A Study on Factors Affecting Rig Entrepreneurs with Particular Reference to the Namakkal District of Tamilnadu

Abstract

Purpose: To analyze the factors influencing Rig Entrepreneurs with high capacity Borewells, Medium capacity Borewells, Medium capacity Borewells & Low Capacity Borewells.

Design/Methodology/Approach: The study's main aim is to explore rig entrepreneurs' problems and prospects with particular reference to Namakkal District So; the study is primarily descriptive. Both primary and secondary data are used for the study.

Findings/Results: The study concluded that inadequate working capital was the critical constraint for them to initiate the rig business, followed by the high interest rate and requirements of too many documents and certificates. The lack of managerial skills, lengthy procedures and formalities, commission to a middle man, collateral security, difficulty in getting re-finance, and no proper assistance from any source were the rig entrepreneurs' other constraints.

Outcome: Rig entrepreneurs' constraints show that they face stiff competition from wealthy people. Since the investment is high and the return is also high, it makes more wealthy people eager to enter this rig business. Therefore, the wealth prospects should involve themselves in collaborative work with the social entrepreneurs in the joint venture and financial support through CSR instead of competing with social entrepreneurs. Entrepreneurial education for rig owners and development programmes like EDP and WEDP should be formed and executed to omit the rig business's lack of technical know-how. The educational institutions should be directed to have a course in their Entrepreneurship cell, with the District Industrial Center’s help to promote more entrepreneurs for the borewell enterprises.

Originality/Values: The research work envisages the factors affecting Rig Entrepreneurs in the Namakkal district specifying that the work was carried out to outcome the problems of the rig entrepreneurs in the future. The technology has been improved in all the fields relevant to mines, and drought areas where the rig unit makes it difficult to enter the borewell point.

Type of the paper: Primary data using questionnaires were used from various sources like case study analysis, and journals were used for the research work.