Poverty alleviation and poverty creation are going simultaneously as we are not plugging the loopholes as well as not focusing on transformation phase of the poverty into wealthy segment. In my last article I focused on entrepreneurship and poverty alleviation. In continuation to that research I found that the process of butterfly birth is still not well developed in the entrepreneurship. From the birth of an Entrepreneurship to a Micro Small & Medium Enterprise to Small & Medium Enterprise to a listed Small Cap company is not very well processed in the Indian economy as well as in many economies across the globe. MSME wants to grow but various types of constraints which make them die in between the conversion phase into SME.
Strategic innovation, connectivity, Funding and human labour kills them from taking birth. The government frames policies and subsidy planning’s but they still fail to blossom out. Few only manage and rest of them fails. Management science has taken lot of changes but the biggest lack is the reaching of those changes to the masses and making benefit out of them. Technology has come to bridge the gap but how many knows or have access to the same. Micro SME is a game changer for the society since they give motivation and knowledge to the new comers and plays a pivotal role in poverty alleviation since they teach the society to dream big.
Just understand that if these Micro SME are not able to grow then poverty alleviation will remain in nascent stage. Further, SME’s needs to grow their business into Small companies by getting listed in stock exchange. People will say that SME are growing and Micro SME is also growing but what I want to accentuate is that the growth and conversion phase is very slow. It’s very weak currently and that’s why poverty alleviation is a slow process. Education and Technical expertise are weak hence the birth and conversion phase of the butterfly is slow.
On the other hand natural disaster and financial crisis is deepening the income inequality phase and hence poverty is also increasing on the other hand. Taxation benefit and subsidies are given but reaching them and strategically using them is a cumbersome process and hardly any management professional will come ahead to support them since they can’t pay hefty fees. Well the society is divided between knowledge and lack of knowledge and it’s the responsibility of the knowledge holders to educate and bridge the gap of poverty. Entrepreneurship promotion within the economy is not only sufficient to remove poverty but to expedite the process of conversion into SME and then into a listed company is of greater importance as it creates more larger environment for recruitment of manpower and other related parties.
If an entrepreneur remains only Micro SME then he will never create larger growth for employments and other related parties hence the growth of the poverty alleviation remains a struggling point for everyone. Strategic policy implementation is required in every step to build the butterfly birth process to be faster. Now management science and few professional can create a immense difference behind these Micro SME to get into the journey of butterfly. Cost Management and cost accountants can help to create the difference since strategic cost management plays a pivotal role to develop a true organization which leads to the final destination of an SME getting listed on a stock exchange. Mere policy and subsidies will not be sufficient enough to alleviate poverty from the society. Rather we need to get into the conversion frame work where organization and professional bodies should come together to help them grow their business and become a beautiful butterfly. It has been witnessed these MICRO SME struggle with the biggest problem of lack of growth concepts and also lack mental support. Professionals like cost accountants can be a bigger influencer for this MICRO SME to a Small Cap company getting listed. Poverty alleviation cannot be done mere through grants and subsidies.
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