How Entrepreneurship Development Programme Nurture’s Your Entrepreneurial Career
Entrepreneurship is the result of the entrepreneurial quality of entrepreneurs. What makes entrepreneurs successful is still a debate. Experts have listed a long list of qualities relating to general, mental, economic, social and personal trails of entrepreneurs. This blog covers up the topics like entrepreneurship development programme, the importance of entrepreneurship, the process of entrepreneurship development and mention of some of the reputed entrepreneurship development institutes.
Entrepreneurs are frequently thought of as national assets to be cultivated, motivated and remunerated to the greatest possible extent. Entrepreneurs can change the way we live and work. Hence the most important part is that how do we start investing time on ourselves and how we can bring up the entrepreneur inside us?
What Is Entrepreneurship Development Programme?
Entrepreneurship Development Programme (EDP) is a programme which helps in developing the entrepreneurial abilities. The skills that are required to run a business successfully, is developed among the people through this programme. Sometimes, people may have skills but it requires polishing and incubation.
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This programme is perfect for people who are in entrepreneurship but needs to develop entrepreneurial skills. This programme consists of a structured training process to develop an individual as an entrepreneur. It helps the person to acquire skills and necessary capabilities to play the role of an entrepreneur effectively.
Talent is natural but skill is only developed by hours and days and months of hard work. EDP is not just a training programme but it is a complete process to make the possible transformation of an individual into an entrepreneur. This programme also guides the individuals on how to start the business and effective ways to sustain it successfully.
Importance of Entrepreneurship Development
Importance of entrepreneurship development is to enable the individuals to grow into a dynamic entrepreneur who is able to initiate and sustain the economic growth of the country. Their ventures not only initiates wealth but also becomes the inspiration for others. The most important ones are listed below:
1. Increases National Income
Entrepreneurial ventures generate new wealth. Existing businesses may remain confined to the scope of existing markets and may hit the glass ceiling in terms of income. New and improved products, services or technology from entrepreneurs enable new markets to be developed and new wealth to be created.
Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending. This revenue can be used by the government to invest in other, struggling sectors and human capital.
2. Creates Social Change
Through their unique offerings of new goods and services, entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies. This results in an improved quality of life, greater morale and economic freedom.
For example, the water supply in a water-scarce region will, at times, force people to stop working to collect water. This will impact their business, productivity and income. Imagine an innovative, automatic, low-cost, flow-based pump that can fill people’s water containers automatically.
This type of innovation ensures people are able to focus on their jobs without worrying about a basic necessity like water. More time to devote to work translates to economic growth.
3. Creation of Job Opportunities
Entrepreneurship firms contributed a large share of new jobs. It provides entry-level jobs so necessary for training or gaining experience for unskilled workers.
The small enterprises are the only sector that generates a large portion of total employment every year. Moreover, entrepreneurial ventures prepare and supply experienced labor to the large industries.
4. Increases Innovation Opportunities
Entrepreneurship is the incubator of the innovation. Innovation creates disequilibrium in the present state of order. It goes beyond discovery and does implementation and commercialization, of innovations. “Leapfrog” innovation, research, and development are being contributed by entrepreneurship.
Thus, entrepreneurship nurses innovation that provides new ventures, product, technology, market, quality of good etc. to the economy that increases Gross Domestic Products and standard of living of the people.
5. Promotion of Research and Development
Entrepreneurship is innovation and hence the innovated ideas of goods and services have to be tested by experimentation. Therefore, entrepreneurship provides funds for research and development with universities and research institutions. This promotes the research and development of the economy.
Entrepreneurship is the pioneering zeal that provides events in our civilization. We are indebted to it for having prosperity in every arena of human life- economic, technological and cultural.The above discussion, in a nutshell, enumerates that tremendous contributions of entrepreneurship.
6. Promotes Economic Growth
Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilisation of scarce resources. Since this value creation activity is performed continuously in the midst of uncertain business environment.
Therefore, entrepreneurship is regarded as a dynamic force and plays an important role in the overall development of the society we live and our country as well.
7. Enhances Standard of Leaving
Standard of living is a concept built on increasing amount of consumption of a variety of goods and services over a particular period by a household.
So it depends on the availability of diversified products in the market. Entrepreneurship provides enormous kinds of products of various natures by their innovation.
Besides, it increases the income of the people who are employed in the entrepreneurial enterprises. That also capable employed persons to consume more goods and services. In effect, entrepreneurship enhances the standard of living of the people of a country.
8. Helps in Community Development
A community is better off if it’s employment base is diversified among many small entrepreneurial firms.
It promotes abundant retail facilities, a higher level of home ownership, fewer slums, better sanitation standards and higher expenditure of education, recreation and religious activities. Thus, entrepreneurship leads to more stability and a higher quality of community life.
Process of Entrepreneurship Development Programmes
The whole process of entrepreneurship development programme is to motivate an individual to choose the entrepreneurship as a career and to make the person capable enough to exploit the market opportunities to grow their business successfully. There is no uniform methodology as regards the process of entrepreneurship development. This varies from institutes to institutes.
Overall, the whole process of entrepreneurship development programme may be described as follows:
- Development and strengthening of entrepreneurial quality, i.e. motivation or need for achievement. Also analysing environmental set up relating to small industry and small business. Selection of a product that can be developed by utilizing the available resources.
- Help the budding entrepreneurs to learn how to formulate a proposal for the product. Understanding the process and procedure involved in setting up a startup enterprise. Knowing the sources of help and support available for starting a small scale industry.
- Help them acquiring the necessary managerial skills required to run a startup enterprise. Know the pros and cons of becoming an entrepreneur. Appreciate the needed entrepreneurial discipline.
Besides, some of the other important objectives of the Process of Entrepreneurship Development Programmes are to:
- Let the entrepreneur himself/herself set or reset objectives for his / her enterprise and strive for their realization.
- Preparing him/her to accept the uncertainty in running a business.
- Enabling him/her to take decisions.
- Make them capable to communicate clearly and effectively.
- Develop a broad vision about their business.
- Make him/her subscribe to the industrial democracy.
- Help them in developing the passion for integrity and honesty and
- Make them learn compliance with the law.
Bottom Line Objectives of Entrepreneurship Development Programme:
Short-term objectives: These objectives can be achieved immediately.In the short-term, the individuals are trained to be an entrepreneur and made competent enough to scan existing market situation and environment.
Long-term objectives: The ultimate objective is that the trained individuals successfully establish their own business and they should be equipped with all the required skills to run their business smoothly.
The Entrepreneurship Development Institutes
There are entrepreneurship development institutes and organizations (both government and non-government) which work with entrepreneurs and help them grow their venture by providing monetary as well as intellectual support. Below, I have mentioned a few out of them:
1. Ministry of Micro, Small and Medium Enterprises, India
Ministry of Micro, Small & Medium Enterprises envision a vibrant MSME sector by promoting growth and development of the MSME Sector, including Khadi, Village and Coir Industries, in cooperation with concerned Ministries/Departments, through providing support to existing enterprises and encouraging the creation of new enterprises. Some of the similar entrepreneurship development institutes are listed below.
- Institute of Entrepreneurship Development (UP) A 1 & 2 Sarojini Nagar, Industrial Area, Kanpur Road, Lucknow-226008 (UP)
- Centre for Entrepreneurship Development of Karnataka, “West View” UB Hills, Near D.C. office, Dharwad-580007
- Maharashtra Centre for Entrepreneurship Development A-38, MIDC near Railway Station Aurangabad-431005
- Centre for Entrepreneurship Development, 60 Jail Road, Jahangirabad, Bhopal-462008
- Institute of Entrepreneurship Development, IED, Plot No. 123, Sector-A, Zone-A, Mancheswar Industrial Estate (near Postal Printing Press) Bhubaneswar-751010 Orissa
- Kerala Industrial & Technical Consultancy Organisation Ltd., P.B. No. 1820, Ravipuram, M.G. Road, Cochin-682016
- Udyog Bhawan, Bemloe, Shimla-171001
- Centre for Entrepreneurs Development, CED SIPPO Campus No. 4, T.B. Road, Madurai-625010
- Haryana Institute of Public Administration, 76, HIPA Complex, Sector-18 Gurgaon-122001
- Entrepreneurship and Management Laboratory Building, 22 Godown, Industrial Area-1 Jaipur-302019
- Smt. K. Rama Devi, (President,) CED an undertaking of Association Andhra Pradesh, 3-5-1091/15 Narayanaguda, Hyderabad-500029
- J&K Entrepreneurship Development Institute (J&K, EDI), Exhibition Ground, Residency Road, J & K Govt. Jammu/ Srinagar
- IED Bihar, B.S.F.C. Building, 5th floor, Fraser Road, P.B. No. 114, PATNA-800 001
- EDII, (Near Village Bhat, Via Ahmedabad Airport, & Indira Bridge, P.O. Bhat, Ahmedabad-382428, Gandhi Nagar, Gujrat
2. Incubators and Business Accelerators
In early stages, businesses can consider Incubator and Accelerator programs as a funding option but actually, they most importantly provide business expertise to grow your startup. Found in almost every major city, these programs assist hundreds of startup businesses every year.
Though used interchangeably, there are few fundamental differences between the two terms. Incubators are like a parent to a child, who nurture the business providing shelter tools and training and network to a business. Accelerators so more or less the same thing, but an incubator helps/assists/nurtures a business to walk, while accelerator helps to run/take a giant leap.
These programs normally run for 4-8 months and require a time commitment from the business owners. You will also be able to make good connections with mentors, investors and other fellow startups using this platform.
In India, popular names are:
3. Organizations Conducting Fund Raising Contests
Fundraising contests have tremendously helped to maximize the opportunities for raising funds. It encourages entrepreneurs with business ideas to set up their own businesses. In such competitions, you either have to build a product or prepare a business plan. Winning these competitions can also get you some media coverage.
You need to make your project stand out in order to improve your success in these contests. You can either present your idea in person or pitch it through a business plan. It should be comprehensive enough to convince anyone that your idea is worth investing in.
Entrepreneurs are the hunters of fortunes into the future. “Never look back” is the guiding principle for all entrepreneurs. This characteristic consists of two traits- foresightedness and perceptiveness.
Foresightedness is the ability to see what one’s future needs are likely to be i.e. to predict the things to happen in future. Entrepreneurs will search into the future environment the opportunities and threats that may be used to their advantage.
Perceptiveness is the ability to see hear or understand things. It is also the way people look at or interpret something. Entrepreneurs see things differently and find things what others cannot.
Therefore, entrepreneurs should be a future-oriented personality who perceives events of success and builds up ventures on it.