• Courses for Individuals

Entrepreneurship Development Program

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Management and Leadership

Certificate Credits

- Entrepreneurship

- Financial Management

- Strategy & Innovation

  • Participants

Course Highlights

  • Network with innovators, entrepreneurs, and intrapreneurs from around the world on the MIT campus surrounding Kendall Square — known globally as the most innovative mile on the planet
  • Receive feedback from coaches, pitch to a panel of judges, and engage with the MIT ecosystem
  • Learn the 24-step Disciplined Entrepreneurship process created by Bill Aulet, Faculty Director of the program
  • Earn a certificate of course completion from the MIT Sloan School of Management

Course Snapshot

Why attend the Entrepreneurship Development Program (EDP) ?

Drawing from the vast culture of innovation and entrepreneurship at MIT, this unique entrepreneurship development course introduces participants to MIT’s entrepreneurial education programs, technology transfer system, and global entrepreneurial network. It covers the entire venture creation process, from generating ideas to building viable global businesses, with a special emphasis on the nurturing roles of corporations, universities, governments, and foundations.

This program leverages MIT's culture of high-tech entrepreneurship to help entrepreneurs , corporate venturing executives, startup companies , and others involved in entrepreneurial environments learn what they need to develop ideas into successful businesses, and how to increase entrepreneurial opportunities in their corporations, institutions, and regions.

Course Experience

Through lectures by senior MIT faculty, visits to local startup companies, and live case studies with successful entrepreneurs, participants will be exposed to the content, context, and contacts that enable entrepreneurs to design and launch successful new ventures based on innovative technologies. Specially designed team projects give participants hands-on training and practical experience developing a business plan, while networking events bring participants together with members of MIT’s entrepreneurial community.

Learn more about the in-person course experience.

Applying to the Course

We accept enrollments until the offering reaches capacity, at which point we will maintain a waitlist. Many of the courses fill up several weeks in advance, so we advise that you enroll as early as possible to secure your seat.

You can begin the application process by using the red 'Enroll Now' bar at the bottom of the screen.

Have Questions?

Watch this recently recorded information session about the program and our related course, Disciplined Entrepreneurship .

Contact us if you would like to speak with a program director or visit our Frequently Asked Questions page for answers to common questions about our courses.

Health and Safety

See our on campus healthy and safety policies.

Testimonial from past course participant Tarek F.

Upon successful completion of your course, you will earn a certificate of completion from the MIT Sloan School of Management. This course may also count toward MIT Sloan Executive Certificate requirements.

You'll leave this course able to

  • Create, identify, and evaluate new venture opportunities
  • Interpret customer needs and quantify the value proposition
  • Start and build a successful technology-based company
  • Understand how the process of starting new ventures may vary geographically and culturally
  • Develop winning business plans
  • Scale startups to be globally successful
  • Navigate the venture capital investment process
  • Obtain feedback on personal entrepreneurship skills
  • Enhance and expand your network

Testimonial from past course participant William S.

Read more about William Sunito's experience . 

Sample Schedule—Subject to Change

Should you attend the Entrepreneurship Development Program?

This program is designed for

  • Aspiring entrepreneurs
  • Corporate venture officers
  • Those who would like to develop or strengthen a climate of entrepreneurship in their corporations, universities, and regions
  • Teams of entrepreneurs or intrapreneurs are encouraged to attend the program together with university staff and/or development professionals from their region  

Titles of past participants have included

  • Managing Director
  • Vice President
  • Chief Technology Officer
  • Director of Knowledge and Technology
  • R&D Manager
  • Business Development Manager
  • Investment Manager
  • Venture Manager
  • Development Officer
  • Head of Innovations and Enterprise

Regional economic development agencies

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Entrepreneurship development program is designed to help a person in strengthening and fulfilling his entrepreneurship motive and in acquiring skills and capabilities necessary for playing his entrepreneurship role effectively. Towards this end it is necessary to promote his understanding of motives, motivation patterns, their impact on behaviour and entrepreneurship value. A programme, which seeks to do this, can qualify to be called as EDP.

Entrepreneurship Development Programmes means a programme designed to help a person in strengthening his entrepreneurship motive and in acquiring skills and capabilities necessary for playing his entrepreneurship role effectively. A programme which seeks to do this can be called as entrepreneurship Development Programmes.

EDP is a programme designed to help a person in strengthening his entrepreneurship motive and in acquiring skills and abilities necessary for playing his entrepreneurship role effectively.

Entrepreneurship Development Programme means a programme conducted to help a person in strengthening his entrepreneurship motive and in acquiring skill and capabilities required for promoting and running an enterprise efficiently. A programme which is conducted with a motive to promote potential entrepreneurs, understanding of motives, motivational pattern, their impact on behaviour and entrepreneurship value is termed as entrepreneurship development programme.

ADVERTISEMENTS:

There are a number of programmes which give information to the prospective entrepreneurs regarding new business ideas, how to set up a new venture, how to prepare a project report, sources of finance etc. These programmes should not be confused with EDP; these are all a part of EDP. EDP is primarily concerned with developing, motivating entrepreneurship talent and understanding the impact of motivation on behaviour.

A well designed EDP envisages three tiered approach:

  • Developing achievement motivation and sharpening entrepreneurship traits and behaviour.
  • Guidance on industrial opportunities, incentives, facilities, rules and regulations.
  • Developing managerial and operational capabilities.

Meaning of Entrepreneurship Development Programme (EPD)

Entrepreneurship development programme is designed to help a person in strengthening and fulfilling his entrepreneurship motive and in acquiring skills and capabilities necessary for playing his entrepreneurship role effectively. Towards this end it is necessary to promote his understanding of motives, motivation patterns, their impact on behaviour and entrepreneurship value. A programme, which seeks to do this, can qualify to be called as EDP.

EDP is defined as a programme designed to help an individual in strengthening his entrepreneurship motive and in acquiring skills and capabilities necessary for playing his entrepreneurship role effectively.

EDP is defined as a process which instils entrepreneurship behaviour in the minds of entrepreneurs in their day-to-day activities.

Definitions of Entrepreneurship Development Programme 

According to Joseph E. Schumpeter , “Intelligence, motivation, knowledge and Opportunities are the perquisites of entrepreneurship Development.”

According to other Experts, “A programme designed to help an individual in strengthening his entrepreneurship motive and acquiring skills and capacities necessary for playing his entrepreneurship role effectively.”

Entrepreneurship Development Programme is designed to identify persons who have entrepreneurship spirits and capabilities. These persons are trained and motivated to venture into business activities. An entrepreneurship Development Programme is based on the belief that individuals can be developed, their outlook can be changed and their ideas can be converted into action through organised and systematic programmes.

The entrepreneurship Development Programme is not merely a timing programme. It is a process of enhancing the motivation, knowledge and skills of the potential entrepreneurs or arousing the entrepreneurship behaviour of their day to day activities. These are necessary to promote this understanding of motives and their impact on entrepreneurship values and behaviour for this purpose.

Despite several facilities and concessions, the desired target group could not be attracted towards self-employment. Lack of proper integration between person, project and policy was the main cause of failure. In that situation the entrepreneurship development programmes play a crucial role.

What is Entrepreneurship Development Programme (EDP)

Entrepreneurship Development Programmes aim at developing entrepreneurship motives, skills and helping to play his/her role & as an entrepreneur effectively, entrepreneurship Development Programmes are primarily concerned with developing and motivating entrepreneurship talent and grooming him to be an effective entrepreneur.

Features of Entrepreneurship Development Programme (EDP)

The basic features of the entrepreneurship development programme  has gone through several modifications over time as:

  • Identification and careful selection of entrepreneurs for training;
  • Developing the entrepreneurship capabilities of the trainee;
  • Equipping the trainee with the basic managerial understanding and strategies;
  • Ensuring a viable industrial project for each potential entrepreneur;
  • Helping him to secure the necessary financial, infrastructural and related assistance; and
  • Training cost is highly subsidised and only a token fee is charged. A deposit is, however, taken to ensure commitment of participants.

Need of Entrepreneurship Development Programme 

Entrepreneurship Development Programme means a programme conducted to help a person in strengthening his entrepreneurship motive and in acquiring skill and capabilities required for promoting and running an enterprise efficiently. It is a programme which is conducted with a motive to promote potential entrepreneurs, understanding of motives, motivational pattern, their impact on behaviour and entrepreneurship value is termed as entrepreneurship development programme.

The need of EDP is as follows:

  • It helps in developing entrepreneurs
  • It helps entrepreneurs in developing and improving their skills
  • EDP is a tool of industrialisation and path to economic growth through entrepreneurship
  • EDP helps in dispersal of economic activities in different regions by providing training and other support to local people
  • It provides opportunities for self-employment and entrepreneurship careers
  • EDP develops motivation, competence and skills necessary for successful launching, management and growth of the enterprise
  • EDP, by inculcating entrepreneurship capabilities and skill in the trainees, creates a new generation of entrepreneurs

The urge to achieve is one of the most significant variables connected with economic development. People with high need for achievement tend to be more successful entrepreneurs as compared to people who are with low need for achievement.

The need of the hour is:

  • To develop genuine entrepreneurs to accelerate the process of industrialisation
  • To stimulate innovation and the entrepreneurship spirit to support the development of new ideas through new and mature enterprises.

Objectives of Entrepreneurship Development Programme

The objectives of an entrepreneurship development programme (EDP) are categorised into two types:

  • Short-Term Objectives
  • Long-Term Objectives

1. Short-Term Objectives:

These imply the objectives which are to be achieved immediately after the completion of the programme.

The short-term objectives are:

  • Preparing a person mentally for the entrepreneurship venture
  • Making him competent to scan the environment and situation within the existing regulatory framework
  • Help a participant in the fixation of his/her goal of life as entrepreneur as an objective in general.

2. Long-Term Objectives:

An entrepreneurship development programme seeks to equip the participants with all the skills required for the establishment and smooth running of business ventures. The ultimate objective is that the participant under training should establish his/her own venture.

The objectives of an EDP are as follows:

  • To enlarge the supply of entrepreneurs for rapid industrial development
  • To develop small and medium scale sector which is necessary
  • To industrialise rural and backward regions
  • To provide gainful employment to educated young men and women
  • To diversify the sources of entrepreneurship and
  • To improve the performance of small industries by developing managerial skills among small entrepreneurs

EDP Programs

EDP programs are organised to address the needs of various types and levels of people. The EDP are directed at students, aspiring entrepreneurs, faculty, local entrepreneurs etc. The objective of the EDP would be to foster entrepreneurship spirit, quality, enable product design, help in project identification, report preparation, understand finance, compliance etc. Entrepreneurship being multi-disciplinary, the program should be structured to handle various subjects, domains and skills.

A typical program should cover:

  • entrepreneurship motivation
  • Business skills
  • Industry Interactions
  • Compliance and statutory aspects
  • Venture Creation and Management
  • Schemes, Grants, incentives and subsidies
  • Support Systems

EDP is structured in three phases:

  • Pre-training phase where participants are identified, program is designed and relevant tie-ups all achieved
  • Training Phase – Execution of training
  • Post training support.

Success of EDP is evaluated by looking at the number of participants who have turned into entrepreneurs. More recent measure is also to see how the participants assume other critical roles post the training to further the entrepreneurship ecosystem.

  Importance of Entrepreneurship Development Programme  

Entrepreneurs are considered as agents of economic growth. They create wealth, generate employment, provide new goods and services and raise the standard of living. EDP is an effective way to develop entrepreneurs which can help in accelerating the pace of socio-economic development, balanced regional growth, and exploitation of locally available resources. It can also create gainful self-employment.

An EDP equips entrepreneurs and makes them competent to anticipate and deal with a variety of problems that any entrepreneur may have to face. It gives confidence to the entrepreneur to face uncertainties and take profitable risks. It prepares them to deserve and make good use of various forms of assistance.

EDP can be beneficial in the following ways:

1. Economic Growth:

EDP is a tool of industrialisation and path to economic growth through entrepreneurship.

2. Balanced Regional Development:

EDP helps in dispersal of economic activities in different regions by providing training and other support to local people.

3. Eliminates Poverty and Unemployment:

EDPs provide opportunities for self-employment and entrepreneurship careers.

4. Optimum use of Local Resources:

The optimum use of natural, financial and human resources can be made in a country by training and educating the entrepreneurs.

5. Successful Launching of New Unit:

EDP develops motivation, competence and skills necessary for successful launching, management and growth of the enterprise.

6. Empowers New Generation Entrepreneurs:

EDP, by inculcating entrepreneurship capabilities and skill in the trainees, created a new generation of entrepreneurs who hitherto were not entrepreneurs.

Role of Entrepreneurship Development Programme (EDP) 

EDP is essential for first generation entrepreneurs because they may not become successful unless a proper training is received. It is a continuous process of motivating the entrepreneur. The potential entrepreneurs can solve many of their problems provided proper training is given to them.

1. Eliminates Poverty and Unemployment:

The basic problems of most of the developing countries like India are poverty and unemployment. Entrepreneurship development programmes can help the unemployed people to opt for self-employment and entrepreneurship as a career.

Several programmes like National Rural Employment Programme (NREP), Integrated Rural Development Programme (IRDP) etc., are in operation in India to help the potential entrepreneurs. All these special schemes intend to eliminate poverty and solve the problem of unemployment.

Successful entrepreneurship development programmes help in fostering industrialization and reduce the concentration of economic power. It is because small-scale entrepreneurs can set up their units in remote areas with little financial resources which can help in achieving balanced regional development.

The medium and large enterprises do not help in reducing the disparities in income and wealth of the people. Thus, entrepreneurship development programmes help in balanced regional development by spreading industrial units in each, and every part of the country.

3. Prevents Industrial Slums:

The urban cities are highly congested and leading to industrial slums. Decentralisation of industries is very much required by relocating the industries.

entrepreneurship development programmes help in removal of industrial slums as the entrepreneurs are provided with various schemes, incentives, subsidies and infrastructural facilities to set up their own enterprises in all the non-industrialized areas.

This will control the industrial slums and also reduce the pollution, traffic congestion, overcrowding in cities etc.

4. Harnessing Locally Available Resources:

Since abundant resources are available locally, proper use of these resources will help to carve out a health base for sound economic and rapid industrialization.

The entrepreneurship development programmes can help in harnessing these resources by training and educating the entrepreneurs.

5. Defuses Social Tension:

Every young person feels frustrated if he does not get employment after completing his education. The talent of the youth must be diverted to self-employment careers to help the country in defusing social tension and unrest among youth which is possible by entrepreneurship development programmes.

6. Capital Formation:

The various development banks like ICICI, IDBI, IFCI, SFC, SIDC and SIDBI take initiative in promoting entrepreneurship through assistance to various agencies involved in EDP and by providing financial help to new entrepreneurs. It is impossible to start a new enterprise without sufficient funds.

Entrepreneurs are the organisers of factors of production who employ their own and borrowed money for setting up new ventures. This all results in the process of capital formation.

7. Economic Independence:

Entrepreneurs develop and produce substituted products of imported goods and prevent the over-dependence on other countries.

They also enable the country to produce a variety of better quality goods and services at competitive prices of imported goods which help in promoting the economic independence of the country.

8. Improvement in per Capita Income:

Entrepreneurs always explore and exploit the new opportunities which lead to productive use of factors of production for more output, employment and generation of wealth.

The overall increase in productivity and income help in improvement in per capita income. EDPs play a significant role in setting up more industrial units to generate more employment opportunities and to secure improved per capita income.

9. Facilitating Overall Development:

Entrepreneurs act as agents of proper use of various limited resources such as men, money, material, machines etc., which leads to overall development of an area, an industry.

The successful entrepreneurs set a motivating example for others to adopt entrepreneurship as a career. Thus entrepreneurs create a motivating environment for economic development of a country.

Some of the other role of EDP are as follows:

  • Selection of project and product
  • To analyse the environment regarding the small industry/business
  • To know the process and procedure regarding the establishment of new business
  • Helpful in preparation of the project
  • Helpful to learn the primary stage of managerial skill
  • To know the essential resources for establishing a new venture
  • Giving assistance in appreciating the quality of an entrepreneur
  • To identify the feasible entrepreneur
  • To provide training & education to feasible entrepreneurs
  • To know the EDPs obstacles and their measures
  • Helpful in searching for the incentives subsidy and financial assistance resources

Phases of Entrepreneurship Development Programme 

After deciding on course contents and curriculum on EDP, the next important task is to decide various phases of EDP.

There are three different phases of EDP like:

Phase1 – Pre-Training Phase:

Pre-training phase consists of all activities and preparation to launch the training programme.

Pre-training phase of EDP consists of the following activities:

  • Selection of entrepreneurs for the training programme
  • Arrangements of infrastructure are for the programme like selection of place of training
  • Deciding guest faculty for the programme from the education industry and banks
  • Taking necessary steps for the inauguration of the programme
  • Formation of selection committee to select trainees from the programme
  • Making provision with regard to publicity and campaigning for the programme

Phase 2 – Training Phase:

The primary objective of the training programme is to develop motivation and skill or competency amongst the potential entrepreneurs. Care should be taken to impart both theoretical and practical knowledge to various trainees.

The training phase of EDP will be so designed that it will answer the following questions:

  • Whether the attitude of the entrepreneur has been tuned towards the proposed project or not
  • Whether the trainee has been motivated to accept entrepreneurship as a career
  • How the trainee behaves like an entrepreneur
  • Whether the trainee has sufficient knowledge on resources and technology or not
  • What kind of entrepreneurship traits he lacks and what steps should be taken to set it

Phase3 – Follow-up Phase:

Follow up phase of EDP has been termed as the post-training phase. The ultimate objective is to develop competent entrepreneurs.

So that they can start their project. Post-training phase is a review phase of a training programme.

It consists of reviewing of work in the following manner:

  • Review of pre-training work
  • Review of actual training programme
  • Review of the post training programme so that the cost effectiveness of the present programme can be evaluated.

Major Relevance of EDP 

Relevance of EDP can be summarised as follows:

1. Creation of Employment Opportunities:

Unemployment is one of the most important problems confronting developing and underdevelopment countries, EDP’s enable prospective entrepreneurs in the setting up of their own units, thus enabling them to get self-employment. With the setting up of more and more units by entrepreneurs, both on a small and large scale, numerous job opportunities are created for the others.

Entrepreneurs in this way get an opportunity to lead an independent and honourable life and at the same time they enable others in getting gainful employment. Several schemes like Nehru Rozgar Yojna, National Rural Employment Programme (NREP), and Integrated Rural Development Programme (IRDP) etc., have been initiated by the government of India in this direction.

The thrust of all these schemes is to eliminate poverty and generate gainful employment opportunities for the unemployed. Thus entrepreneurs can play an effective role in reducing the problem of unemployment.

2. Capital Formation:

It is not possible to set up an enterprise without adequate funds. Entrepreneur as an organiser of factors of production employs his own as well as borrowed resources for the setting up of his enterprise. Entrepreneurs mobilise the idle savings of the public and put them to productive use.

In this way he helps in capital formation which is so essential for the industrial and economic development of a country. Various development banks like ICICI, IFCI, IDBI; SFCs, SIDCs take initiative in promoting entrepreneurship through assistance to various agencies involved in EDP and by providing financial assistance to new entrepreneurs.

3. Balanced Regional Development:

Small scale units can be set up in industrially backward and remote areas with limited financial resources. Successful EDP’s assist in accelerating the pace of industrialization in the backward areas and reduce the concentration of economic power in the hands of a few. Entrepreneurs feel like taking advantage of the various concessions and subsidies offered by the state and central government.

Success stories of entrepreneurs set the right example for others to follow and this accelerates the pace of industrialization in the backward areas. Setting up more units leads to more development of backward areas and balanced regional development.

4. Use of Local Resources:

In the absence of any initiative local resources are likely to remain unutilized. Proper use of these resources can result in the progress or development of the area and that too at lower cost. Alert entrepreneurs seize the opportunity and exploit it in the best interests of the area and industry. Effective EDPs can help in the proper use of local resources by providing guidance, assistance, education and training to the prospective entrepreneurs.

5. Improvement in Per Capita Income:

Entrepreneurs are always on the lookout for opportunities. They explore and exploit the opportunities. Entrepreneurs take the lead in organising various factors of production by putting them into productive use through the setting up of enterprises. More enterprises will lead to more production, employment and generation of wealth in the form of goods and services. It will result in the increase in the overall productivity and per capita income in the country. EDPs play a positive role in the setting of more units and thus help in generation of more employment and income.

6. Improvement in the Standard of Living:

Entrepreneurs by adopting latest innovations help in the production of a wide variety of goods & services. By making efficient use of the resources, they start producing more of better quality and that too at lower costs.

This enables them to ensure easy availability of better quality products at lower prices to the consumers which result in the improvement in the standard of living of the people. EDPs provide the necessary support to entrepreneurs by educating them about the latest innovations and market trends.

Entrepreneurs enable a country to produce a wide variety of better quality goods & services and that too at competitive prices. They develop substitutes of the goods being imported and thus prevent over-dependence on foreign countries and at the same time help in the saving of precious foreign exchange.

Through sale of their surplus products in foreign market entrepreneurs enable a country to earn foreign exchange, which is essential for meeting developmental needs of the economy. Export promotion and import substitution thus help in promoting economic independence of the economy.

8. Preventing Industrial Slums:

Industrially developed areas are faced with the problem of industrial slums, which result in over burdening of civic amenities and adverse impact on the health of people. Dispersal of industries can help in the overcoming of this grave problem.

EDPs can help in preventing spread of industrial slums by providing various incentives, subsidies and infrastructural support to entrepreneurs for setting up their enterprises in industrially backward areas. This will also help in reducing pollution and overtaxing of civic amenities.

9. Reducing Social Tension:

Unemployment amongst the young and educated people is emerging as the major cause of social unrest. People are bound to feel frustrated if they fail to get gainful employment after completion of their education.

EDPs can help in channelizing the talent of this section of society in the right direction by providing proper guidance, training and assistance for setting up their enterprises. This results in generation of self-employment and prevention of social tension, unrest etc.

10. Facilitating Overall Development:

An entrepreneur acts as a catalytic agent for change which results in chain reaction. With the setting up of an enterprise the process of industrialization is set in motion. This unit will generate demand for various types of inputs required by it and there will be so many other units which will require the output of this unit.

This leads to overall development of an area due to increase in demand and setting up of more and more units there. Moreover, the success of one entrepreneur sets the right type of example for others to follow. Entrepreneurs, thus, create an environment of enthusiasm and convey a sense of purpose. This gives future impetus to the overall development of that area.

Steps of Entrepreneurship Development Programme (EDP)

The steps of EDP are as follows:  

1. Outline the objectives of the program and focus on venture development:

Entrepreneurship development aims at individuals who want to start or possibly expand a business. The aims of a program have to be clearly explained otherwise the program will never reach its full potential.

2. Select educated people who have high entrepreneurship potential:

An entrepreneurship development program requires that various people be selected. However, most programs tend to look for a specific group of educated people rather than target everyone. Ideally, you have to look at the education and traits that you are looking for, in an entrepreneur, and match them with the people who have applied for the program.

3.Select uneducated people who have high entrepreneurship potential: 

Even though many people are uneducated, they have great entrepreneurship potential because they have the right motivation. Such people need to be aided by assistance packages where training can be given on entrepreneurship. This will instil confidence and teach them the skills they need in order to provide for their family.

4. Identify the local market and search for people who have potential in it:

By concentrating on selecting local entrepreneurs, the effects of the program can be easily and quickly seen within the community.

5. Provide support through private sector based organisations: 

By concentrating on selecting local entrepreneurs, the effects of the program can be easily and quickly seen within the community. They help reduce the cost of the entrepreneurship development program and increase its effectiveness.

6. Provide a methodology that will help in improving the entrepreneurs in the short as well as long run:

Entrepreneur development training proves to be highly effective when finance, quality assurance, marketing and productivity are linked to the training program.

7. Implement measures to improve usefulness of trainers and facilitators:

Training facilitators can significantly improve their usefulness in tackling the needs of entrepreneurs.

8. Selection of areas for pilot program:

Selecting pilot target areas will usually depend on the ease at which support institutions are available. It will also depend on the interest people take in entrepreneurship development programs. These facts can never be the same for any two geographical locations and hence must be considered carefully.

9. Launch pilot ED programs:

Analysing pilot feasibility is an effective way of launching a major entrepreneurship development program. If the program shows signs of high promise, it can be launched on a national level.

10. Government policies:

Government policies usually have a substantial impact on the number of entrepreneurs in a country.

Different Types of EDP Courses Conducted by the SIDO

Entrepreneurship Development Programme is defined as a programme designed to help an individual in strengthening his entrepreneurship motive and in acquiring skills and capabilities necessary for playing his entrepreneurship role effectively. It is necessary to promote this understanding of motives and their impact on entrepreneurship values and behaviour for this purpose.

EDP means a programme designed to help a person in strengthening his entrepreneurship motive and in acquiring skills and capabilities necessary for playing his entrepreneurship role effectively. It is necessary to promote his understanding of motives, motivation patterns, their impact on behaviour and entrepreneurship value.

EDPs endeavour to change, educate and equip a person to become a successful entrepreneur.

The different types of EDP courses conducted by the SIDO for various categories of persons are:

  • EDPs among non-engineers
  • EDPs among self-employment beneficiaries
  • Technical training courses (for workers of SSI, prospective entrepreneurs)
  • Industrial management course (only for SSIs, their managerial personnel, prospective entrepreneur group)
  • EDPs among women entrepreneurs
  • EDPs for rural artisans, students, weaker sections of the society, physically handicapped persons etc

Role of Government in EDP

Small and Medium-sized Enterprises (SMEs) in market economies are the engine of economic development. Owing to their private ownership, entrepreneurship spirit, their flexibility and adaptability as well as their potential to react to challenges and changing environments, SMEs contribute to sustainable growth and employment generation in a significant manner.

SMEs have strategic importance for each national economy due a wide range of reasons. Logically, the government shows such an interest in supporting entrepreneurship and SMEs. There is no simpler way to create new job positions, increasing GDP and rising standard of population than supporting entrepreneurship and encouraging and supporting people who dare to start their own business. Every surviving and successful business means new jobs and growth of GDP.

Therefore, designing a comprehensive, coherent and consistent approach of Council of Ministers and entity governments to entrepreneurship and SMEs in the form of government support strategy to entrepreneurship and SMEs is an absolute priority.

A comprehensive government approach to entrepreneurship and SMEs would provide for a full coordination of activities of numerous governmental institutions (chambers of commerce, employment bureaus, etc.,) and NGOs dealing with entrepreneurship and SMEs.

With no pretension of defining the role of government in supporting entrepreneurship and SMEs, we believe that apart from designing a comprehensive entrepreneurship and SMEs strategy, the development of national SME support institutions and networks is one of key conditions for success.

There are no doubts that governments should create different types of support institutions:

i) To provide information on regulations, standards, taxation, customs duties, marketing issues

ii) To advise on business planning, marketing and accountancy, quality control and assurance

iii) To create incubator units providing the space and infrastructure for business beginners and innovative companies, and helping them to solve technological problems and to search for know-how and promote innovation

iv) To help in looking for partners. In order to stimulate entrepreneurship and improve the business environment for small enterprises

1. Training:

Basic training differs from product to product but will necessarily involve sharpening of entrepreneurship skills. Need based technical training is provided by the Govt., and State Govt. technical Institutions.

There are a number of Government organisations as well as NGOs who conduct EDPs and MDPs. These EDPs and MDPs are conducted by SMEs, NIESBUD, NSIC, IIE, NISIET, Entrepreneurship Development Institutes and other state government developmental agencies.

2. Marketing Assistance:

There are Governmental and non-governmental specialised agencies which provide marketing assistance. Besides promotion of MSME products through exhibitions, NSIC directly markets the MSME produce in the domestic and overseas market. NSIC also manages a single point registration scheme for manufacturers for Govt., purchase. Units registered under this scheme get the benefits of free tender documents and exemption from earnest money deposit and performance guarantee.

3. Promotional Schemes:

Government accords the highest preference to development of MSME by framing and implementing suitable policies and promotional schemes. Besides providing developed land and sheds to the entrepreneurs on actual cost basis with appropriate infrastructure, special schemes have been designed for specific purposes like quality upgradation, common facilities, entrepreneurship development and consultancy services at nominal charges.

Government of India has been executing the incentive scheme for providing reimbursement of charges for acquiring ISO 9000 certification to the extent of 75% of the cost subject to a maximum of Rs. 75,000 in each case.

ISO 9000 is a mechanism to facilitate adoption of consistent management practices and production techniques as decided by the entrepreneur himself. This facilitates achievement of desired level of quality while keeping check on production process and management of the enterprise.

4. Concession on Excise Duty:

MSME units with a turnover of Rs. 1 crore or less per year have been exempted from payment of Excise Duty. Moreover there is a general scheme of excise exemption for MSME brought out by the Ministry of Finance which covers most of the items.

Under this, units having turnover of less than Rs. 3 crores are eligible for concessional rate of Excise Duty. Moreover, there is an exemption from Excise Duty for MSME units producing branded goods in rural areas.

5. Credit Facility to MSME:

Credit to the micro, small and medium scale sector has been covered under priority sector lending by banks. Small Industries Development Bank of India (SIDBI) has been established as the apex institution for financing the MSME. Specific schemes have been designed for implementation through SIDBI, SFCs, Scheduled Banks, SIDCs and NSIC etc.

Loans upto Rs. 5 lakhs are made available by the banks without insisting on collaterals. Further Credit Guarantee Fund for micro, small and medium enterprises has been set up to provide guarantee for loans to MSME upto Rs. 25 lakhs extended by Commercial Banks and some Regional Rural Bank.

Functions of National Level and State Level Institutions in EDP in Entrepreneurship 

Functions of national level institutions:.

The following are the functions of national levels institutions for entrepreneurship development:

  • To evolve standardised materials and processes for selection, training, support and sustenance of entrepreneurs, potential and existing
  • To help/support and affiliate institutions/organisations in carrying out training and other entrepreneurship development related activities
  • To train trainers, promoters and consultants in various areas of entrepreneurship development
  • To provide national/international forums for interaction and exchange of experiences helpful for policy formulation and modification at various levels
  • To offer consultancy nationally/internationally for promotion of entrepreneurship and small business development
  • To share internationally, the experience and expertise in entrepreneurship development
  • Creating a multiplier effect on opportunities for self-employment
  • Augmenting the supply of competent entrepreneurs through training
  • Inculcating the spirit of entrepreneurship in youth
  • Developing new knowledge and insights in entrepreneurship theory and practise through research
  • Facilitating corporate excellence through creating intrapreneurs
  • Improving managerial capabilities of small scale industries
  • Sensitising the support system to facilitate entrepreneurs establish and manage their enterprise
  • Promote micro enterprise at rural level
  • To set up state level entrepreneurship institutions
  • Contribute to dispersal of business ownership

Functions of State Level Institutions:

State level institutions include the following along with their specific functions:

1. District Industries Centre:

The Government of Karnataka established the District Industries Center (DIC) in 1913 under the erstwhile Princely State of Mysore to oversee the Industrial Development in the State. This department works under the Commerce and Industries Department of Karnataka, at the state level through the Directorate of Industries and Commerce and at the District level through the network of District Industries Centres.

The following are some of the main functions of the DIC:

i) It monitors the registration of MSMEs

ii) It provides infrastructural assistance to entrepreneurs in form of grievance redressal through the District level clearance committee of Industries and commerce, allotment of KIADB’s land to SMEs in the District and recommendation for loans from financial institutions

iii) It assists in implementation of incentive schemes through sanction and disbursement of Investment Subsidy. It also inspects and recommends investment subsidies to food processing industries of India

iv) It is responsible for the implementation and Monitoring of the Prime Minister Employment Generation programme

v) It helps in the implementation and monitoring of the Special Component Plan and the Tribal Sub plans that provide assistance to SC & ST artisans in form of training, better toolkits, venture and equity capital etc

vi) DIC is also involved in conducting various entrepreneurship and vendor development and awareness programmes at Hobli, Taluk and District levels

vii) DIC helps in arranging buyer-seller meets

viii) Various other programmes are taken up by DIC such as Cluster Development Programmes and Sensitization Programmes

ix) DIC conducts various Industrial Exhibitions at District and Taluk levels where young entrepreneurs could showcase their products and services and artisans could showcase their work

x) DIC also follows-up the Industrial Approvals

2. State Financial Corporations:

They are established by respective states and are playing a significant role in providing financial assistance and other types of support to SSIs.

State Financial Corporation Act passed in 1951 provides long term finance for certain identified groups of items in manufacturing as well as service sectors.

SISI has been established by GOI to help the SSI sector on different issues.

Its main activities include:

  • Assistance/consultancy to prospective entrepreneurs
  • Assistance/consultancy to existing units
  • Publishing information pertaining to economic and industrial activities of the state
  • Conducting surveys to identify emerging business opportunities
  • Profiling various projects
  • Undertaking Entrepreneurship Development Programmes (EDP)
  • Publishing the data on the production index
  • Quality control and Up gradation
  • Export Promotion measures
  • Setting up of ancillary industries
  • Creation of common facility workshop
  • Preparation of Directory of specific Industry
  • Intensive Technical Assistance
  • Co-ordinate with DICs in promoting industrial development
  • Coordinate with various government functionaries
  • Conducting market surveys on various products/services

SIDBI was established in 1990. This institution, through its five regional offices and about 33 branches, provides varied types of finance to SSIs. The types are – (i) Direct finance, (ii) Foreign currency loans (iii) Venture capital fund (iv) Refinancing and (v) Micro financing.

KSIIDC is another institution which extends financial support to SSIs in Karnataka. This organisation of Karnataka has no specific financial programme for adaptation of pollution control etc., but provides medium and long term loans, equipment financing and direct equity participation.

Institutes Conducting and Organising EDP

The work of entrepreneurship development is not very simple and closely related to the economic and social environment which is prevalent in society. Before independence, the private sector dominated all sectors of the Indian economy and that too was concentrated in a few hands only.

However, after independence, Govt. of India recognized the need and role of entrepreneurs in the process of rapid industrialization and economic deve­lopment.

The major institutes conducting & organising EDP are as follows in three parts:

  • Govt. of India establish institution of all
  • State Level Institutes
  • National Level Institutes

The Govt. of India has established many institutions at all India level or central level in the field of EDP’s which are as follows:

1. Management Development Institute (MDI):

It is one of the institutes under central level in the field of EDP’s which was established in Gujarat in 1975 and sponsored by Industrial finance Corporation of India. Its main aim is to improve managerial effectiveness in the industry.

This institute organises or conducts several managerial development pro­gramme which are as follows:

  • Indian Economic Services. (IES)
  • Indian Administration Services (IAS)
  • Oil & Natural Gas Commission (ONGC)
  • Bharat and Heavy Electrical Ltd. (BHEL)
  • Bharat Aluminum Company Ltd. (BALCO)
  • Export Credit Guarantee Corporation of India (ECGCL)
  • Bureau of Indian Standards (BIS)
  • Hindustan Machine Tools (HMT)
  • Indian Drugs and Pharmaceuticals Ltd. (IDPL)
  • Uttar Pradesh State Industrial Development Corporation Ltd. (UPSIDC)
  • Madhya Pradesh Financial Corporation (MPFC)

2. Entrepreneurship Development Institute of India (EDII):

It is one of the national institutes which was established by all Indian Financial Institutions and Govt. of Gujarat. It is also merged in entrepreneurship develop­ment. It provides training through a training programme for encouraging the participation of backward regions.

Its main functions are as follows:

  • Selection of potential entrepreneurs
  • Achievement, motivation & training
  • Selection of product and preparation of project report
  • Imparting business management training
  • Rendering post training
  • Evolving innovative training techniques for trainers

3. Small Industries Development Organization (SIDO):

It is one of the institutes which was established in 1954 by the central Govt. This organisation provides its services through 27 small industrial services Institution, 314 regional training centres, 20 local testing centres, 4 product co-process and centres, 2 shoe training centres and 4 production centres. It is also pro­viding training grounds for entrepreneurs.

4. Small Industries Services Institute (SISI):

It is also one of the institutes which provides technical, economical, and managerial assistance. Under EDP, this institute organises management training programmes.

5. All India Small Scale Industry Board (AISSIB):

This institute was established in 1954 determining the policies and programmes for the develop­ment of small industries.

It induces the representational of following organisations:

  • Representatives of the Central organisation
  • Representatives of the Central Government
  • Representatives of Different organisations such as NSIC, SFC etc
  • Representatives of RBI and SBI
  • Non-Government members, such as members of public commission, Trade & Industries members

6. National Small Industries Corporation Limited (NSIC):

The main object of the Institution which was established in 1955 with the help of the Central Government is to assist the small industries in the government purchase programme. It provides a large market to small industries for their selling products and services.

7. National Institute for Entrepreneurship and Small Business Development (NIESBUD):

This institute was established by the Govt. of India in 1983 and started its functioning from 6th July 1983 under the Industries Ministry of India.

The main objectives and functions of this institute are as follows:

  • Evolving effective training strategies and methodology
  • Formulation of scientific selection procedure
  • Standardising model syllabi for training various target groups
  • Development of training aids, manuals and other tools
  • Facilitating and supporting agencies which are engaged in entre­preneurship development
  • Conducting such types of programmes which are not taken by other agencies
  • Maximisation of benefits which leads to accelerate the process of entrepreneurship development
  • Conducting workshops, seminars, conferences etc. for entrepreneurship development programmes
  • Organising all those activities which develop entrepreneurship culture in society
  • To assist in setting up of regional and state level training institutes for entrepreneurship and small business development

8. National Alliance of Young Entrepreneur (NAYE):

It has launched numerous schemes in collaboration with various public sector banks. The main aim of the scheme is to encourage young entrepreneurs to explore investment and self-employment opportunities. This scheme was set up by a women’s wing in 1975.

9. National Institute of Small Industries Extension Training (NISIET):

It was established in 1960. The prime objective of NISIET is to conduct training programmes and give managerial assistance and technical consultancy. It organises seminars and research workshops.

10. National Research Development Corporation (NRDC):

This institute was established in 1953 under the department of science and industries research. The main function of the corporation is to provide assistance to technological development functions. It also maintains Industrial relations with other technological development institutes. It constructs a large storage system for products which are manufactured by research and development institutes.

11. Risk Capital and Technological Finance Corporation Limited (RCTEC):

This institute was established in Feb. 1988 having authorised capital of Rs. 15 lakhs. The main aim is to provide capital assistance. Beside this, it also provides venture capital for technological promotion and development to highly technical projects.

The functions of the institutes are as follows:

a. Providing financial assistance in recognizing research centres for new technology, new production processes, marketing services, energy protection, technological promotion & development, environment protection

b. Conducting commercial research and development programmes

12. Centre for Entrepreneurship Development (CED):

It was adver­tised by the Govt. of Gujarat and public financial Institutions operating in the state. It conducts EDP at various centres.

The financial features of the training programme are:

  • Conducting a training programme after a survey of opportunities was made
  • Establishment of appropriate linkage with supporting agencies, applying finance, raw material etc. Covering theoretical and practical aspects of the training programme
  • For selection of entrepreneurs, behavioural tests were conducted

13. Miscellaneous Institute of National Level and State Level:

a. National Level:

  • Industrial Development Bank of India (IDBI)
  • Industrial Finance Corporation of India (IFCI)
  • Industrial Credit and Investment Corporation of India (ICICI)
  • National Small Scale Industries Development Corporation. (NASIOC)
  • Small Industries Development Bank of India. (SIDBI)
  • Khadi & Village Industries Centre (KVIC)
  • National Bank of Agriculture and Rural Development (NABARD)
  • Science and Technology Entrepreneur Park (STEP)

b. State Level:

  • District Industries Centre (DIC)
  • State Finance Corporation (SFC)
  • Technical Consultancy organisations. (TCOs)

Problems of EDP 

The various problems of entrepreneurship development programme are:

1. Non Availability of Competent Faculty:

There is a problem of non-availability of competent teachers and even when they are available, they are not prepared to take classes in small towns and backward areas. This naturally creates problems for the agencies conducting EDP.

2. Over Estimation of Trainees:

Under EDPs it is assumed that the trainees have aptitude for self-employment and training will motivate and enable the trainees in the successful setting up and managing of their enterprises. These agencies thus overestimate the aptitude and capabilities of the educated youth. Thus on one hand the EDPs do not impart sufficient training and on the other financial institutions are not prepared to finance these risky enterprises set up by the not so competent entrepreneurs.

3. Duration of EDPs:

An attempt is made during the conduct of EDPs to prepare prospective entrepreneurs thoroughly for the various problems they will be encountering during the setting up and running of their enterprises. Duration of most of these EDPs varies between 4 to 6 weeks, which is too short a period to instil basic managerial skills in the entrepreneurs. Thus the very objective to develop and strengthen entrepreneurship qualities and motivation is defeated.

4. No Policy at the National Level: 

Though the Government of India is fully aware-about the importance of entrepreneurship development, yet we do not have a national policy on entrepreneurship. It is expected that the government will formulate and enforce a policy aimed at promoting balanced regional development of various areas through promotion of entrepreneurship.

5. Non Availability of Infrastructural Facilities:

No prior planning is done for the conduct of EDPs. EDPs conducted in rural and backward areas lack infrastructural facilities like proper classroom suitable guest speakers, boarding and lodging etc.

6. Improper Methodology:

The course contents are not standardised and most of the agencies engaged in EDPs are themselves not fully clear about what they are supposed to do for the attainment of predetermined goals. This puts a question mark on the utility of these programmes.

7.  Mode of Selection:

There is no uniform procedure adopted by various agencies for the identification of prospective entrepreneurs. Organisations conducting EDPs prefer those persons who have some project ideas of their own and thus this opportunity is not provided to all the interested candidates.

8. Poor Response of Financial Institutions:

Entrepreneurs are not able to offer collateral security for the grant of loans. Banks are not prepared to play with the public money and hence they impose various conditions for the grant of loans. Those entrepreneurs who fail to comply with the conditions are not able to get loans and hence their dream of setting up their own enterprises is shattered. Helpful attitude of lending institutions will go a long way in stimulating the entrepreneurship climate.

Operational Problems of EDP

The operational problems of EDP are as follows:

  • Inherent inability
  • Inconsistent programme design
  • Diverse opinions
  • Perpetual ambiguity
  • Lack of proper strategy (No clear-cut objective)
  • Low institutional commitment
  • Lack of clarity in approach
  • Absence of local support
  • Lack of creativity and commitment
  • Non-availability of inputs
  • Insufficient follow up
  • Absence of research facilities
  • Ill-planned training methodology

Related Articles:

  • Importance of Entrepreneurship
  • Industrialisation and India’s Economic Development
  • Entrepreneurship Development
  • Community Development (CD) Programme

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Entrepreneurship development programmes: meaning, need and objectives of edp.

need of entrepreneurship development programme

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Entrepreneurship Development Programmes: Meaning, Need and Objectives of EDP!

As the term itself denotes, EDP is a programme meant to develop entrepreneurial abilities among the people. In other words, it refers to inculcation, development, and polishing of entrepreneurial skills into a person needed to establish and successfully run his / her enterprise. Thus, the concept of entrepreneurship development programme involves equipping a person with the required skills and knowledge needed for starting and running the enterprise.

Let us also consider a few important definitions of EDPs given by institutions and experts:

Small Industries Extension and Training Institute (SIET 1974), now National Institute of Small Industry Extension Training (NISIET), Hyderabad defined EDP as “an attempt to develop a person as entrepreneur through structural training.

The main purpose of such entrepreneurship development programme is to widen the base of entrepreneurship by development achievement motivation and entrepreneurial skills among the less privileged sections of the society.”

According to N. P. Singh (1985), “Entrepreneurship Development Programme is designed to help an individual in strengthening his entrepreneurial motive and in acquiring skills and capabilities necessary for playing his entrepreneurial role effectively. It is necessary to promote this understanding of motives and their impact on entrepreneurial values and behaviour for this purpose.” Now, we can easily define EDP as a planned effort to identify, inculcate, develop, and polish the capabilities and skills as the prerequisites of a person to become and behave as an entrepreneur.

Need for EDPs :

That, entrepreneurs possess certain competencies or traits. These competencies or traits are the underlying characteristics of the entrepreneurs which result in superior performance and which distinguish successful entrepreneurs from the unsuccessful ones.

Then, the important question arises is: where do these traits come from? Or, whether these traits are in born in the entrepreneurs or can be induced and developed? In other words, whether the entrepreneurs are born or made? Behavioural scientists have tried to seek answers to these questions.

A well-known behavioural scientist David C. McClelland (1961) at Harvard University made an interesting investigation-cum-experiment into why certain societies displayed great creative powers at particular periods of their history? What was the cause of these creative bursts of energy? He found that ‘the need for achievement (n’ ach factor)’ was the answer to this question. It was the need for achievement that motivates people to work hard. According to him, money- making was incidental. It was only a measure of achievement, not its motivation.

In order to answer the next question whether this need for achievement could be induced, he conducted a five-year experimental study in Kakinada, i.e. one of the prosperous districts of Andhra Pradesh in India in collaboration with Small Industries Extension and Training Institute (SIET), Hyderabad.

This experiment is popularly known as ‘Kakinada Experiment’. Under this experiment, young persons were selected and put through a three-month training programme and motivated to see fresh goals.

One of the significant conclusions of the experiment was that the traditional beliefs did not seem to inhibit an entrepreneur and that the suitable training can provide the necessary motivation to the entrepreneurs (McClelland & Winter 1969). The achievement motivation had a positive impact on the performance of entrepreneurs.

In fact, the ‘Kakinada Experiment’ could be treated as a precursor to the present day EDP inputs on behavioural aspects. In a sense, ‘Kakinada Experiment’ is considered as the seed for the Entrepreneurship Development Programmes (EDPs) in India.

The fact remains that it was the ‘Kakinada Experiment’ that made people appreciate the need for and importance of the entrepreneurial training, now popularly known as ‘EDPs’, to induce motivation and competence among the young prospective entrepreneurs.

Based on this, it was the Gujarat Industrial Investment Corporation (GIIC) which, for the first time, started a three-month training programmes on entrepreneurship development. Impressed by the results of GIIC’s this training programme, the Government of India embarked, in 1971, on a massive programme on entrepreneurship development. Since then, there is no looking back in this front. By now, there are some 686 all-India and State level institutions engaged in conducting EDPs in hundreds imparting training to the candidates in thousands.

Till now, 12 State Governments have established state-level Centre for Entrepreneurship Development (CED) or Institute of Entrepreneurship Development (lED) to develop entrepreneurship by conducting EDPs. Today, the EDP in India has proliferated to such a magnitude that it has emerged as a national movement. It is worth mentioning that India operates the oldest and largest programmes for entrepreneurship development in any developing country.

The impact of India’s EDP movement is borne by the fact that the Indian model of entrepreneurship development is being adopted by some of the developing countries of Asia and Africa. Programmes similar to India’s EDPs are conducted in other countries also, for example, ‘Junior Achievement Programme’ based on the principle of ‘catch them young’ in USA and ‘Young Enterprises’ in the U. K.

Objectives of EDP :

The major objectives of the Entrepreneurship Development Programmes (EDPs) are to:

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.

Related Articles:

  • Phase of Entrepreneurship Development Programme
  • Entrepreneurship Development Programmes : Evaluation and Problems of EDPs

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Empowering Growth: A Comprehensive Guide to Entrepreneurship Development

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Surabhi Guleria

  • June 2, 2023
  • 10 Min Read

Empowering Growth: A Comprehensive Guide to Entrepreneurship Development

Entrepreneurship Development is the process of empowering entrepreneurs to take risks, create solutions, and develop business ideas. This process also includes creating organizations that promote economic growth and sustainable development.

The overall goal of Entrepreneurship Development is to encourage innovation, creativity, and enterprise for individuals, communities, and economies to grow.

What is an Entrepreneurship Development?

Entrepreneurship Development, often abbreviated as ED, is a dynamic process that empowers aspiring entrepreneurs to take calculated risks, generate innovative solutions, and transform their business ideas into reality.

This approach involves nurturing and expanding organizations that drive economic progress and encourage sustainable development. By fostering a culture of innovation, creativity, and entrepreneurship, the ultimate objective of ED is to promote the growth of individuals, communities, and economies as a whole.

How does Entrepreneurship Development work?

Entrepreneurship Development is a multi-faceted process that works to empower individuals, communities, and economies by promoting innovation, creativity, and enterprise. Although there is no single formula for success, certain elements are typically involved in the process.

One of the most important components of entrepreneurship development is education and training. This can take many forms, from formal courses and workshops to informal mentoring and networking opportunities. By providing aspiring entrepreneurs with the knowledge and skills they need to succeed, entrepreneurship development programs help to reduce barriers to entry and level the playing field.

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In addition to education and training, entrepreneurship development also involves providing support services such as mentorship and access to funding opportunities. This can be especially important for individuals and communities that may not have the resources or connections necessary to launch and grow a successful business on their own.

Finally, entrepreneurship development also requires policy measures that create a favorable environment for entrepreneurs. This might include things like tax incentives, streamlined regulatory processes, and public-private partnerships that provide support and resources to entrepreneurs.

By combining these elements in a strategic and coordinated way, entrepreneurship development can help to catalyze economic growth and promote sustainable development at the individual, community, and national levels.

Entrepreneurship Development Concepts

Entrepreneurship Development Concepts

Entrepreneurship development is a multifaceted concept that involves a range of key concepts. Risk-taking is one such concept that plays a vital role in entrepreneurship development. Successful entrepreneurs are known for taking calculated risks that enable them to grow and expand their businesses.

Another important concept is innovation, which involves creating new products, services, or business models that are unique and meet market needs. Creativity is another key concept, as it enables entrepreneurs to develop original and innovative ideas.

Finally, sustainability is a critical concept in entrepreneurship development, as it involves developing businesses that are both environmentally and socially responsible, ensuring long-term success and growth.

Entrepreneurship Development Process

Entrepreneurship development is a critical process for providing entrepreneurs with the necessary resources to succeed. The process typically involves several elements such as training, mentorship, and funding opportunities. Moreover, fostering a conducive environment for innovation and creativity is equally important for the success of entrepreneurs.

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The ultimate goal of entrepreneurship development is to create organizations that promote economic growth and sustainable development, thereby contributing to the betterment of society. Key concepts associated with entrepreneurship development include risk-taking, innovation, creativity, and sustainability. These concepts are vital for entrepreneurs to succeed in developing and implementing new business ideas.

Through training, mentorship, and funding, entrepreneurs are empowered to take risks, create solutions and develop business ideas. The development process enables individuals, communities, and economies to grow through the promotion of innovation, creativity, and enterprise. By providing a conducive environment, entrepreneurship development is critical in creating an ecosystem that fosters the growth of successful entrepreneurs.

How Entrepreneurship Works

How Entrepreneurship Works

Entrepreneurship plays a vital role in today’s economy. These firms harness the power of innovation, creativity, and resourcefulness to create new products or services that meet market demands. However, building and growing a successful business can be a challenging task.

Entrepreneurs face several obstacles, such as generating new and viable business ideas, securing funding for high-risk startups, and developing strong leadership skills to maintain quality control during busy periods while also taking time off work. Despite these challenges, entrepreneurship remains an essential resource for driving economic growth and fostering innovation.

Need for Entrepreneurship Development

The economic potential of a country is closely tied to the size of its population and its spending power. In a prosperous and thriving society, there are more individuals with the means to spend money, which in turn boosts business revenue and production.

Conversely, weak economies with limited earning capacity may have high rates of unemployment and struggle to support their population. Underdeveloped countries often require external economic aid due to their small populations and lack of investment opportunities.

Entrepreneurship plays a vital role in economic development by creating new job opportunities, especially in industries that are struggling due to poverty or conflict. By providing employment and improving workers’ skills, entrepreneurship can have a positive impact on income and economic growth.

In essence, entrepreneurship acts as a catalyst for development while simultaneously supporting it. It’s a mutually beneficial relationship that can lead to a win-win situation for both entrepreneurs and the society they operate in.

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How to develop your entrepreneurial skills.

Entrepreneurship is a challenging but rewarding journey that requires commitment and dedication. It’s not an easy lifestyle to adopt, but for those who have the courage and the drive to succeed, the rewards can be great.

For those who are new to the world of entrepreneurship, there are several simple ways to start your journey. The key is to choose a path that aligns with your interests, skills, and resources, and to commit yourself fully to your chosen path.

Whether you start by networking with other entrepreneurs, taking courses on entrepreneurship, or simply reading books and articles on the subject, the important thing is to take that first step and begin your journey toward building a successful business.

How to Develop Your Entrepreneurial Skills

Find Your Inspiration

If you’re looking to become an entrepreneur, there are a variety of resources available to you. One such resource is reading materials, including books, articles, and blog posts that can provide valuable insights into the world of entrepreneurship.

Additionally, there are various videos and talks that can be found online that offer advice and guidance for those looking to start their own businesses. By utilizing these resources and seeking out advice and inspiration from successful entrepreneurs, you can take the first steps toward starting your own entrepreneurial journey.

Do a Little Networking

Connecting with others is crucial when it comes to building a successful business . Networking is an important part of this process, but it’s not the only thing to consider. As you begin your entrepreneurial journey, you’ll want to start building relationships with potential partners and investors as well.

To get started, check out local events listed on Meetup or Eventbrite. These resources can help you discover relevant events and meet people who share your interests. Additionally, you can leverage social media platforms to connect with like-minded individuals or join groups related to your industry.

Remember that networking isn’t just about making connections; it’s about nurturing relationships and establishing trust. Take the time to build authentic connections with others and be open to opportunities that may arise.

Join an Entrepreneurship Development Program

Entrepreneurship development programs offer a unique opportunity to learn and grow in a structured environment. These programs are designed to provide individuals with the knowledge and skills they need to succeed in the business world. If you’re looking to take your entrepreneurial journey to the next level, joining an intensive program could be the perfect solution.

These programs typically offer a range of benefits, including access to experienced mentors, networking opportunities, and exposure to real-world experiences. By participating in these programs, you can gain valuable insights and skills that will help you build a successful business.

Of course, entrepreneurship development programs require a significant investment of time and effort. But the rewards can be immense. By committing to this journey, you can develop the skills and mindset needed to achieve your entrepreneurial goals and reach new levels of success.

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The many features of Lio would help you with your retail business as you would be able to maintain all data on a track that you can use at any time. If you want to upload a document, then you can do that. Know the money transactions, cash inflow, profit and loss you are making, Udhaar, list of product s, services, and even the teammates and clients that you have all in one place. 

Your retail business ideas will certainly become successful businesses if you go on this journey of managing your business with Lio.

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Transforming your business idea into reality through entrepreneurship involves a systematic approach that requires you to take a series of necessary steps.

The first step is to clarify your vision for your business and assess your current position to determine what it will take to achieve your goals. Once you have a clear understanding of these factors, it becomes much easier to identify and mobilize the resources you need to move forward.

Frequently Asked Questions (FAQs)

What is entrepreneurship development.

Entrepreneurship development refers to the process of nurturing and supporting the growth of new businesses, typically by providing resources, training, mentorship, and other support services to aspiring entrepreneurs.

The goal of entrepreneurship development is to create a vibrant and sustainable entrepreneurial ecosystem that can generate jobs, economic growth, and innovation.

Why is entrepreneurship development important?

Entrepreneurship development is important because it can drive economic growth and job creation, particularly in emerging economies and underdeveloped regions. By supporting new businesses and entrepreneurs, entrepreneurship development can also foster innovation and creativity, increase competition, and improve productivity and efficiency.

What are some key components of entrepreneurship development?

Some key components of entrepreneurship development include access to funding and capital, business incubators and accelerators, training and mentorship programs, networking opportunities, and regulatory frameworks that support entrepreneurship and innovation.

What are some challenges facing entrepreneurship development?

Some common challenges facing entrepreneurship development include limited access to funding and capital, lack of supportive infrastructure and ecosystems, inadequate training and mentorship programs, regulatory barriers and bureaucratic hurdles, and limited access to markets and customers.

How can I get involved in entrepreneurship development?

There are many ways to get involved in entrepreneurship development, such as volunteering with or supporting organizations that provide resources and support services to entrepreneurs, starting your own business or social enterprise, investing in early-stage startups, or participating in training and mentorship programs. Additionally, you can advocate for policies and initiatives that support entrepreneurship and innovation in your community or region.

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Entrepreneurship Development Program EDP: Definition, Features, Objectives, Achievements

  • Post author: Anuj Kumar
  • Post published: 16 September 2023
  • Post category: Uncategorized
  • Post comments: 0 Comments

Table of Contents

  • 1 What is EDP in Entrepreneurship?
  • 2 Table of Contents
  • 3 Definition of EDP in Entrepreneurship
  • 4 Features of EDP
  • 5 Objectives of EDP
  • 6.1 Creation of Employment Opportunities
  • 6.2 Capital Formation
  • 6.3 Balanced Regional Development
  • 6.4 Use of Local Resources
  • 6.5 Improvement in Per Capita Income
  • 6.6 Improvement in the Standard of Living
  • 6.7 Economic and Independence
  • 6.8 Preventing Industrial Slums
  • 6.9 Reducing Social Tension
  • 6.10 Facilitating Overall Development
  • 7.1 What are the achievements of EDP?
  • What is EDP in Entrepreneurship?

An entrepreneurial development program EDP may be defined as a program designed to help an individual strengthen his entrepreneurial motive and acquire the skills and capabilities necessary for playing his entrepreneurial role effectively. It is necessary to promote this understanding of motives and their impact on entrepreneurial values and behavior for this purpose.

Definition of EDP in Entrepreneurship

Features of edp, objectives of edp, creation of employment opportunities, capital formation, balanced regional development, use of local resources, improvement in per capita income, improvement in the standard of living, economic and independence, preventing industrial slums, reducing social tension, facilitating overall development, faqs section about the entrepreneurship development program edp.

The entrepreneurial development program is a systematic and organized development of a person to an entrepreneur refers to inculcating entrepreneurial skills into a common person, providing the needed knowledge, developing technical, financial, marketing, and managerial skills, and building an entrepreneurial attitude .

The concept of entrepreneurial development involves equipping a person with the required information and knowledge used for enterprise building and polishing his entrepreneurial skills.

These days, entrepreneurial development programs are treated as an important tool of industrialization and a solution to the unemployment problem in India. The overall aim of an entrepreneurial development program is to stimulate a person to adopt entrepreneurship as a career and to make him able to identify and exploit the opportunities successfully for new ventures.

These are the following are the definitions of EDP in entrepreneurship :

Identifies intelligence, motivation, knowledge and opportunity as the prerequisites for entrepreneurial development. Joseph E. Schempter
EDP is an attempt to develop person as entrepreneur through structural training. The main purpose of such entrepreneurial development programme is to widen the base of entrepreneurship by developing achievement motivation and entrepreneurial skills among the less privileged sections of society. SIET Institute, Hyderabad

Following are the some important features of EDP’s :

  • Enhancing the motivation knowledge and skills of the potential entrepreneurs.
  • Assisting them in the development of their own enterprise.
  • Arousing and reforming the entrepreneurial behavior in their day-to-day activities.
  • Join an EDP all your problems will be solved.
  • EDP’s success is the sole responsibility of the trainer’s motivations.
  • The higher the number better the EDP.
  • Need-based common facilities center.

The main objectives of EDP are as follows:

  • To identify and train the potential entrepreneurs in the region.
  • To develop necessary knowledge and skills among the participants in EDPs.
  • To impart basic managerial knowledge and understanding.
  • To provide post-training assistance.
  • To develop and strengthen entrepreneurial quality and motivation.
  • To analyze the environmental issues related to the proposed project . To help in selecting the right type of project and products.
  • To formulate an effective and profitable project.
  • To enlarge the supply of entrepreneurs for rapid industrial development.
  • To develop small and medium enterprises sector which is necessary for employment generation and wider dispersal of industrial ownership.
  • To industrialize rural and backward regions.
  • To provide gainful self-employment to educated young men and women.
  • To diversity the source of entrepreneurship.
  • To know the pros and cons of being an entrepreneur.
  • To provide knowledge and information about the source of help, incentives, and subsidies available from the government to set up the project.
  • To impart information about the process, procedure, rules, and regulations for setting up a new unit.

Achievements of EDP

Entrepreneurship plays a very important role in the economic development of entrepreneurs as catalytic agents in the process of industrialization and economic growth. Joseph Schumpeter states that the rate of economic progress of a nation depends upon its rate of innovation which in turn depends up on the distribution of entrepreneurial talent in the population.

Technological progress alone cannot lead to economic development unless technological breakthroughs are put to economic use by entrepreneurs. It is the entrepreneur who organizes and puts to use capital, labor, and technology in the best possible manner for the setting up of his enterprise.

EDP enables entrepreneurs to initiate and sustain the process of economic development in the following ways:

Unemployment is one of the most important problems confronting developing and undeveloped countries, EDPs enable prospective entrepreneurs the set up their own units, thus enabling them to get self-employment. With the setting up of more and more units by entrepreneurs, both on small and large scale, numerous job opportunities are created for the others.

Entrepreneurs in this way get an opportunity to lead an independent and honorable life and at the same time, they enable others to get employment. Several schemes like Nehru Rozgar Yojna, National Rural Employment Programme (NREP), Integrated Rural Development Programme (IRDP), etc. have been initiated by the Government of India in the direction.

The thrust of all these schemes is to eliminate poverty and generate gainful employment opportunities for the unemployed. Thus entrepreneurs can play an effective role in reducing the problem of unemployment.

It is not possible to set up an enterprise without adequate funds. An entrepreneur as an organizer of factors of production employs his own as well as borrowed resources for the setting up of his enterprise. Entrepreneur mobilizes idle saving of the public and put them to productive use.

In this way, he helps in capital formation which is so essential for the industrial and economic development of a country. Various development banks like ICICI, IFCI, SFCs, and SIDCs take the initiative in promoting entrepreneurship through assistance to various agencies involved in EDP and by providing assistance to new entrepreneurs.

Small-scale units can be set up in industrially backward and remote areas with limited financial resources. Successful EDPs assist in accelerating the pace of industrialization in the backward areas and reduce the concentration of economic power in the hands of a few.

Entrepreneurs feel like taking advantage of the various concessions and subsidies offered by the state and central government. The success story of entrepreneurs set the right example for others to follow and this accelerates the pace of industrialization in the backward areas.

In the absence of any initiative, local resources are likely to remain unutilized. Proper use of these resources can result in the progress or development of the area and that too at a lower cost.

Alert entrepreneurs seize the opportunity and exploit it in the best interests of the area and industry. Effective EDPs can help in the proper use of local resources by providing guidance, assistance, education, and training to prospective entrepreneurs.

Entrepreneurs are always on the lookout for opportunities. They explore and exploit the opportunities. Entrepreneurs take the lead in organizing various factors of production by putting them into productive use through the setting up of enterprise.

More enterprise will lead to more production, employment, and generation of wealth in the form of goods and services. It will result in an increase in the overall productivity and per capita income in the country. EDPs play a positive role in the setting of more units thus helping in the generation of more employment and income.

Entrepreneurs by adopting the latest innovations help in the production of a wide variety of goods and services. By making efficient use of the resource, this starts producing more of better quality, and that too at lower costs.

This enable them to ensure easy availability of better quality product at lower prices to the consumer which result in the improvement in the standard of living of the people. EDPs provide the necessary support to entrepreneurs by educating them about the latest innovations and market trends.

Entrepreneurs enable a country to produce a wide variety of goods & services and that too at competitive prices. They develop substitutes for the goods being imported and thus prevent over-dependence on foreign countries and sometimes help in the saving of precious foreign exchange, which is so essential for meeting the developmental needs of the economic independence of the economy.

Industrially developed areas are faced with and problem of industrial slums, which result in the overburdening of civic amenities and adverse impact on the health of people. Dispersal of industries can help in the overcoming of this grave problem.

EDPs can help in preventing the spread of industrial slums by providing various incentives, subsidies, and infrastructural support to entrepreneurs for setting up their enterprises in industrially backward areas. This will also help in reducing pollution and overtaxing of civic am entities.

Unemployment amongst young and educated people is emerging as the major cause of social unrest. People are bound to feel frustrated if they fail to get gainful employment after completion of their education.

EDPs can help channel the talent of this section of society in the right direction by providing proper guidance, training, and assistance for setting up their enterprise resulting in the generation of self-employment and prevention of social tension, unrest, etc.

An entrepreneur acts as a catalytic agent for change which results in a chain reaction. With the setting up of an enterprise, the process of industrialization is set in motion. This unit will generate demand for various types of inputs required by it and there will be so many other units that will require the output of this unit.

This leads to the overall development of an area due to an increase in demand and the setting up of more and more units there. Moreover, the success of one entrepreneur sets the right type of example for others to follow. Entrepreneurs thus create an environment of enthusiasm and convey a sense of purpose. This gives future impetus to the overall development of that area.

What are the achievements of EDP?

The following are the achievements of EDP: 1. Creation of Employment Opportunities 2. Capital Formation 3. Balanced Regional Development 4. Use of Local Resources 5. Improvement in Per Capita Income 6. Improvement in the Standard of Living 7. Economic and Independence 8. Preventing Industrial Slums 9. Reducing Social Tension 10. Facilitating Overall Development.

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Opportunity

Entrepreneurship Development Program

A unique course from MIT Sloan Executive Education introducing participants to MIT’s entrepreneurial education programs, technology transfer system, and global entrepreneurial network.

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Powered by: MIT Sloan Executive Education

Drawing from the vast culture of innovation and entrepreneurship at MIT, this unique course introduces participants to MIT’s entrepreneurial education programs, technology transfer system, and global entrepreneurial network. It covers the entire venture creation process, from generating ideas to building viable global businesses, with a special emphasis on the nurturing roles of corporations, universities, governments, and foundations.

This program leverages MIT’s culture of high-tech entrepreneurship to help entrepreneurs, corporate venturing executives, startup companies, and others involved in entrepreneurial environments learn what they need to develop ideas into successful businesses, and how to increase entrepreneurial opportunities in their corporations, institutions, and regions. Through lectures by senior MIT faculty, visits to local startup companies, and live case studies with successful entrepreneurs, participants will be exposed to the content, context, and contacts that enable entrepreneurs to design and launch successful new ventures based on innovative technologies. Specially designed team projects give participants hands-on training and practical experience developing a business plan, while networking events bring participants together with members of MIT’s entrepreneurial community.

Instructors:

  • Bill Aulet, Professor of the Practice, Technological Innovation, Entrepreneurship, and Strategic Management and Managing Director, Martin Trust Center for MIT Entrepreneurship
  • Trish Cotter, Program Manager and Lecturer in Entrepreneurship
  • Dates: January 19–24, 2020
  • Certificate Track:   Management and Leadership
  • Location: Cambridge, Massachusetts
  • Tuition: $11,900 (excluding accommodations)
  • Program Days (for  ACE Credit):  5

For more information and to register, visit the MIT Sloan Executive Education website.

need of entrepreneurship development programme

The Importance and Need of Entrepreneurship Development Programmes

WF Marketing

WF Marketing

  • May 9, 2022

Currently, in India, the need for an entrepreneurship program is more potent than ever. Hence guiding students in the right light holds super importance. Entrepreneurship can actualize the potential of budding minds and boost the economy manifold. However, it is also true that although students get fascinated by this domain, it often becomes difficult for them to pursue it any further. It is because of the absence of the right mentorship and guidance to overcome the hurdles along their journey. One of the major reasons we suggest that you get into programs like the WE NEN . The program focuses on guiding college students about when, why, and how to initiate a start-up via case-study-based education.

Importance of The Entrepreneurship Programme:

Now that we have discussed the potential of entrepreneurship, it is also crucial to analyse what makes its development so important. Here are some critical reasons why entrepreneurship development is the need of the hour:

●    Better Job Opportunities:

One of the most important reasons to promote Entrepreneurship Programs in India is that they aid in better job opportunities. Entrepreneurs create numerous jobs as most industries need myriad people to work under various profiles. Hence, the job market gets a major boost. However, it can be only a direct consequence of a good entrepreneurship development program.

●    Gives Independent Working Environment:

Another promising tenet of entrepreneurship programs is that it boosts the independent working environment. One does not need to work under any specific boss, and that provides a lot of flexibility. Hence an entrepreneurship development program helps you in this arena as well.

●    Helps Entrepreneurs with A Vision:

This is probably one of the most significant aspects of the entrepreneurship development programs as they help one envision life and work. In most cases, entrepreneurs have many ideas, but they do not know how to implement them in the real world. This is where the development programs come into play and offer great value to budding entrepreneurs. The program also helps develop financial planning, which is essential for any entrepreneur to succeed.

●    Solves Problems of the Masses:

To succeed at his venture, an entrepreneur must focus on solving problems central to the mass population. An entrepreneurship program helps one have that vision, which can aid in building sustainable ventures. Having a potent vision for their entrepreneurial venture is crucial as it assists one make better decisions when in doubt.

●    Boosts The Economy of The Country:

Entrepreneurship programs also play a crucial role in the economic aspect of the country. Since our economy needs an economic boost, promoting entrepreneurship can prove to be a step in the right direction as development programs focus on creating jobs, which help create a better cash flow. In addition, entrepreneurship programs also help improve the standard of living, which is essential to improve the current economic strata of the country.

●    Take Account of Local Resources:

For a country to have better GDP, the economic growth of its states matters as well. And a state’s growth is possible with the use of local resources. Entrepreneurial programs, in most cases, educate on the use local resources, which further creates a demand for the same and is ultimately beneficial for revenue generation, in turn promoting economic jurisprudence.

Entrepreneurial programs are the need of the hour. There can be nothing better than being part of programs where you get the right kind of mentoring. It is one of the major reasons we think that getting in touch with Wadhwani Foundation can boost your entrepreneurship journey. It belongs to the genre of a non-profit organization and is highly beneficial for individuals focusing on the training and guidance programs!

The WEN IGNITE Program collaborates with educational institutes to mainstream entrepreneurship education at their campus by enabling its students in the later years of their graduate/post-graduate programs, recent graduates, and/or alumni to build upon their business ideas from scratch and convert them into potential Real Ventures. WEN also trains and supports the faculty, facilitates exposure to mentors and experts, and provides word-class entrepreneurship content. All this at NO COST to the institutes and students.

Interested Institutes can apply here:   https://entrepreneur.wfglobal.org/institute-application/

The why and what of employability skills

Desbloqueando el éxito: el por qué y el qué de las habilidades de empleabilidad

Destravando o sucesso: o porquê e o que são habilidades de empregabilidade, unlocking success: the why and what of employability skills, have a question for us or would like to collaborate.

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Entrepreneurship Development Program

Entrepreneurship Development Programme (EDP) 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.

Startup weekend.jpg

Objectives of EDP

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.

Roles of EDP

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

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

developing managerial, technical, financial, and marketing skill

inculcating personality traits

promotes and reforms entrepreneurial behavior and values

identifying a potential entrepreneur applying scientific methods

motivational training and building a proper attitude

strengthening the motive of a person and giving recognition

the valuable know-how of the local products and the processes help in the selection of products, preparation of project reports

Supportive Role: It helps in the following ways:

registration of the business

procurement of fund

Incubation support

Team building and team development support

Mentorship and guidance from industry experts

Providing tax relief, subsidy, government schemes etc.

guidance in product marketing

support for management consultancy

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

help in modernization, expansion, and diversification

additional financing for further development

Global Networking Opportunities

creating new marketing processes

helping access to improved services and co-working centers

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

identifying entrepreneurial qualities in practicality

creating employment opportunities in micro, small, and medium industries on an immediate basis

arresting concentration of industries by supporting regional development in a balanced manner

focusing on the equal distribution of income and wealth of the nation

channelizing the latent resources for building an enterprise

Program Structure

Phase 1: starting your startup hypothesis:, idea validation workshop.

Introduction

Stating your startup problem/hypothesis

Understating Scenarios

Idea feasibility analysis

Idea Validation

Closing pitches

Business Model Canvas Part 1

Understating the nine blocks

Visualizing your startup idea

Developing your model

Phase 2: Testing your startup hypothesis:

Value proposition design.

Creating a product/offering that sells

Understating Customers

Creating better values

Creative disruption

Persona Development

Customer empathy map.

Creating customer personas

Customer Journey

Understanding pain points

Understanding gain creators

Understanding pain relievers

Empathy Mapping

A day in the life of customers

Visualization

Phase 3: Evaluating  your startup environment:

Blue ocean strategy.

Scanning the environment

Competition analysis

Four action frame work

Buyer utility map

Strategy Canvas

Business Model Canvas Part 2

Industry Forces

SWOT analysis

Business model environment

Testing the nine blocks

Prototyping

Understanding MVP

Product Design

Service Design

Market testing

Development

Phase 4: Legals and government support:

Company registration.

Types of legal entities

Making the choice

Paper Work and Costs

Intellectual Property Rights

Indian IPR Law

Types of IPR

Government Policies

Marketing metrics.

Startup India Program

Standup India Program

Get, Keep, Grow Cycles

Web Platform Strategies

Physical Platform Strategies

Filing For Patent

Forms required

Costs Involved

Investor Engagement

How to tell your story

Metrics that matter

Art of negotiations

Want to introduce EDP on your Campus?

To set up the Entrepreneurship Development Program (EDP) on your campus or in your city write us a mail at [email protected]  alternatively you can contact us using the contact link below. Our team would love to support you in any way possible.

need of entrepreneurship development programme

Why an Entrepreneurship Development Programme is Important

need of entrepreneurship development programme

In an increasingly competitive landscape, both startups and businesses established by entrepreneurs find it hard to operate over the long term. A study conducted by the Bureau of Labor Statistics finds that 30% of the company fails in the second year, half go out of business by the fifth year, and only 30% of companies continue to operate at the end of the decade. While a variety of factors can ultimately lead to the downfall of an entrepreneur and the organization, lack of experience is one key factor. Since SMEs & MSMEs fuel the economy’s growth by generating job opportunities, raising living standards, and contributing to the general growth of the economy, it is essential to foster their growth through a concerted Entrepreneurship Development Programme. 

Understanding Entrepreneurship Development 

Entrepreneurship development enables founders and business owners to stay competitive in their marketplaces by providing training, education, and tools. The program could work well for individuals planning to commence a venture or expand an existing business. 

Entrepreneurship Development aims to bring the best of all worlds to the entrepreneur. The best of expertise, knowledge, training, tools and allows them to meet and network with other entrepreneurs and learn from each other. 

There is no one size fits all approach to entrepreneurship development. Many people have fundamental characteristics but require incubation and refining to become promising entrepreneurs, and development may be the key to unlocking their talent. The process generally involves finding the common denominator for a set of identified businesses and developing training, mentorship and funding to help foster innovation and creativity. In other words, Entrepreneurship Development entails a structural practicum to transform an individual into an entrepreneur.

The Need for Entrepreneurship Development 

Entrepreneurship Development Programme strengthens entrepreneurs’ entrepreneurial motive by helping them acquire the skills and capabilities necessary for playing the entrepreneurial role effectively. 

The short-term objective of the Entrepreneurship Development Program is to help individuals understand the existing regulations and rules and how to use them to their advantage, turning them from roadblocks to the stepping stone to success. 

Over the long term, the EDP aims to train individuals to establish and sustain successful enterprises using the acquired skills. While every entrepreneur could benefit from the Entrepreneurship Development Programme, it is vital for entrepreneurs in the startup ecosystem.  

The Objectives of Entrepreneurship Development 

Utilizing Resources Efficiently  – Resources are scarce no matter where one is and what one is venturing into. Thus optimal utilization of resources is one key area covered under the Entrepreneurial development programs (EDP) educates entrepreneurs about the resources to utilize resources better.

Encourage Employment Generation  – Successful entrepreneurial ventures help generate employment. An entrepreneur development program helps improve the success rate of a business, thus growing the employment market by creating new job opportunities.

Creating Market Awareness – A chicken and egg problem is one that each entrepreneur battles with at some stage of their business development. Entrepreneurial development program helps entrepreneurs see the light by providing market information and education on the need for product differentiation to help them identify their market and define their competition. 

Propelling Innovation  – Disruption is the byproduct of innovation that changes how new products, brands, features, and designs are made and brought to market, thereby changing the status quo .  The entrepreneurship Development Programme is a program that provides an environment that fuels innovation. It guides entrepreneurs to stay ahead of the competition and build products that address the expressed needs and the needs that customers have but are not conscious of. 

Developing Problem Solving Capabilities  – Entrepreneurship Development Program helps individuals identify problems and develop creative solutions to meet the challenges. Identifying the problem early on can help entrepreneurs take quick actions to counter it, a must-have skill for a successful entrepreneur.

Improved Standard of Living  – The entrepreneur development program coaches entrepreneurs to optimize processes for running a cost-effective business. It helps entrepreneurs offer affordable quality products which help improve the customers’ living standards. Employment provided by them has the same impact on their employees. 

Leadership Development  – One of entrepreneurship’s biggest and most significant benefits is that it develops managerial talent. A successful entrepreneur needs to be multi-skilled. One of the essential skills an entrepreneur needs to acquire is the art of decision making—to evaluate the available alternatives based on their pros & cons and choose one. Through entrepreneur development programs, leaders are coached on new managerial functions and techniques to help them make better decisions. 

Educating Entrepreneurs Regarding Regulations  – The government recognizes the role of the SME & MSME sector in driving the economy. In response, several programs have been launched over the last few years to make it easy for them to do business in the country. Unfortunately, education among the target audience of the Government programs leaves a lot to ask. Entrepreneurial Development programs help educate entrepreneurs on the same. The entrepreneurs are taught the laws and guidelines that rule the entrepreneurial world in the country.  

Conclusion 

Entrepreneurship Development is essential in cultivating and equipping the best and brightest with the required tools and skillset to establish their businesses. SMEs, MSMEs and the Entrepreneurs leading them are the backbone of the economy and continue to foster innovation, create employment and use resources efficiently. By upskilling through development, these leaders can attain managerial skills, identify and solve tough challenges and promote a higher standard of living through innovation and product development. 

RATISH PANDEY

BUSINESS & EXECUTIVE COACH

ETHIQUE ADVISORY

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Entrepreneurial Development Programme | Objectives, Phases and Importance

Entrepreneurial Development Programme (EDP)

  • Meaning and Definition of EDP.
  • Objectives of  EDPs.
  • Phases of EDPs.
  • Importance of EDPs.

What is EDP ?

Meaning and definition of entrepreneurial development programme (edp) :, objectives of  entrepreneurial development programme (edp) :.

  • To make people learn compliance with law.
  • To develop and fortify entrepreneurial quality, i.e., motivation or need for achievement.
  • To develop small and medium scale enterprises in order to generate employment and widen the scope of industrial ownership.
  • To industrialize rural and backward sections of the society.
  • To understand the merits and demerits of becoming an entrepreneur.
  • To investigate the environmental set-up relating to small industries and small businesses.
  • To design project for manufacturing a product.
  • To increase the supply of entrepreneurs for quick industrial development.
  • To prepare individuals to accept the uncertainty involved in running a business.
  • To develop managerial skills among small entrepreneurs for improving the performance of small-scale industries.
  • To offer profitable employment opportunities to educated young men and women.
  • To expand the sources of entrepreneurship.

Phases of Entrepreneurial Development Programme (EDP) :

a) Promotional activities by using electronic or print media, posters, leaflets, etc. b) Contacting business experts, different agencies, NGOs that can become a part of the programme, directly or indirectly. c) Printing the application forms and availing them in different locations with the instructions. d) Establishing selection committee for screening of candidates. e) Preparing budget and getting it approved from the management and arranging other activities which are related to the programme. f) Arranging and deciding the need-based elements in the syllabus of training programme and to contact guest faculties for the training session.
  • To assist trainees in a meaningful manner so that trainees can realize their business plan.
  • To analyse the development made by trainees in the project implementation.
  • To evaluate the post-training approach.
  • To provide escort services to the trainees with the help of various promotional and financial institutions.
  • Postal questionnaires.
  • Telephonic follow-up.
  • Individual contact by the trainer.
  • Team meetings.
  • Small Industries Development Organisation (SIDO),
  • Commercial Banks,
  • National Alliance of Young Entrepreneurs (NAYE),
  • National Institute for Entrepreneurship and small Business Development (NIESBUD),
  • Entrepreneurship Development Institute of India (EDI),
  • India Investment Centre (LIC),
  • Small-scale industrial Development Bank Of India (SIDBI), and
  • Technical Consultancy Organisation (TCO).

Importance of Entrepreneurial Development Programme (EDP) :

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Entrepreneurial Development Programme EDPs | Objectives, Need and Weakness of EDPs | Entrepreneurship Development Notes

Entrepreneurial development programme (edps), entrepreneurship development notes, for b.com, bba and mba.

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In the post I have given a brief introduction of Entrepreneurs Development Programmes (EDPs) . These notes are useful for the students of B.Com, BBA and MBA of various universities. For more notes visit our website regularly.

ENTREPRENEURIAL DEVELOPMENT PROGRAMMES (EDPs)

Entrepreneurial Development Programme (EDP) can be defined as a programme, formally designed to help an individual in strengthening his/her entrepreneurial motive and in acquiring skill and capabilities necessary for playing entrepreneurial role effectively. In fact, it is an academic exercise to build up human resources by including them to take up entrepreneurial activities through motivation and developing the required entrepreneurial skills through exposure creation to effectively manage their enterprises. According to N.P. Singh, EDP is not merely a training programme. It is a process of:

a)       Enhancing and motivation, knowledge and skills of the potential entrepreneurs;

b)       Arousing and reforming the entrepreneurial behavior in their day-to-day activities; and

c)        Assisting them develop their own ventures or enterprise as a sequel to entrepreneurial action.

Thus, EDPs endeavous to change educate and equip a person to become a successful entrepreneur. The whole process envisages developing the participant’s latent qualities and skills as also equipping him with other capabilities. By the end of the programme, the participant is expected to be in a position to crystalise his vision in to action and launch and manage his enterprise with competence. The system involves a selection procedure and only those who prove to have certain minimum initial traits are selected as potential entrepreneurs to be trained up to develop the other required traits through interventions.

History of Entrepreneurship Development in India

Traditionally, Indian economy is purely agriculture based due to which our country is still a backward country. The experience all over the world proves that the economies which are predominately agrarian in character continue to remain backward and fails to sustain development. To diversify the Indian economy and to accelerate the entrepreneurial activities, The Government of India soon after attaining independence laid down its first Industrial Policy Resolution in 1948. In order to promote local entrepreneurs, ban on the imports of a large number of consumers and other goods imposed by the Government of India during the post independence period. Subsequently, during 1953-54, the Ministry of Commerce and Industry, Government of India, invited an International Planning Team under the courtesy of Ford Foundation to report on measures that could be adopted to develop small scale industries for promotion of indigenous entrepreneurship. The team strongly recommended the need for development of “Modern Small Scale Industries” to meet the need of time and pace. The team also recommended several measures for promotion and development of entrepreneurship in this sector of the economy.

Since then, the Government of India has been adopting a series of measures for promotion of local entrepreneurship in the country. In course of time, with unemployment problem taking serious turn, the self employment and Entrepreneurial Development Programmes (EDPs) came to receive serious attention in the country. The literature available indicates that the birth of training effort for the promotion of entrepreneurship in India was purely an indigenous initiative i.e. the “Technician Scheme” launched in the year by two state level agencies of Gujarat. The scheme visualized 100% finance without collaterals. A large number of people took the advantage of this scheme. The real gain of the scheme was the realization that there is vast entrepreneurial potential available in the country that could be tapped and developed through appropriate training intervention. This led the Gujarat Industrial Investment Corporation (GIIC), along with other state level agencies to conceptualize, mount and develop, in 1970, a 3-month long training programme known as Entrepreneurship Development Programme (EDP). However, with the number of programme increasing, the need for having a separate state level organization to look into selection, training and development of first generation entrepreneurs was strongly felt. Thus, the Centre for Entrepreneurship Development (CED), Gujarat, the first of its kind in the country came into existence in 1979 with the support of the Government of Gujarat and the industrial promotion and the assistance agencies in the state.

Meanwhile, the success story of Gujarat experiment spread far and wide and the Ford Foundation encouraged the Gujarat team to test out EDP strategy in a few less developed states like Rajasthan, Assam, etc. Several development agencies in other parts of the country also mounted their own EDPs and the Gujarat CED provided professional support to some of them.

There is another story of the origin of Entrepreneurship Development Programme (EDP) in India. The story suggests that the well known behavioural scientist David McClelland at Harvard University made an interesting investigation into why certain societies developed great creative powers at particular period of time of their history. He found that “the need for achievement” was the answer. It was the “need to achieve” that motivated people to work hard and money making was incidental. Money was only a measure of achievement, not its core motivation.

In order to answer the next question whether this need for achievement could be induced, McClelland conducted a five-year experimental study in one of the prosperous distracts of Andhra Pradesh in India in collaboration with the Small Industry Extension Training Institute (SIET); which later came to be known as the National Institute for Small Industry Extension Training (NISIET) and now called National Institute for Micro Small and Medium Enterprises (ni-msme), Hyderabad. This experiment is popularly known as “Kakinda Experiment”. Under this experiment, young persons were selected and put through a three month training programme and motivation to see fresh goals.

One significant conclusion of the experiment was that traditional belief did not seem to inhibit an entrepreneur and that suitable training can provide the necessary motivation to entrepreneurs. It was the Kakinda Experiment that made people appreciate the need for entrepreneurial training (now popularly known as EDPs) to induce motivation and competence among young prospective entrepreneurs. Based on this realization India embarked in 1971 on a massive programme of entrepreneurship development. At present there are more than 700 all India and state level institutions conduct EDPs.

The above findings reveal that EDP was conceptualized almost at the same time in two parts of India viz Gujarat and Andhra Pradesh. However, while the Gujarat model was applied first to organize massive EDPs in 1970, the Andhra Pradesh (SIET) model found its massive application in 1071.

Objectives of EDP : The major objectives of the Entrepreneurship Development Programmes (EDPs) are to:

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.

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Also read: 1. introduction to entrepreneurs, traits and qualities of entrepreneurs 2. rural entrepreneurs and woman entrepreneurs notes 3. self help groups 4. entrepreneurship development programme (edps) 5. leadership - styles and qualities 6. msme promotional agencies ************************************ also read (dibrugarh university) 1. entreprenurship development question papers 2. entrepreneurship development solved question papers 3. entrepreneurship development mcqs 4. entrepreneurship develoment important questions for upcoming exams, need and importance of edp.

Importance of entrepreneurship development Programme  (EDP) is to enable entrepreneurs initiating and sustaining the process of economic development in the following ways:

1.Creation of Employment Opportunities : Unemployment is one of the most important problems confronting developing and underdevelopment countries, EDP’s enable prospective entrepreneurs in the setting up of their own units, thus enabling them to get self employment. With the setting up of more and more units by entrepreneurs, both on small and large scale, numerous job opportunities are created for the others.

2. Capital Formation : It is not possible to set up an enterprise without adequate funds. Entrepreneur as an organizer of factors of production employs his own as well as borrowed resources for the setting up of his enterprise. Entrepreneur mobilizes idle savings of the public and put them to productive use. In this way he helps in capital formation, which is so essential for the industrial and economic development of a country. Various development banks like ICICI, IFCI, IDBI; SFCs, SIDCs take initiative in promoting entrepreneurship through assistance to various agencies involved in EDP and by providing financial assistance to new entrepreneurs.

3.Balanced Regional Development : Small scale units can be set up in industrially backward and remote areas with limited financial resources. Successful EDP’s assisted in accelerating the pace of industrialization in the backward areas and reduces the concentration of economic power in the hands of a few. Setting up of more units leads to more development of backward areas and balanced regional development.

4. Use of Local Resources : In the absence of any initiative local resources are likely to remain unutilized. Proper use of these resources can result in the progress or development of the area and that too at lower cost. Effective EDPs can help in the proper use of local resources by providing guidance, assistance, education and training to the prospective entrepreneurs.

5.Improvement in per Capital Income : Entrepreneurs are always on the lookout for opportunities. They explore and exploit the opportunities. Entrepreneurs take lead in organizing various factors of production by putting them into productive use through the setting up of enterprises. More enterprises will lead to more production, employment and generation of wealth in the form of goods and services. It will result in the increase in the overall productivity and per capita income in the country. EDPs play a positive role in the setting of more units and thus help in generation of more employment and income.

6.Improvement in the Standard of Living : Entrepreneurs by adopting latest innovations help in the production of wide variety of goods & services. By making efficient use of the resources, they start producing more of better quality and that too at lower costs. This enable them to ensure easy availability of better quality products at lower prices to the consumers which result in the improvement in the standard of living of the people.

7.Economic Independence : Entrepreneurs enable a country to produce wide variety of better quality goods & services and that too at competitive prices. They develop substitutes of the goods being imported and thus prevent over-dependence on foreign countries and at the same time help in the saving of precious foreign exchange. Through sale of their surplus products in foreign market entrepreneurs enable a country to earn foreign exchange, which is so essential for meeting developmental needs of the economy. Export promotion and import substitution thus help in promoting economic independence of the economy.

8.Preventing Industrial Slums : Industrially developed areas are faced with problem of industrial slums, which result in over burdening of civic amenities and adverse impact on the health of people. Dispersal of industries can help in the overcoming of this grave problem. EDPs can help in preventing spread of industrial slums by providing various incentives, subsidies and infrastructural support to entrepreneurs for setting up their enterprises in industrially backward areas. This will also help in reducing pollution and overtaxing of civic amenities.

9. Helps in searching and exploiting opportunities : There are many opportunities for entrepreneurs in various fields like-Electronics, medicine, engineering, agriculture, food technology and packing, communication etc. EDPs help in searching such opportunities and provide necessary information, guidance and assistance in the search and exploiting these opportunities.

10. Enhancing managerial abilities : Entrepreneur development programmes help the entrepreneurs to enhance their organizing and managerial abilities so that they can run their enterprise efficiently and successfully. This is done through organizing educational, management, training and orientation programmes. Various specialized agencies like National Institute for Entrepreneurship and small Business Development(NIESBUD),New Delhi and Entrepreneurship Development Institute of India(EDII), Ahmadabad are engaged in entrepreneurship programmes.

Weakness and Problems of entrepreneurship development programmes (EDPs) in India

1. No Policy at the National Level.   Though Government of India is fully aware about the importance of entrepreneurial development, yet we do not have a national policy on entrepreneurship. It is expected that the government will formulate and enforce a policy aimed at promoting balanced regional development of various areas through promotion of entrepreneurship.

2. Problems at the Pre training Phase.   Various problems faced in this phase are — identification of business opportunities, finding   &   locating target group, selection of trainee & trainers etc.

3. Over Estimation of Trainees.   Under EDPs it is assumed that the trainees have aptitude for self employment and training will motivate and enable the trainees in the successful setting up and managing of their enterprises. These agencies thus overestimate the aptitude and capabilities of the educated youth. Thus on one hand the EDPs do not impart sufficient training and on the other financial institutions are not prepared to finance these risky enterprises set up by the not so competent entrepreneurs.

4. Duration of EDPs.   An attempt is made during the conduct of EDPs to prepare prospective entrepreneurs thoroughly for the various problems they will be encountering during the setting up and running of their enterprises. Duration of most of these EDPs varies between 4 to 6 weeks, which is too short a period to instill basic managerial skills in the entrepreneurs. Thus the very objective to develop and strengthen entrepreneurial qualities and motivation is defeated.

5. Non Availability of Infrastructural Facilities.   No prior planning is done for the conduct of EDPs. EDPs conducted in rural and backward areas lack infrastructural facilities like proper class room suitable guest speakers, boarding and lodging etc.

6. Improper Methodology.   The course contents are not standardized and most of the agencies engaged in EDPs are themselves not fully clear about what they are supposed to do for the attainment of pre-determined goals. This puts a question mark on the utility of these programmes.

7. Mode of Selection.   There is no uniform procedure adopted by various agencies for the identification of prospective entrepreneurs. Organisations conducting EDPs prefer those persons who have some project ideas of their own and thus this opportunity is not provided to all the interested candidates.

8. Non Availability of Competent Faculty.   Firstly there is problem of non availability of competent teachers and even when they are available, they are not prepared to take classes in small towns and backward areas. This naturally creates problems for the agencies conducting EDP.

9. Poor Response of Financial Institutions.   Entrepreneurs are not able to offer collateral security for the grant of loans. Banks are not prepared to play with the public money and hence they impose various conditions for the grant of loans. Those entrepreneurs who fail to comply with the conditions are not able to get loan and hence their dream of setting up their own enterprises is shattered. Helpful attitude of lending institutions will go a long way in stimulating entrepreneurial climate.

Skill development  Programme

Skill development and vocational training programs are conceptualized, executed and monitored by various organizations, working closely with the government of India. There are various plans and schemes that are dedicated to achieve scalable skilling with quality and higher productivity, particularly in the unorganized  or informal sector which accounts for  83% of India’s workforce. The Ministry of Skill Development and Entrepreneurship (MSDE) is responsible for the co-ordination of overall skill development efforts across the country, building the vocational and technical training framework, skill up-gradation, building of new skills, and innovative thinking not only for existing jobs but also jobs that are to be created.

Posted by Kumar Nirmal Prasad

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  • Entrepreneurship /

Entrepreneurship Development Program

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  • Updated on  
  • Nov 11, 2020

Entrepreneurship Development Program

“Being an entrepreneur is neither a part-time job or a full-time job, it’s a lifestyle.” Entrepreneurs today are more than just revenue builders. They offer employment, better prospects and a new way of living to the younger generation. India too, is a witness to Entrepreneurial Development, as the young minds have more courage and are willing to take risks. They are huge contributors to the economy today. Successful Entrepreneurs like Ritesh Agarwal (founder of OYO), Akhilendra Sahu (Founder of ASTNT Technologies), Kavita Shukla (Founder and CEO of Freshpaper), etc. are enormous motivation to the youth. The entrepreneurship development program is made to develop and improve the abilities and potential of budding entrepreneurs and people who aspire to become entrepreneurs someday. In simple terms is a course that is designed to groom future entrepreneurs in every way.

There are various aspects that affect entrepreneurs, like political factors, legal factors, taxation, labour market, infrastructure, etc. Tackling them is quite the Herculean task, and the Entrepreneurship Development Program offers just the aid and guidance essential to comprehend problems and implement solutions. You see, every obstacle cannot be conquered by the ‘business acumen’.

This Blog Includes:

Influence of entrepreneurship development program, objectives of entrepreneurship development program, role of entrepreneurship development program, 1. the babson college, 2. mit sloan school of management, 3. stanford graduate school of business, 4. cambridge judge business school, 5. usc marshall school of business, 6. saïd business school, 7. columbia business school, 8. university of rochester, 9. ucla anderson school of management, 10. lancaster university management school.

Entrepreneurs are basically of two kinds:

  • The ones who are academically well informed
  • The ones who are not

In both cases, entrepreneurs need to be groomed and refined, be it in the skills they already possess or the ones they need to develop.  National Institute of Small Industry Extension Training (NISIET), Hyderabad described Entrepreneurship Development Program as “ an attempt to develop a person as an entrepreneur through structural training ”. Entrepreneurs are essential to the economy of the country and Entrepreneur Development Program’s proper refining, will result in supremacy in more than one ways:

  • There will be a genuine and profitable use of local resources
  • There will be more jobs openings, a serious need of the hour, ubiquitously
  • With the usage of resources and people getting jobs, the per capita income will increase dramatically and will be an important factor for developmental purposes
  • With the right aid, the capital formation will also improve, resulting in both personal and economic growth
  • Considering all the above factors, there will be a sense of monetary independence. When there is healthy competition between local products (developed by the entrepreneurs), the need to import does not hold value. This also amplifies the feeling of nationality amongst the natives.
  • With more work possibilities and affluence, industrial ghettos will dwindle and there will be an up gradation in the standard of living.
  • With better jobs and homes, social pressure decreases, creating a thriving society that is readily advancing towards overall development.

The Entrepreneurship Development Program closely follows the skill set needed to stand on one’s feet as a successful entrepreneur and offers a course that will support the candidate in evolving as a better leader. Being an entrepreneur is not just about ‘being one’s own boss’. It requires a lot of vigour to face repeated failures and nerve to keep the faith of those working for him, intact. The Entrepreneurship Development Program aims to develop this moral strength and courage through the curriculum, apart from teaching the theoretical part of it. It has two goals to achieve as suggested by the program providers:

  • Short Term Objectives
  • Long Term Objectives

Also Read: Draper University’s Online Entrepreneurship Course

The Entrepreneurship Development Program course, on the whole, builds up a process that explores the following fundamentals of entrepreneurship:

  • The territorial set up required for running a successful venture
  • The right merchandise to be invested in and the steps that follow to set up the venture
  • Developing relations with the proper investors, advisors, buyers and subsequent sellers Understanding of the market is the most important lesson this program aims to impart
  • Preparation to face indefinite complications and possession of proper managerial skills in times of crisis.
  • To help entrepreneurs reorganize their ideas and objectives
  • To ensure that the entrepreneurs acquire fair communication skills
  • To develop a wider and more forward mindset regarding their business and always being open to fresh ideas

Must Read: Importance of Entrepreneurship

Top Universities for Entrepreneurship Development Program

This kind of rigorous, thorough and taxing program like the Entrepreneurship Development Program requires a good institute and able guidance to make it worth the while. There is a surfeit of Institutes offering all kinds of Entrepreneurship Programs. It is extremely vital to select the right college with the right course material to make sure that the end results are truly rewarding. It should cover the fundamental topics of Law, Marketing, Finance, Strategy, Leadership, Operations, and Planning among others.

The famed Entrepreneurship Magazine and the Princeton review, every year brings to you the top colleges offering the best Grad and Undergrad programs in Entrepreneurship. Looking through the list, here are the top colleges that will help realize your aspirations:

Situated in Wellesley, Massachusetts, USA and set up in 1919, this college is primarily centred on entrepreneurship studies. In their own words, they try to infuse Entrepreneurial Thoughts and Actions, trying to give the Entrepreneur a new definition. This college requires a minimum of 599 (1 year) or 619 (2 years) GMAT Score for admission. After all, the best college has place only for the best.

Another top college for Entrepreneurship studies, it is the business school of the reputed Massachusetts Institute of Technology, founded in 1914. Located in Cambridge, Massachusetts, USA, it has a very constructive and supportive course to help startups, budding entrepreneurs and corporate venturing executives.  It helps in future networking bringing along the MIT entrepreneurial community. An average of 716 in your GMAT is enough to get you through.

Positioned in California, this is the business school of the prestigious Stanford University. This college too, like others in the list, offers a concrete and encouraging program to help shape the future entrepreneurs with the correct training and resources. Founded in 1952, this college has a wider range for eligible GMAT score varying from 590 to a 790.

Business School of Cambridge University, they aim to polish entrepreneurs through the entire journey, from the initial stages to the final touch-ups. Established in 1954, and located in Cambridge, UK, this college’s present name was given in the month of September 2005. Even though a specific GMAT score is not specified, a standard score should be around 696.

With a varied range of subjects, electives and the option of online learning, USC Marshall School of Business provides the indispensable framework of entrepreneurship build up. The course structure helps open up the young minds to innovations and ideas, and is as they themselves say, ‘the best investment of your life’. This investment, however, requires an average score of 698 in GMAT.

This is a business school equivalent of Oxford University, situated in the UK. Aimed at preparing the candidates in the race of originality and managerial skills, the subjects are structured to give the best-gratifying experience. It was rebranded in 1996 although it was founded in 1965. The college asks for an average GMAT score of 743, which is a little intricate, but not unachievable.

Positioned in the land of dreams, New York, USA, it is considered as one of the Ivy League colleges. It was inaugurated in 1916. From introducing students to the startup environment to providing funds to profiting ideas, Columbia covers all aspects of the course. The average GMAT score to get in here is 740. With the Columbia Startup Lab and the Eugene M. Lang Entrepreneurial fund, the college promises to help even after your theoretical knowledge is imparted.

Located in Rochester, USA, this private research university is home to thousands of entrepreneurship students. It was founded in 1865, probably the oldest amongst those on this list.  With their unique Ain Centre for entrepreneurship, that has tie-ups with other colleges as well as educational centres, there are enough resources and supporting hands to lead the entrepreneurs of tomorrow ahead. The typical GMAT score needed to secure a position in this college ranges from 665 to 671. 

Part of the University of California and situated in Los Angeles USA, this college has the motto ‘think in the next’. It was set up in 1935. The Price centre for Entrepreneurship and innovations in college helps co-students reach out to each other and provide any kind of assistance required for their startups. This helps the bright minds to connect and have brainstorming sessions for overall development. The average GMAT score required to be a part of the prestigious team is 716.

Located in Lancaster, England, this university was established in 1964. The college offers a broad range of subjects and a very important feature, i.e. ‘real-world feedback’ to constantly update their course framework and adapt to the ever-growing market. They also have the added advantage of Entrepreneurs-in-residence, who are ready to direct the students in case of any roadblocks.

Also Read: List of Famous Indian Entrepreneurs

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An entrepreneurship development program is a program that is aimed solely at enhancing the entrepreneurial abilities of anyone who wants to become a successful entrepreneur in the future. This program follows a well structured process of training which brings out the best in the people who feel they lack the desired abilities to be a good entrepreneur. 

One of the primary objectives of this program is the make the person taking the training to realise the best version of himself or herself as an entrepreneur. It has both short term as well as long term objectives. The short term objectives of this program are to develop and assist the individual in understanding the market better and the opportunities it holds for them. The long term objectives, however, are more centred about making the individual independent enough to start their own business. 

The stages of an entrepreneurship development program include: The pre training phase, also known as the training phase The development or the main training phase The follow up phase or the post training phase 

The Government of India, realizing the impetus and training needed by the youth to harness their entrepreneurship skills have set up institutions like NIESBUD in Noida, MSME-DI for small scale industries, NIMSME in Yousufguda, Hyderabad, EDI, NSTEDB, IED and CED in different states of India. 

In other words, these colleges/universities provide you with a chance; a chance to make a difference, a chance to prove your worth, a chance to be your own boss. Life may be a roller coaster ride, but at one point it offers that one opportunity, that can turn the tides. Do not let that chance slip away. Let Leverage Edu help you, grab that opening, with all your capabilities, and help you live your dreams.

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Entrepreneurship Development Programmes

  • Post last modified: 21 April 2021
  • Reading time: 12 mins read
  • Post category: Entrepreneurship

Entrepreneurs play a predominant role in accelerating the socio-economic development of a country. They are regarded as nation builders and wealth creators. They are the change agents who initiate economic activities to create wealth. They undertake the business initiative, employ themselves in that business and open up employment avenues for others.

Therefore, the role of entrepreneur is of fundamental importance to a country like India where the twin problems of poverty and unemployment coexist.

During the early sixties, the small scale sector was considered as exclusively an employment generating sector, but gradually this sector began to be recognized as the crucial tool for tapping

Table of Content

  • 1 Concept of EDP
  • 2 Objectives of EDPs
  • 3 Indian EDP Model
  • 4.1 Pre-Training Phase
  • 4.2 Training Phase
  • 4.3 Post-Training Phase
  • 5 Problems of EDPs
  • 6 Criteria for Assessment or Evaluation of EDPs

Concept of EDP

Considering the importance of small scale industries in employment creation and economic development, the Government of India envisaged promotional packages to facilitate setting up of new enterprises.

In order to bring about entrepreneurial growth, the policy mailers and financial institutions started thinking in terms of imbibing entrepreneurship culture through training interventions.

Thus, Entrepreneurship Development Programmes (EDPs) Corporation (GIIC) and other agencies who have organized a three-month entrepreneurship development programme in late sixties.

The programme was conducted for a selective group of energetic and potential entrepreneurs who had the willingness and desire to achieve the goal set by them.

The objectives laid down for the above programmes were as follows:

  • To set up small scale ventures.
  • To manage them effectively.
  • To earn adequate profit from these ventures.
  • To undertake personal responsibility of the business

It has been found out that ‘n Ach’ factor developed by David McClelland, the renewed behavioural scientist, is the most important quality for entrepreneurial development.

In order to prove that the need for achievement could be induced, he conducted an experiment in collaboration with the erstwhile Small Industries Extension and Training Institute (SIET) of Hyderabad at Kakinada, Andhra Pradesh. Young persons were selected and put through rigorous training for a period of three months to guide them to set new goals.

The achievement motivation has a positive impact upon their task performance. The Kakinada experiment could be treated as an important basis for the present-day EDP inputs on behavioral aspects.

In later stage, Achievement Motivation Training (AMT) has become an integral part of EDP course curriculum. Institutes like SISI, NISIET, SIDO and TCOs came forward conduct EDPs and national level organizations like Entrepreneurship Development Institute (EDI) of India, Ahmadabad and National Institute for Entrepreneurship and Small Business programmes.

According to a study conducted by NIESBUD, at present, as many as 686 odd organizations, including the state level organizations like IEDs/CEDs, are organizing EDPs in the country.

Objectives of EDPs

The important objectives of Entrepreneurship Development Programmes (EDPs) can be stated as follows:

  • Accelerating industrial development by enlarging the supply of entrepreneurs.
  • Developing entrepreneurial qualities and motivating prospective entrepreneurs to achieve the goal.
  • Enhancing the growth of small-and medium-scale enterprise sectors which offer better potential for employment generation and dispersal of the industrial unit.
  • Providing productive self-employment avenues to a large number of educated and low educated young men and women coming out of schools and colleges.
  • Improving performance of small-and medium-scale industries by the supply of carefully selected and trained entrepreneurs and diversifying sources of entrepreneurship.
  • Enterprise development in rural and no-industry areas where local entrepreneurship is not really available and entrepreneurs from nearby towns are not easily lured.

Indian EDP Model

There is a saying that entrepreneurs are the products of nature and culture. of course, this is very much true in the Indian context. Apart from nature and culture, the role of nurture is very much significant for human resource development.

The myth that entrepreneurs are born and not made has no longer been accepted. Ordinary persons can be turned into successful entrepreneurs though well-designed training programmes conducted by the Entrepreneurship Development institutes. The term nurture here implies the training intervention which is a real endeavor towards human resource development, especially entrepreneurial development.

The Entrepreneurial Development Programmes, therefore, are based upon well-designed and integrated modular packages to but to the needs of the budding entrepreneurs. The training level follows more or less the same principle in organizing Entrepreneurial Development Programmes.

In the present context, EDPs are usually conducted for four to six weeks and the curriculum adopted by the above institutes for imparting training is also apparently uniform.

Phases of EDPs

The EDPs normally pass through following three important phases:

• Pre-training phase • Training phase • Post-training or follow-up phase

Pre-Training Phase

This phase is the preparatory phase for launching the programmes. It includes a number of activities, which are as follows:

  • Identification of operationally-promising area, normally a district.
  • Selection of a project leader/course coordinator to coordinate the programme.
  • Arrangement of infrastructural facilities for the programme.
  • Undertaking potential industrial survey/environmental scanning for identification of good business opportunities.

Planning the programmes on various fronts such as:

  • Promotional campaigns through either with the help of print or electric media, leaflets, posters, etc.
  • Establishing contacts with business personalities, NGOs and related agencies which can contribute to the program both directly and indirectly.
  • Getting the application forms printed and making them available at different centers along with instructions.
  • Forming selection committee for selecting the trainees.
  • Preparing the budget, obtaining administrative sanctions and organizing other activities which from a part of EDP.
  • Preparing and finalizing the need-based inputs in training syllabus and to tie u with guest faculties to impart training.
  • Contacting the support agencies like DICs, SFCs, SISI, banks, NSIC, District Magistrate, etc. to receive support in implementing the programme.
  • Organizing industrial motivational campaigns to mobilize as much number of applications as possible.

Training Phase

Training potential entrepreneurs are providing them proper guidance for setting up enterprise constitutes the cornerstone of EDP. Most of the Entrepreneurship Development institutes generally conduct training programmes of 4-6 weeks duration on full time basis.

Post-Training Phase

Post-training phase is otherwise known as the phase of follow-up support. During this phase, post-training support services are rendered to the participants who have successfully completed the Entrepreneurship Development Programme (EDP).

This is because of the fact that, very often, the potential entrepreneur after undergoing the training confronts a number of problems while implementing the action plan for grounding the project.

So during this phase, the training organization helps the entrepreneur in sorting out the problems through counseling support. A committee is formed consisting of members generally drafted from the leading bank of the district, State Financial Corporation, training organization and above all, the District Industries Centre to help the entrepreneurs with the following objectives during the follow-up:

  • To provide a meaningful direction to the trainees in grounding their enterprise.
  • To review the progress made by the trainees in the implementation of the project.
  • To review the post-training approach.
  • To provide escort services to the trainees by involving financial institutions and promotional agencies

Usually, follow-up action meetings are organized thrice a year after the completion of training and the following methods are generally used for follow-up:

  • Postal questionnaire
  • Telephonic follow-up
  • Personal contact by the trainer
  • Group meetings

Problems of EDPs

The low level of performance is usually attributed to the following problems involved in organizing and conducting EDP trainings:

  • Shortage of adequate number of specialized and committed organizations.
  • Insufficient trainer motivators to motivate people for undergoing EDPs and to impart training.
  • Identification and selection of wrong projects.
  • Lack of entrepreneurial and culture.
  • Apathetic attitude of the support agencies like banks and financial institutions to support entrepreneurs.
  • Lack of forward and backward linkages.
  • Selection of wrong person for training.
  • Improper identification of projects.
  • Inadequate counseling support after training.
  • Lack of continuous follow-up action or post-training support services for grounding the project.

Criteria for Assessment or Evaluation of EDPs

Following criteria are being used by the behavioral scientists to assess the effectiveness of EDPs in the country:

  • New enterprise creation
  • Employment generation in quantifiable terms
  • Creation of job opportunities both directly and indirectly
  • Increase in sales and profit
  • Enterprise expansion
  • Enterprise transformation
  • Improvement in quality of product or services
  • Repayment of loans.

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Startup entrepreneurs — benefiting from diversity, equity and inclusion efforts — continue tackling challenges

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  • Black founders of startup companies in the U.S. raised less than half of 1% of all venture dollars allocated, the lowest amount in two years.
  • Startups seeking funding have faced significant headwinds as higher interest rates have made risky investments less attractive.

Still, some entrepreneurs are rising to the challenge and building on the momentum generated a few years ago.

Matchmaking & money: Funding black-owned startups

Black founders of startup companies in the U.S. raised 0.48% — or less than half of 1% — of all venture dollars allocated in 2023, according to Crunchbase. The share of funding has been falling since 2021.

Over the past year, startups seeking funding have faced significant headwinds as higher interest rates have made risky investments less attractive. Black founders have been hit hard, with their already-small numbers shrinking after a brief boost in funding following the murder of George Floyd in 2020.

More from Personal Finance: Tax filing season is here. What you need to know 5 financial scams to watch out for in 2024 What to know about financial advice as policymakers debate changes

Startup aimed at solving dating problem

Naza Shelley, an attorney who lives in Washington, D.C., was frustrated using dating apps that she says were not focused on professional Black women — so she built her own. In 2018, she founded CarpeDM, a dating service app that adds a personal touch with a dedicated human matchmaker. Costs range between $300 and $1,800 a year, depending on services and the subscription length.

To initially start her business, she sold her condo, drained her savings and raised money from friends and family.  

The startup received its largest investment in 2022 from Portland, Oregon-based Elevate Capital, a venture capital fund that invests in underrepresented entrepreneurs, which includes women, Blacks, Latinos, other people of color, LGBTQ+ communities or those with limited regional access to capital. 

"That kind of gave us a pathway to getting our initial capital, which was just so critical because dating apps really have to have funding in order to really get off the ground in a successful way," Shelley said. 

That sizeable capital flow provided more money for marketing, investments in technology and hiring matchmakers. Increasing paid customers and building on relationships with investors have helped the company raise additional funds and gain access to valuable advisors.

"I love the category, it truly brings happiness to people when they can find great matches," said Steve Kaufer, the founder and former CEO of TripAdvisor, who recently invested in CarpeDM. "When I can find investments where I feel that my experience can add value, those generally become my favorite ones."

What to consider when investing in a startup

Addressing racial and gender-based wealth inequality in investment advice prompted Jason Ray to start his own wealth management firm in 2019. 

"We find that folks who have ambitious goals and want to achieve a better financial future don't have access to high-quality advice," said Ray, president and chief investment officer at Zenith Wealth Partners in Philadelphia. 

Many of the firm's clients are interested in investing in early-stage companies to mitigate stock market volatility and potentially increase overall returns. 

Most startup founders initially obtain funding from friends and family. Once a startup begins to solicit funds, funders must be accredited investors . Individuals can generally become accredited with $200,000 annual earned income or $300,000 for married couples. Individuals or couples can also qualify with a total net worth of at least $1 million, not including the value of their primary residence.

If clients want to invest, Ray says it is important to understand the risk — the investment will be "illiquid," meaning you cannot access that money for many years. You also may never make a profit. According to Harvard Business Review , two-thirds of startups never show a positive return. 

To evaluate whether to invest in a startup, Ray says investors should know how the company operates and its competitive advantage. They should evaluate the management team and its track record, and most importantly, understand the terms of the investment.

"If the valuation on the company is too high, and you as an investor are not getting enough rights, or ownership or control or whatever it may be, that may not be the right deal for you," said Ray. 

'We're just gonna keep climbing'

Even as startup funding has slowed, Elevate Capital plans to launch a new venture fund in the next few months, expanding its support of diverse entrepreneurs in new regions. 

"Just like mountain goats, we're just gonna keep climbing and we're gonna just keep doing it," said Nitin Rai, founder and managing partner of Elevate Capital.   

Meanwhile, Ray believes that just like the stock market, early-stage investing also will have its ups and downs. Still, he says, "the graph certainly seems like it's up and to the right, and people are gonna continue to invest in and support businesses run by Black people and people of color."

SIGN UP: Join the free virtual CNBC's Women & Wealth event on March 5 at 1 p.m. ET, where we'll bring together top financial experts to help you build a better playbook, offer practical strategies to increase income, identify profitable investment opportunities and save for the future to set yourself up for a stronger 2024 and beyond. Don't miss these stories from CNBC PRO:

  • Three stocks that could replace Tesla in the 'Magnificent 7'
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  • Vanguard launches two new ETFs to hit this sweet spot of tax-free fixed income
  • Berkshire Hathaway topped $600,000 a share last week, aiming at $1 trillion market value

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    Entrepreneurs in this way get an opportunity to lead an independent and honorable life and at the same time, they enable others to get employment. Several schemes like Nehru Rozgar Yojna, National Rural Employment Programme (NREP), Integrated Rural Development Programme (IRDP), etc. have been initiated by the Government of India in the direction.

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