Entrepreneurial Development PDF

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Entrepreneurial Development

Entrepreneurship development is the means of enhancing the knowledge and skill of entrepreneurs through several classroom coaching programs, and training.

The main point of the development process is to strengthen and increase the number of entrepreneurs. 

This entrepreneur development process helps new firms or ventures get better in achieving their goals and improving business and the nation’s economy.

Another essential factor of this process is to improve the capacity to manage, develop, and build a business enterprise while keeping in mind the risks related to it.

What is Entrepreneurship Development?

Entrepreneurship development is the process of enhancing entrepreneurial knowledge and skills via structured training programmes.

It deals with the study of entrepreneurial behaviour, the dynamics of business, and its development and expansion.

The objectives of entrepreneurship development programmes are to increase the knowledge and skill of existing entrepreneurs and encourage others to become one.

Ultimately, it helps in increasing the number of such individuals in an economy.

Entrepreneur development focuses on training individuals who are interested in commencing their venture or expanding their existing one.

Furthermore, it concentrates more on encouraging innovation and evaluating the growth potential of an enterprise.

This development process helps new firms to perform better and achieve their goals and expand their businesses.

As a result, the economy of a nation also improves. Moreover, it enables entrepreneurs to develop and manage their businesses better along with the financial insecurities associated with it.  

An increase in the rate of development of entrepreneurship ventures alleviates the problem of unemployment in an economy.

Additionally, it decreases the issue of stagnation and increases competition in the market.

A process like this aims to develop the competence of an entrepreneur and his/her venture. Therefore, it enhances entrepreneurial objectives and encourages more people to become entrepreneurs.

Objectives of the Entrepreneurship Development Programme

The objective of the Entrepreneurship Development programme are listed here – 

  1. To Develop Entrepreneurial qualities and habits among the upcoming youth via the help of proper training and expert counselling.
  2. To search and identify the best existing and upcoming business ideas and opportunities.
  3. Motivating and guiding various individuals for launching their own new businesses and startups. Thus, becoming a contributor to the economy.
  4. To reach risk mitigation for the youth of the nation.
  5. Provide and conduct various programmes to spread the idea of Entrepreneurship in rural areas and villages.
  6. To generate employment and self-employment with the help of Entrepreneurship and the growth of small-scale businesses.
  7. To inform about various schemes launched by various Governments (central, state, or regional governmental bodies) and also about various taxes put on enterprises. 

Entrepreneurship Development Process

Every entrepreneurship development process comprises several steps. Here are the vital steps of building an effective development programme to help individuals –

  1. Learn about the Business Idea

It is the starting process of entrepreneurship. Once an individual has generated the idea for a business, he/she will subsequently need to evaluate and identify its business opportunities. Hence, he/she has to learn more about the business and its consumers.

However, it is not an easy task. To find relevant information, an entrepreneur has to talk to his/her employees, the marketing team, the product designing team, etc. Apart from these, consumer surveys often unearth various new pieces of information. They can help individuals to learn more about their business ideas.

  1. Thorough Evaluation

Before moving forward, entrepreneurs need to evaluate a business idea or opportunity thoroughly. It is considered one of the most crucial parts of the Entrepreneurship Development Process. An entrepreneur can do it by himself/herself by considering the following points –

  • Whether an opportunity or idea is worth investing in or not.
  • What are the requirements for this product?
  • Is it feasible or not based on its cost?
  • What are the competitive advantages?
  • The capital that is required to put in the business, before the launch of that certain product or service. And where to get this capital.
  • Associated risks that are inherent with the product or service?. Such risks can be of many types like Technical risks, Economic risks, Social and Environmental Risks.
  • Whether it coincides with the company’s goal or not

Additionally, an entrepreneur must evaluate his/her skills and if he/she can manage such it.

  1. Business Plan 

After identifying the opportunity and gathering information about it, an entrepreneur needs to create a comprehensive business plan to make the most of this opportunity.

It is one of the vital stages of the entrepreneurship development process. Such a plan acts as the base of a venture as well as the benchmark. It shows whether the business is on track or not.

Creating a business plan requires time and effort, and an entrepreneur must be dedicated to it. The significant pieces of a business plan, i.e. its vision, goal, objectives, capital and the product itself must be figured out in this process.

  1. Finding Resources

Once the entire business plan is ready, the next step of entrepreneurship development and management is to locate sources of finance and human resources.

Here entrepreneurs find investors for his/her venture. Moreover, recruits individuals as per their skills and abilities to carry out different business activities. 

Especially the marketing team, as it is the most important aspect of the growth of businesses nowadays. Special care is also needed to find the HR person, who will manage the entire human resource of the company.

  1. Framing out the Management Structure

It is a crucial concept of entrepreneurship development. After raising funds and hiring the required employees, this is the next process on the list. An entrepreneur must frame the hierarchy in the organisation. Thus, it becomes easier to resolve any problem through this chain of command.

  1. Plan the Future

Once a business is up and running smoothly, an entrepreneur has to consider its future. In this final point of the entrepreneur development programme notes, businesspersons decide the next step of the business.

Based on actual data generated by the company and pitting it against the projected one gives a clear idea of how the business is performing.

If everything is positive and on track, then an entrepreneur decides to invest in expansion.

In a nutshell, an entrepreneurship development process is about assisting individuals in improving their skills via training.

Thus, it aids such individuals to make better decisions in their existing ventures or encourages them to start a new one.

Moreover, it is an important topic for commerce students. Additionally, students who want to know more about other topics of this subject can visit the official website of Vedantu.

Language English
No. of Pages57
PDF Size1 MB

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