An Empirical Study of Business Challenges Encountered by Micro, Small and Medium Entrepreneurs

Abstract

Micro, Small and Medium Enterprises play a very important role in economic development and growth of a country. The present study is based on the challenges faced by Micro, Small and Medium Enterprise (MSME) entrepreneurs. A random selection of 200 MSME entrepreneurs was made from four districts of Haryana with the help of list provided by Districts Industries Centres. The challenges were deeply examined and classified in to six major groups with the help of Principle Component Factors analysis. The six groups of challenges are Management related, Economic, Financial, Market Related, Formal and Personal.