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What is Entrepreneurship Development Program and Objectives of EDP

Entrepreneurship Development Program

According to Joseph A. Schumpeter (1939), “ Entrepreneurship is based on purposeful and systematic innovation. It includes not only the independent businessman but also company directors and managers who actually carry out innovative functions”

Entrepreneurship is a process of managing an enterprise in a systematic manner by keeping the mind innovative, and an Entrepreneurship development program helps in motivating and giving training to these independent businessmen to make a start-up of their unique business ideas.

The entrepreneurship development Program is associated with developing the skillset, inspiring their business ideology, making them know about government policies and rules and regulations, and empowering them to take a step towards being an entrepreneur, organizing the funds and resources, control over all activities in business management.

So as mentioned above, the Entrepreneurship Development Program is devoted to making a country develop toward business evolution and enterprise structure manageable and successful.

As an Entrepreneur, one should have some basic skills to carry, like being innovative, Risk-bearing capacity, Foresight, hard work, desire for high achievements, Good organizer, innovative, Highly optimistic, Controlling, and Directive.

Process in Entrepreneurship Development:

Setting the Objectives of EDP

Setting an objective of the program is important in the entrepreneurship development process. As it aims you to work in an organized way. In this phase, the entrepreneur has to plan what his course of action is going to head towards, and basically, it is like preparing a blueprint. If we don’t set up objectives, it will take the program away from the desired path, and it will waste time and resources.

Finding the Right Mentors/Training Professionals

The entrepreneurship development program’s main purpose is to train entrepreneurs and learn the details of operating a business. For this, you will require trained professionals who are experienced in this domain. Find those who have pursued a professional qualification in this field and enroll them for the session.

Identify Potential Local Talents and Markets

To start an Entrepreneurship Development Program, it is necessary to identify potential local talents and markets. If in the place where we are starting the development program available, the community is interested, then it will benefit a lot of entrepreneurs to gain knowledge and upskill themselves.

Tie Up with Institutions

In order to give a real-time experience, these entrepreneurship programs involve tie-ups with several NGOs, private institutions, and universities. This will help you organize better set-ups for the entrepreneurs to meet, communicate, and exchange their ideas.

Seek Feedback

At the end of the Entrepreneurship development program, ask your aspirants whether they are satisfied or not. And their feedback and ratings on the conducted development program. If there are some suggestions, then make efficient changes suitable for entrepreneurs.

Objectives

1. To Promote First Generation Businessman and Entrepreneurs

The youth always thinks to do a business. Be an employment provider instead of being an employee, but most of them will not have the motivation to start their enterprise or how to start it.

For all these problems and hurdles, an entrepreneurship development program will be imperative. It will motivate and encourage them to move forward to a businessman.

2. To Create Awareness about Available Resources

Entrepreneurial development programs (EDP) aim to provide information to people about resources so that their proper utilization is possible. Resources like raw materials, financial resources, and human resources.

3. To analyze environmental setup relating to small industry and promoting it.

The aim of the entrepreneurial development program is to inspire people to set up small, local Industries by utilization of resources and government policies.

4. To Encourage Self Employment Tendencies

The entrepreneurial development program’s objective is to induce people for self-employment. To encourage that to be an employment provider.

5. To Provide Knowledge about Government Plans and Programmes

first-generation entrepreneurs face several challenges, including a lack of prior experience, financial complexities, and difficulty raising capital. In Bharat, the government has launched several policies to promote entrepreneurship among youth. These include Make in India, Digital India, Mudra Yojana, Atal Innovation Mission, 59-minute loan, Stand Up India, and Start-Up India2. These government initiatives promote entrepreneurial practices and innovations happening in the business sector of the country.

6. Develop entrepreneurial quality

For entrepreneurs to succeed in their business, they need to carry some basic qualities. These qualities will make an entrepreneur more impactful in his business career.

These qualities include self-confidence, dynamic approach, maturity, dedication, leadership qualities, qualities for innovations, risk-bearing qualities, foresight, high optimism, decision-making power, etc.

7. Provide Training to Operate Enterprise

In ED programs, the entrepreneurs are trained, on how to do business, how to make business dealings with various parties, how to develop cordial relations, how to raise capital, how to establish a business balance between various components of the business, and how to tackle the difficulties arising during the course of business, etc.

8. Boosting Economic/industrial development

Entrepreneurs are the ones who make innovations in the business sector and help make industrial development. The new enterprises will provide new employment opportunities and increase productivity and employment rates.

Entrepreneurship development programs are very important to both developed and developing nations.

9. Develop and strengthen entrepreneurial traits

Entrepreneurs face various problems while going for start-up businesses or establishing new enterprises. To tackle them, entrepreneurs need to have proper training and directions.

The entrepreneurial development programs aimed at removing the doubts and suggesting remedial measures for the problems and shortcomings.

Why is Entrepreneurship training required?

Entrepreneurship development is a process of improving the skills and knowledge of entrepreneurs and supporting entrepreneurship.

It helps in Generating employment opportunities, strengthening entrepreneurial traits, boosting the economic development of the country, Selecting and formulating projects, Learning the art of product development, creating awareness about Available Resources and support for a startup venture, and Raising funds for the start-up.

What are the phases of Entrepreneurship Development Programmes in India?

The entrepreneurship development program is primarily designed to motivate young entrepreneurs. So the cause and curriculum of the Entrepreneurship Development program will be so designed that it will induce motivation and competency. After deciding on course content for EDP, the next important task is to understand the various phases of it. There are three different phases of the entrepreneurship development program:

  • Initial or Pre-training phase
  • Training or Development phase
  • Post-training or Follow-up phase

Best institutes offering entrepreneurship development programs in Bharat:

  • Indian Institute of Technology (IIT) Delhi
  • Indian Institute of Management (IIM) Bangalore
  • Entrepreneurship Development Institute of India (EDII)
  • Symbiosis Institute of Business Management (SIBM)
  • Symbiosis Institute of Business Management – Pune
  • Tata Institute of Social Sciences – Mumbai
  • Xavier School of Management – Jamshedpur
  • S.P Jain Institute of Management and Research – Mumbai
  • Amity University – Noida

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