0.98 0.29 0.45 0.71 0.54 0.31 1.02 0.55 0.62 2.55 Partnership 0.53 0.77 0.38 0.56 0.71 0.39 0.32 1.12 0.45 0.61 1.80 Pvt. Ltd. 0.31 0.82 0.37 0.24 0.61 0.52 0.25 1.04 0.51 0.64 2.26

Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level Revenue Growth

Proprietors are least satisfied in 3 critical Manufacturing parameters1) Raw Material 2) Plant and Machinery. 3) Government Official Attitude Human Resource Satisfaction which is most critical parameter for Service Sector is similar across the board.

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4.17 Analysis Based on Entrepreneur Generation

In this section respondents are segregated on basis of who initiated the firm. If the firm has been initiated by the respondent then it is classified as First Generation, or if initiated by father it is termed as Second Generation.

Table 30: Descriptive Statistics: First Generation Entrepreneurs

Std. Deviation 0.53 0.81 0.35 0.36 0.60 0.48 0.27 0.65 0.64 0.71 Std. Error of Skewness 0.46 0.40 0.40 0.40 0.40 0.40 0.46 0.40 0.40 0.40 Std. Error of Kurtosis 0.90 0.78 0.78 0.78 0.78 0.78 0.90 0.78 0.78 0.78

Satisfaction Level(On 5 pt Scale) Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level

N 26 36 36 36 36 36 26 36 36 36

Mean 2.34 2.85 2.89 3.53 2.79 2.50 2.29 1.89 1.90 2.83

Skewness 0.90 0.37 -0.65 -0.64 0.48 0.01 0.82 0.91 0.90 0.26

Kurtosis 3.63 -1.34 0.26 0.63 -0.23 -1.90 2.51 -0.27 -0.64 -0.89

Min 1.10 1.67 2.00 2.50 2.00 1.90 1.80 1.20 1.20 2.00

Max 4.00 4.20 3.50 4.12 4.20 3.20 3.10 3.50 3.20 4.00

Percentiles 25 50 75 2.00 2.30 2.58 2.00 2.56 3.80 2.75 3.00 3.10 3.40 3.50 3.80 2.30 2.70 3.00 2.00 2.50 3.00 2.15 2.30 2.43 1.32 1.80 2.50 1.33 1.70 2.50 2.00 3.00 3.00

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Table 31: Descriptive Statistics: Second Generation Entrepreneurs

Std. Deviation 0.50 1.10 0.36 0.54 0.71 0.49 0.48 1.08 0.41 0.65 Std. Error of Skewness 0.43 0.30 0.30 0.30 0.30 0.30 0.43 0.30 0.30 0.30 Std. Error of Kurtosis 0.83 0.59 0.59 0.59 0.59 0.59 0.83 0.59 0.59 0.59

N Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level 30.00 64.00 64.00 64.00 64.00 64.00 30.00 64.00 64.00 64.00

Mean 1.71 2.73 2.98 2.98 3.02 2.29 2.25 3.01 2.18 2.92

Skewness 0.23 -0.15 -0.24 0.50 0.15 0.25 0.06 -0.24 0.39 0.08

Kurtosis -0.38 -1.52 0.61 -0.87 -0.75 -0.29 -1.65 -1.47 1.45 -0.56

Min 1.00 0.90 2.00 2.00 1.50 1.23 1.56 1.00 1.23 2.00

Max 3.00 4.30 4.00 4.00 4.30 3.50 3.00 4.50 3.50 4.00

Percentiles 25 50 75 1.20 1.94 2.00 1.90 3.15 3.78 2.80 3.00 3.20 2.60 2.80 3.50 2.46 3.00 3.48 2.00 2.20 2.58 1.80 2.28 2.67 2.10 3.05 4.00 1.99 2.25 2.17 3.00 2.43 3.00

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Table 32: Descriptive Statistics Comparison: First Generation and Second Generation.
Satisfaction Level(On 5 pt Scale) Raw Material Plant and Machinery Human Resource Ease of Financing Marketing Technology Transportation Facilities Economic Indicators Government Official Attitude Overall Satisfaction Level FG 26 36 36 36 36 36 26 36 36 36 N SG 30 64 64 64 64 64 30 64 64 64 Mean(In% term) FG SG 47 34 57 55 58 60 71 60 48 60 50 46 46 45 55 60 48 44 57 58 Std Deviation FG 0.53 0.81 0.35 0.36 0.60 0.48 0.27 0.65 0.64 0.71 SG 0.50 1.10 0.36 0.54 0.71 0.49 0.48 1.08 0.41 0.65 Percentiles 25% FG 40 40 55 68 46 40 43 26 27 40 SG 24 38 56 52 49 40 36 42 40 45 Percentiles 50% FG 46 51 60 70 54 50 46 36 34 60 SG 39 63 60 56 60 44 46 61 43 60 Percentiles 75% FG 52 76 62 76 60 60 49 50 50 60 SG 40 76 64 70 70 52 53 80 49 60

First Generation Entrepreneurs have high satisfaction level as compared to Second Generation in 1) Raw Material 2) Ease of Financing Satisfaction Level But they look dissatisfied with the Marketing.

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4.18 Concluding Remarks

In this part attempt has been made to cluster industry based on Type, Ownership, and Generation. Further segment has been constructed based on K- Means Analysis. Value of k is chosen such that Fnuc is maximum to ensure maximum homogeneity between the clusters. Each cluster is analyzed and named. Descriptive Statistics and Correlation of Various Satisfaction Level Factor with Overall Satisfaction Level and Revenue Growth is done to diagnostically analyze impact of present satisfaction level of various parameters.

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CHAPTER 5

SUMMARY AND CONCLUSIONS

CHAPTER 5
5.1 5.2 5.3 5.4 5.5 Introduction Summary of Present Study Major Recommendations Limitations of the Present Study Scope for Further Study

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5.1 Introduction
This chapter presents the summary of the research study. The important research findings have been summarized and synthesized in this chapter. On the basis of research findings some recommendations are suggested. It also presents significant contribution made by the study. The chapter also highlights the limitations of the present study and delineates the direction for further research.

5.2 Summary of the Present Study

There is a high correlation between Overall Satisfaction Level and Revenue Growth between all Small and Medium Manufacturing Firm. Overall Satisfaction Level is significantly affected by: 1. Raw Material Satisfaction Level 2. Plant and Machinery Satisfaction Level 3. Transportation Facilities Satisfaction Level 4. Government Official Attitude Satisfaction Level 5. Marketing Satisfaction Level Satisfaction Level of first four areas is quite low in all clusters. In service sector, the high correlation value of Overall Satisfaction Level and Revenue Growth highlights the need to work for increase Satisfaction. The most significant correlation among Various Satisfaction Parameters and Overall Satisfaction is shown by Human Resource Satisfaction Level which is presently not very high. Segregating on basis of type of Ownership, Proprietors are least satisfied in 3 critical Manufacturing parameters1. Raw Material 2. Plant and Machinery. 3. Government Official Attitude Human Resource Satisfaction which is most critical parameter for Service Sector is similar across the board.

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5.3 Major Recommendations

Human Resource has emerged as the most critical element for growth of service industry. The present satisfaction level of Service Industry with reference to Human Resource is nearly 60%, which has tremendous source for improvement. It can be improved by government emphasizing more on vocational training. First Generation Entrepreneurs are not satisfied with marketing infrastructure. They can be given short term training on the same.

5.4 Limitations of the Study

Some of the limitations of the study are 1) The data in the study was collected through questionnaires. The survey, therefore, are subject to well known limitations of such survey. 2) For empirical study the organizations selected were primarily located in and around Delhi so regional bias might be there. 3) Only limited characteristics were considered in the study.

5.5 Scope for Further Study

Following are some of the areas of further Research:1) The present study gauges the satisfaction level of entrepreneurs. The reason for this level is important area to be explored. 2) The satisfaction level of Indian Entrepreneur need to be compared with International peers. 3) The reasons for low satisfaction level need to be explored. The important issue Does Country lack infrastructure or Entrepreneur Lacks Awareness? need to be explored.

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