In a very general way, the term “development” refers to enhancing an existing potential or asset through the process of learning and application of what has been learned. It is a process of evolving one’s skills sets in a systematic manner, so that the development lasts longer. Therefore, same goes in the case of entrepreneurship development .But before we get into the process of entrepreneurship development, let us first shed some light upon what the term “Entrepreneurship Development” entails.
Get the Entrepreneurship Development Notes Below
Entrepreneurship Development Meaning : What does that actually mean?
Entrepreneurship Development is basically the process of improving the skill set as well as the knowledge of the entrepreneurs(existing and new both). This can be done through various methods such as classroom sessions or various training programmes which is especially designed to increase the entrepreneurial judgments and decisions.
Also, another definition of this term could be the process of enhancing the capacity to develop more , managing and organizing a business venture while keeping in mind the risks associated with the business.
But instead of complicating things with big words and the sophisticated terminologies, let us understand in a simply way. The entrepreneurship development process is nothing but helping the entrepreneurs to develop their skills through training and application of that training. It instills in them the quality of making better decisions during day to day business activities.
Now that we can understand the meaning of entrepreneurship development, let’s discuss the process of entrepreneurship development in depth.
Entrepreneurship Development Process
1. Clarity in the Objective of the Entrepreneurship Development programme
Before you get into training of the prospective entrepreneurs, it is very important to have a clear objective and plan in mind about what the program is going to be about.
The aims of a program must be clearly explained otherwise the program won’t be able to reach its full potential. The development of a venture also needs to be outlined in the programme. Without these two, there will be no clear goal of the programme.
2. Selecting the Potential Targets for entrepreneurship development.
An entrepreneurship development programme requires that various people needs to be selected. However, most programs tend to look for a specific group of educated people rather than targeting everyone. Ideally, you need to look at the education and traits that you are looking for, in an entrepreneur, and match those traits with the people who have applied for the program.
Educated audience refers to the target people who have a decent educational background and want to be an entrepreneurs and have a burning desire to venture a business empire of their own. These people have the right motivation to put their education to use by starting a venture and working for themselves.
Uneducated audience refers to the people who are not as privileged as others in terms of education about the market but have the potential to become entrepreneurs. These people are constantly looking for alternative ways to earn money in order to support their families. Therefore they are highly motivated and if they are given the right training and direction, they can prove to be exceptional entrepreneurs creating exceptional business empires.
Recently a development project on women’s entrepreneurship in Nepal was conducted. It was found that women who couldn’t meet the essential needs of their family or themselves were usually more eager to learn about different ways to earn money as compared to women who were living better off. However, such women usually face many problems in their life.
Even though such women are not educated well, but they have great entrepreneurship potential because they have the right motivation to pursue through. Such people need to be aided by assistance packages where training can be given to develop entrepreneurship.This will instill confidence within them and teach them the right skills they need in order to not just provide for their family, but also create various business opportunities.
3. Identifying local Market Talents
The process of entrepreneurship development programme can be seen as most effective and efficient when it is actually applied in the local markets and on the local entrepreneurs who have knowledge about it. These people understand and absorb the knowledge way more quickly and can make its application it in the current scenario because of which the results of the program can be seen more quickly and effectively.
In fact, it is creativity and the thirst for innovation which matters the most rather than the market’s size. In later programmes, the introduction of new products and product features can be added to the existing ones. This will add value and increase the size of the market proportionally.
These people need to have the ability to analyze and then design unique ideas based off the needs of their surroundings.
4. Selecting the right Location.
In India unfortunately, these programs can only be launched where there is availability of support institutions and resources, but ideally, these programmes should be planned and launched in the areas where most people are interested and willing to take advantages of such programmes, so that this opportunity can be used most effectively and there is no loss of resources used in the programmes.
5. Supporting Through Tying Up With Institutions
A lot of times these programmes need to tying up with various institutions like universities, NGO and some private Business institutions. This is done to give a real-world experience to assist the program and give the people some idea of the situations of the real world and also to give them some ground realities.
6. Provide various methodologies
They also need to be taught how together the required resources in order to meet the requirements of their venture. The program also needs to have outlined methods through which entrepreneurs can improve the performance of their business in the long as well as short run.
Entrepreneurial development programme at being simple to understand and teach the required skills that entrepreneurs can use after the program. It also contains courses that aim at developing their skills and ideas through various perspectives. These are required if entrepreneurs wish to successfully exploit the local market and launch his/her own business empire.
Entrepreneurship development training turns out to be highly effective when finance, quality assurance, marketing and productivity are linked to the training program, which helps to improve skill sets of the people. As an example, when development banks are involved earlier in the process of such training sessions, an entrepreneur can easily understand credit processes and the also praises the bank’s business plan.
7. Develop The Programme As Needed
People and their skill sets are different and that develop over time. Thus, it is very important to keep developing the programs that suit the needs of the people enrolled into it.Moreover, the focus must be put on harnessing their strengths and working to minimize their weaknesses as possible.
The Success of an entrepreneurship development program also depends on the commitment and quality of the many facilitators and trainers. Any trainer or facilitator in the program needs to understand the culture and lifestyle of the group in order to better integrate themselves and serve the group in a most effective way.
The selection of proper trainers is based on the amount of business experience they have and the how much knowledge they have about their local business environment and the expertise of the business they are involved in. Training facilitators can significantly improve their usefulness to tackle needs of entrepreneurs.
8. Launch Pilot ED Programme
Analyzing pilot feasibility is an most effective way of launching a major entrepreneurship development program.If the program is showing the signs of high promise, it can be launched on a national level. By relying on the sponsors for support rather than to depend upon the support of doners, the program will be able to expand past local development while maintaining its high quality. This is especially important when the support of donors starts to fade away.
While there are many governments that say they do support various entrepreneurial businesses, they usually do not have many specific policies and programs that effectively can actually support entrepreneurial development.
Entrepreneurship helps the economy of a country to grow and creates various new jobs. Government policies usually have a substantial impact on the number of entrepreneurs in a country will be produced.
Government schemes for entrepreneurship development needs to be devised for better role of entrepreneurship in economic development of the country.
10. Analyzing The Result Of Future Development
This is a very essential and final step in the process of entrepreneurship development. After the program has run its course, it is very important to analyze the effectiveness of the program that has been created. This is necessary to ensure that in future more such effective programs can be developed. For this one has to minimize the short comings of the existing program and updating it required resources.
Creating an effective entrepreneurship development programme may not be easy, but then again that is not impossible either. By carefully following the ten points mentioned above,you are well on your way to creating an entrepreneurship development programme which will not only benefits your company in the short run but in the long run as well.