Small-Scale Development of Product

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Author(s): Jyoti Yadav (Banasthali University, India), Swati Agarwal (Banasthali University, India)and Suphiya Khan (Banasthali University, India)
Copyright: 2021
Pages: 18
Source title: Bioentrepreneurship and Transferring Technology Into Product Development
Source Author(s)/Editor(s): Swati Agarwal (Banasthali University, India), Sonu Kumari (Banasthali University, India)and Suphiya Khan (Banasthali University, India)
DOI: 10.4018/978-1-7998-7411-9.ch005

Keywords: Business & Management / Business Science Reference / Entrepreneurship / Entrepreneurship & Innovation

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Abstract

Small-scale product development is not for everyone, and it needs a high level of discipline, dedication, persistence, and creativity as well as a lot of work. Before setting up a small-scale business, one needs seed money, physical location of the business venture, construction work, equipment/machinery maintenance, management skills, accounting skills, and last but not least, marketing skills. For the development of any area, the small-scale industry development is very important mainly for the income source of the community and for employment opportunities. On the basis of study, four strategies that are used for the development of small-scale industries were found, and these strategies are 1) promotion and development of institutional, business groups, and cooperatives; 2) determination brands; 3) strategy competition with low cost and product development; 4) to improve final access market orientation strategies. On the basis of analysis of these strategies, they are prioritized, and the first priority is strategy.

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