The compilation of these Entrepreneurship Development Notes makes students exam preparation simpler and organised.
Process of Entrepreneurship Development
In a very general sense, development refers to enhancing an existing potential or asset through the process of learning and application. It is a process of evolving one’s skills in a systematic manner. Therefore, the same goes for the process of entrepreneurship development. But before we dive headfirst into the process of entrepreneurship development, let us first shed some light upon what the term entrepreneurship development entails.
Definition of Entrepreneurship Development
Basically, entrepreneurship development is basically the process of improving the skill set as well as the knowledge of the entrepreneurs. This can be done through various methods such as classroom sessions or training programmes specially designed to increase entrepreneurial acumen.
Another definition of this term could be the process of enhancing the capacity to develop, manage and organize a business venture while keeping in mind the risks associated with it.
But instead of complicating things with big words and sophisticated terminologies, let us understand it simply. The process of entrepreneurship development is nothing but helping the entrepreneurs develop their skills through training and application of that training. It instills in them the quality of making better decisions in the day-to-day business activities.
Now that we understand the meaning of entrepreneurship development, let’s discuss the process of entrepreneurship development.
Process of Entrepreneurship Development
Clear View of the Objective of the Program
Before you get into training the prospective entrepreneurs, it is very important to have a clear objective and plan in mind about what the program is going to encompass.
Without a proper plan and direction, the training would not yield the desired results. This would lead to a loss of time, money, effort, and most of all, valuable potential.
Selecting the Potential Targets
It is important to select the potential targets who are willing to enhance their skills and who can be identified as the people who have some amount of business acumen. These can be further divided into two categories- the educated target audience and the uneducated target audience.
An educated audience refers to the target people who have a decent educational background and want to be entrepreneurs. These people have the motivation to put their education to use by starting a venture and working for themselves.
An uneducated audience refers to the people who are not as privileged as others in terms of education about the market and have the potential to become entrepreneurs. These people are constantly looking for alternative ways to earn money and support their families. Therefore they are highly motivated and, given the right training and direction, can prove to be exceptional entrepreneurs.
Identifying Local Talents and Markets
The process of an entrepreneurship development program can be seen as most effective and efficient when it is applied in the local markets and on the local entrepreneurs who know about it. These people understand and absorb the knowledge way more quickly and can apply it in the current scenario because of which the results of the program can be seen more quickly and effectively.
Choosing the Right Location
In India unfortunately, these programs can only be launched where support institutions and resources are available, but ideally, these programmes should be planned and launched in the areas where most people are interested and willing to take advantage of these programmes so that this opportunity can be used most effectively and there is no loss of resources.
Tying up with Institutions
A lot of times these programmes involve tying up with various institutions like universities, NGOs and some private institutions. This is done to give a real-world experience to assist the program and give the people some idea of the situations in the real world.
Develop the Entrepreneurship Program as Needed
People and their skill sets are different and develop over time. Thus, it is very important to keep developing the programs to suit the needs of the people enrolled in it. Moreover, the focus must be on harnessing their strengths and working to minimize their weaknesses.
Analyze the Result for Future Development
This is a very important 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. This is necessary to ensure that in the future more effective programs can be developed. For this one has to minimize the shortcomings of the existing program.
Example:
Question:
Is entrepreneurship development important for existing entrepreneurs?
Answer:
Entrepreneurship development programs are developed for both aspiring as well as existing entrepreneurs. This is because these programs are also designed to help the entrepreneur expand their existing enterprise. These programs are more effective on the existing entrepreneurs. It is because they already know a lot about their markets and industry. Hence can effectively apply the learnings in their business and analyze the results more quickly.