A study of SOAR analysis for startups entrepreneurial development in Haryana
In most of the world's economies, SMEs (micro, small, and medium-sized enterprises) are seen as a major force driving economic growth and promoting equitable development. In most economies, MSMEs are recognized for generating the fastest rate of job growth. Not only do they play a significant role in creating numerous high-paying jobs at comparatively lower capital costs than large industries, but they also promote the industrialization of rural and underdeveloped areas, reducing regional imbalances and ensuring a fairer distribution of wealth and income across countries. Startups and Micro, Small, and Medium Enterprises (MSMEs) are critical to India's growth process. It creates jobs at minimal cost and helps society progress toward prosperity and growth. The development of rural areas is heavily dependent on MSMEs as most Indians live in villages and there is much more scope for exhausting consumer needs in rural India. Despite the state's huge potential for industrialization, especially in the SME sector, this potential has not yet been fully realized. The objective of this study is to identify the strengths, opportunities, and aspirations of start-ups in the state of Haryana. As a result, the study will prove to be a panacea for startups and micro-entrepreneurs. The study also offers suggestions on how to expand the capacity of their enterprises for innovation, judgment, and diversification in the state of Haryana.