Entrepreneurship Development Program Details

One of the most inspiring, energizing and complete learning experiences I have had in the last 20 years. All leaders should attend, even-especially when they think they are not an entrepreneur.

- Alexander Michael V

Entrepreneurship Development Programme is a programme which helps in developing entrepreneurial abilities. The skills that are required to run a business successfully is developed among the students through this programme. Sometimes, students may have skills but it requires polishing and incubation. This programme is perfect for them. 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.

EDP is an effort of converting a person to an entrepreneur by passing him through thoroughly structured training. An entrepreneur is required to respond appropriately to the market and he/she is also required to understand the business needs. The skills needed are varied and they need to be taken care in the best possible way. 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.

Objectives of EDP-

The major objectives of the Entrepreneurship Development Programmes are to-

The objective of this programme is to motivate an individual to choose the entrepreneurship as a career and to prepare the person to exploit the market opportunities for own business successfully. These objectives can be set both in the short-term and long-term basis.

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 the existing market situation and environment. The person who would be the future entrepreneur, should first set the goal as an entrepreneur. The information related to the existing rules and regulations is essential at this stage.

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 overall objectives of EDP are mainly to help in the rapid growth of the economy by supplying skilled entrepreneurs. This programme primarily aims at providing self-employment to the young generation.

a- Develop and strengthen the entrepreneurial quality, i.e. motivation or need for achievement.

b- Analyse environmental set up relating to small industry and small business.

c- Select the product.

d- Formulate proposal for the product.

e- Understand the process and procedure involved in setting up a small enterprise.

f- Know the sources of help and support available for starting a small scale industry.

g- Acquire the necessary managerial skills required to run a small-scale industry.

h- Know the pros and cons in becoming an entrepreneur.

i- Appreciate the needed entrepreneurial discipline.

j- Besides, some of the other important objectives of the EDPs are to:

k- Let the entrepreneur himself / herself set or reset objectives for his / her enterprise and strive for their realization.

l- Prepare him / her to accept the uncertainty in running a business.

m- Enable him / her to take decisions.

n- Enable to communicate clearly and effectively.

o- Develop a broad vision about the business.

p- Make him subscribe to the industrial democracy.

q- Develop passion for integrity and honesty.

r- Make him learn compliance with law.

Roles of EDP

An Entrepreneurship Development Programme primarily plays four roles to help an individual to become an entrepreneur. They are-

1-Stimulatory Role -  It aims at influencing people in large number to be the entrepreneur. This includes-

1. developing managerial, technical, financial, and marketing skill
2. inculcating personality traits
3. promotes and reforms entrepreneurial behavior and values
4. identifying a potential entrepreneur applying scientific methods
5. motivational training and building a proper attitude
6. strengthening the motive of a person and giving recognition
7. the valuable know-how of the local products and the processes help in the selection of products, preparation of project reports

2- Supportive Role- It helps in the following ways-

1. registration of the business
2. procurement of fund
3. Incubation support
4. Team building and team development support
5. Mentorship and guidance from industry experts
6. Providing tax relief, subsidy, government schemes etc.
7. guidance in product marketing
8. support for management consultancy

3- Sustaining Role- It aims at providing an effective safeguard to businesses to sustain against the cut-throat market competition. This includes-

1. help in modernization, expansion, and diversification
2. additional financing for further development
3. Global Networking Opportunities
4. creating new marketing processes
5. helping access to improved services and co-working centres

4- Socio-economic Role- It aims at upgrading the socio-economic status of the public and includes-

1. identifying entrepreneurial qualities in practicality
2. creating employment opportunities in micro, small, and medium industries on an immediate basis
3. arresting concentration of industries by supporting regional development in a balanced manner
4. focusing on the equal distribution of income and wealth of the nation
5. channelizing the latent resources for building an enterprise