A Framework for the Development and Success of Microenterprises in India

Microenterprises play a critical role in the economic development of any country, particularly in a developing country like India that is undergoing transition from the traditional subsistence to a modern industrial economy. The role played by these microenterprises in India is immense as they are effective tools for sustainable livelihood, employment generation and empowerment of women, thus contributing to the country's GDP and social upliftment of the society. This paper tries to develop a framework for the development and success of microenterprises in India by considering two broad categories, i.e., individual and business factors. The individual factors are further subdivided into sociocultural factors, psychological factors and entrepreneurial skills-related factors