Creativity, Entrepreneurship and starting a MSME

Ginia Basu

  • Source: Read more | 10 Dec 2021

  • Growing businesses together

The relationship between creativity and entrepreneurship

I often have a debate with my husband about selling art. He is a wonderfully talented artist.  Now and again people see his art on facebook, and ask for the price of certain pieces. He is hell bent on the point that he wont sell his art. Somehow according to him, that will lower the value of his creation. But my point is if all the famous artists in the world would have said this, would they become famous? The symbiotic  relationship between creativity and  entrepreneurship is the master key towards success.

 Every thing that becomes big down the line, starts with a small brave step. There are many brave people who have followed bravely the call of their creative soul and started their own MSME. 

What is MSME?

Micro, Small and Medium Enterprises are known by the acronym MSME which account for the third largest GDP enhancer in India, after agriculture and industry. According to a recent reclassification of enterprises under the Atma Nirbhar Bharat Abhyan, Micro enterprises need an investment of <  Rs.1 crore and annual turnover of < Rs.5 crore., Small enterprises -< Rs.10 crore & < Rs.50 crore and Medium enterprises < Rs.50 crore & < Rs.250 crore respectively.

Employment - Role of MSME in creating more jobs

By starting a MSME, you becomes a part of a self sufficient ecosystem but with government support. And give back to society in turn by creating new employment and boost the local gross domestic production(GDP) of an area. MSME’s have been described as the backbone of India’s economy contributing as much as 30% to the GDP.

https://www.financialexpress.com/industry/sme/centre-aims-to-increase-msme-sector-contribution-to-gdp-up-to-50-gadkari/2145902/

Creativity

Everyone dreams of following their dreams and following their passion. If you can supplement your creativity with the added zing of entrepreneurship, then there is no stopping you. Start your own cloud kitchen, create artisanal products like handmade soaps, candles, woodcraft, leathercraft,artwork, customized nameplates,  start a beauty salon or a daycare, buy that sewing machine and make exquisite tailored clothes, just follow your heart. The technical nitty gritties you can always leaen. 

Being creative is an added bonus for an entrepreneur as it helps to avoid stagnation. Coming up with new business ideas , creative thinking, keeping things fresh and fun is what helps in boosting any business. 

Women and MSME’s

Out of the 63.3 million MSMEs in India, men run 79.6% of enterprises and women, 20.4%, according to the 2019-’20 annual report of the MSME ministry. (source: scroll in). This may be a reflection of the fact that maybe there are many women led micro enterprises which are not properly registered and hence not taken into count. Women play a big role in society other than counting for 50% of the population. They are caregivers, nurturers who hold the family fabric together. For a woman to be empowered, financial independence is of supreme importance.  Doing what you love to do and earning money from it simultaneously! Its definitely a win -win situation. 

How to Register your Business

The process of registration is completely online in the GOI portal of udyamregistration.gov.in.

You can get detailed instruction about online registration here 

https://cleartax.in/s/msme-registration-india

Here are some of the biggest benefits of getting your MSME registered

1. Bank Loans (Collateral Free) 

2. Subsidy on Patent Registration.

3. Overdraft Interest Rate Exemption. 

4. Industrial Promotion Subsidy Eligibility. 

5 Protection against Payments (Delayed Payments)

6. Fewer electricity bills

7. ISO Certification Charges Reimbursement

Source :https://www.msmex.in/learn/benefits-of-msme-registration-in-india/

So if you have a dream of starting a small little business of your own, of following your heart, then you can think about starting a MSME. Your creative side will get an expression and the entrepreneur inside you will also get a chance to shine.

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