Chapter 9: MSME and Business Entrepreneurship

Vocabulary practice flashcards covering Micro, Small, and Medium Enterprises (MSMEs), entrepreneurship concepts, classification criteria, and intellectual property rights based on Chapter 9.

Micro, Small and Medium Enterprises (MSMEs)

Enterprises categorized by investment in plant, machinery, and turnover that act as a vital industrial link in production, employment, and exports while utilizing local resources and indigenous skills.

Romi Bags

A purse and bag venture launched in 1996 in Imphal, Manipur, by Khumbongmayum Dhanachandra Singh, who received the 2007 National Award for bag making under Micro and Medium Enterprises.

Micro Enterprise

An enterprise whose investment in plant and machinery does not exceed $1\,\text{Crore}$ and whose turnover does not exceed $5\,\text{crore}$, representing $99.4\%$ of MSMEs in India.

Small Enterprise

An enterprise whose investment in plant and machinery does not exceed $10\,\text{Crore}$ and whose turnover does not exceed $50\,\text{crore}$, representing $0.52\%$ of MSMEs in India.

Medium Enterprise

An enterprise whose investment in plant and machinery does not exceed $50\,\text{Crore}$ and whose turnover does not exceed $250\,\text{crore}$, representing $0.1\%$ of MSMEs in India.

Village Industry

Any industry located in a rural area that produces goods or renders services with or without the use of power, wherein the fixed capital investment per artisan or worker is specified by the central government.

Cottage Industries

Traditional rural industries run by household artisans that are not defined by formal capital investment criteria.

MSMED Act, 2006

The Micro, Small and Medium Enterprises Development Act that came into force in October 2006 to provide a unified single legal framework addressing definition, credit, marketing, and technology upgradation.

Entrepreneur

The individual who initiates, establishes, and manages a business venture, acting as the primary agent of economic activity.

Entrepreneurship

The systematic, purposeful, and lawful process of setting up one's own business to create value, organize factors of production, innovate, and assume calculated risks.

Enterprise

The business organization or unit established as the tangible output of the entrepreneurial process.

Startup India Scheme

A government initiative aimed at building a strong ecosystem to nurture innovation, trigger entrepreneurial mindsets, and support ventures among educated youth, scientists, women, and underrepresented groups.

Intellectual Property (IP)

Intangible creations of the human mind, including inventions, literary and artistic works, designs, symbols, names, and images used in commerce.

Intellectual Property Rights (IPR)

Legal rights conferred by an authorized governing body upon creators and inventors, granting exclusive control to use, sell, license, or prevent unauthorized reproduction of their creations.

Traditional Knowledge (TK)

The accumulated knowledge, medicinal systems, innovations, and practices of local communities passed down across generations, such as Ayurveda, Unani, Siddha, and Yoga.

Traditional Knowledge Digital Library (TKDL)

A digital repository created by the Government of India documenting ancient medicinal plants and formulations to prevent wrongful patenting of indigenous Indian knowledge.

Trade Secret

Confidential, proprietary business information providing a competitive commercial advantage, legally protected in India under the Indian Contract Act, 1872.

Copyright

An exclusive legal right arising automatically upon creation that grants authors of literary, artistic, musical, dramatic, sound, or cinematographic works the right to prohibit unauthorized copying and distribution.

Trademark

A distinctive word, symbol, logo, name, or combination thereof that identifies and distinguishes the goods or services of one enterprise from those of competitors under the Trademark Act 1999.

Deceptive Similarity

Phonetic, structural, or visual resemblance between marks that is likely to confuse consumers, barring competitor use under trademark law.

Geographical Indication (GI)

A sign used on agricultural, natural, handicraft, or manufactured goods identifying them as originating from a specific geographic territory where a given quality, reputation, or characteristic is attributable to that location.

Patent

An exclusive statutory monopoly granted by the government under the Patents Act, 1970, for $20\,\text{years}$ over a novel, non-obvious scientific product or process that has industrial application.

Licensing

The formal arrangement through which a patentee grants permission to another party to commercially use, make, or sell their patented invention in exchange for a fee or royalty.

Design (IPR)

Protection granted to the aesthetic features, shape, pattern, configuration, or arrangement of lines/colors applied to an article, valid for $10\,\text{years}$ with an option to renew for $5\,\text{years}$.

Plant Variety

A plant grouping categorized by botanical characteristics and developed by cultivators or breeders to conserve genetic resources and promote seed research and development.

Semiconductor Integrated Circuits Layout Design

The intellectual property protection granted to the three-dimensional configuration and layout of active and passive elements and interconnections formed on or inside semiconductor material.