mention three features of small industry
Answers
1. Labour intensive:
Small-scale industries are fairly labour-intensive. They provide an economic solution by creating employment opportunities in urban and rural areas at a relatively low cost of capital investment.
2. Flexibility:
Small-scale industries are flexible in their operation. They adopt quickly to various factors that play a large part in daily management. Their flexibility makes them best suited to constantly changing environment.
3. One-man show:
A small-scale unit is generally a one-man show. It is mostly set up by individuals. Even some small units are run by partnership firm or company, the activities are mainly carried out by one of the partners or directors. Therefore,' they provide an outlet for expression of the entrepreneurial spirit. As they are their own boss, the decision making process is fast and at times more innovative.
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Features of small industries are:
- Ownership
- Management
- .Labor Intensive
- Flexibility
- Limited Reach
- Resources Utilisation
- Employment
- Total Production
Small scale industries:
The SSI’s are the lifeline of the economic system, in particular in growing international locations like India. These industries are typically labour-intensive, and consequently they play an essential position withinside the introduction of employment. SSI’s are a important region of the economic system each from a monetary and social factor of view, as they assist with the according to capita earnings and aid utilisation with inside the economic system.
Explanation:
Ownership
SSI’s commonly are beneath unmarried ownership. So it is able to both be a sole proprietorship or once in a while a partnership.
Management
Generally, each the control and the manipulate is with the proprietor/owners. Hence the proprietor is actively concerned withinside the every day sports of the enterprise.
Labor Intensive
SSI’s dependence on era is quite limited. Hence they have a tendency to apply labour and manpower for his or her manufacturing sports.
Flexibility
SSI’s are greater adaptable to their converting enterprise environment. So in case of amendments or sudden developments, they're bendy sufficient to evolve and convey on, in contrast to huge industries.
Limited Reach
Small scale industries have a constrained region of operations.
Resources Utilisation
They use nearby and without problems to be had sources which facilitates the economic system completely utilise herbal sources with minimal wastage.