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Entrepreneurial Development Program-1 Key For Becoming Entrepreneur

Obviously, we all know that becoming an entrepreneur is itself a challenge. Undeniably, Entrepreneurial Development Program is the major key for many people who want to become an entrepreneur.

Many people want to become an entrepreneur, but they don’t know how they can fulfill their dream. Firstly, people need to acquire entrepreneurial skills.

For this, government as well as non-government organizations provide a development program for acquiring skills for becoming an entrepreneur. This program is basically called as Entrepreneurial Development Program.

Entrepreneurial Development Program was established in 1970 in Gujarat, specifically for new entrepreneurs having an entrepreneurial potentials.

In this blog, we will learn in detail about EDP:

Table of Contents

1. What is EDP?
2. Objectives of EDP’s
3. Features of EDP’s
4. Need of EDP’s
5. Phases of EDP’s
6. Role of EDP in making Entrepreneur
7. Problems faced by EDP
8. Suggestions to make EDP successful
9. Conclusion
10. FAQ
 

What is EDP?

Basically, EDP stands for Entrepreneurial Development Program. It is a program which develops entrepreneurial skills as well as abilities among people.

EDP helps people to acquire further skills, qualities and knowledge which are required for being a successful entrepreneur for running an enterprise.

In order to clarify suppose, a person wants to run his own enterprise. Then, Entrepreneurial Development Program will provide him training for enhancing his overall entrepreneurial skills for making him a successful entrepreneur.

Objective of EDP’s

Following are the objectives of EDP:

  • Firstly, to make first generation businessman.
  • Secondly, to promote self employment.
  • Thirdly, to give knowledge of various government schemes.
  • Fourthly, to provide training to new entrepreneurs.
  • Fifthly, to help in balancing regional balance.
  • Sixthly, to develop entrepreneurs in all areas of Industry.
  • Lastly, to develop managerial capabilities.

Features of EDP’s

Mind of entrepreneur developed through Entrepreneurial development program
Mind of entrepreneur

Following are the features of EDP:

Creating entrepreneurship desire

Entrepreneurial development program chiefly creates desire of entrepreneurship among the people. It encourages people to become entrepreneur further in future.

Makes entrepreneurs

Entrepreneurial development program particularly makes first generation entrepreneurs. Since, other than businessman and industrialist other profession don’t have any knowledge of the business. Therefore, EDP promotes and makes new entrepreneurs.

Motivates and encourages to become entrepreneur

Entrepreneurial development program not only encourages and motivates people to become an entrepreneur but also helps them to establish their own small industries.

Dynamic process

Entrepreneurial development program is also a dynamic process. It makes its program specifically as per the circumstances and situations.

Continuous process

Entrepreneurial development program is also a continuous process. Because it provides continuous opportunities for the people for developing their entrepreneurial skills and ability.

Human resource development

EDP is an important tool for overall development of human resource. It provides programs which develop the overall personality of people.

Need of EDP’s

Global entrepreneur's by Entrepreneurial development program
Global entrepreneur’s

Given below are the following that states the need for EDP:

Eliminates poverty and unemployment

EDP not only helps the people for getting self-employed but also encourage for generating job opportunities for others.

As a matter of fact, the more people will get self-employed, the more they will create jobs for others. This will eventually results in eliminating poverty and unemployment.

Better standard of living

Entrepreneurs not only adopts innovations but also develops new products and services.

Basically, with efficient utilization of resources they provide better quality products at low cost to the customers resulting in better standard of living of people.

For enhancing managerial abilities

Moreover, EDP enhances the managerial abilities of the managers to enable them to run a successful enterprise.

EDP also enhances overall managerial abilities by organizing various training, development program and education.

Using local resources

The proper use of local resources results in progress as well as development of local area. Therefore, EDP provides guidance, education and training to entrepreneur for proper use of local resources.

Reduces social tension

Generally, one of the major cause of social tension is unemployment among youth. Therefore, EDP provides self-employment to the people resulting in reducing social tension.

Phases of EDP’s

Phases of Entrepreneurial development program
Phases of EDP

Following are the major 3 phases of EDP:

  • Firstly, Pre-training Phase
  • Secondly, Training Phase
  • Lastly, Post-training Phase

Pre-training Phase

Pre-training phase is also known as ‘initial phase’. It particularly includes all those activities and preparations which are required for launching the training program.

Following are the activities which includes in initial phase are:

  1. Selecting a particular area.
  2. Selection of participants.
  3. Infrastructure selection
  4. Identification of business opportunities.
  5. Selection of tools and techniques.
  6. Formulation of program.

Training Phase

Training phase is also called ‘development phase’. In training phase the trainer trains the trainee in order to bring the necessary desirable changes in the behavior of trainees.

The trainer must see the following given changes in the behavior of trainees:

  1. Is there any changes in the skills as well as in the personality of the trainee?
  2. How trainee should behave like an entrepreneur?
  3. Is his/her attitude is changing as per his project?
  4. If there is something lacking in his/her overall entrepreneurial behavior?
  5. Is the trainee is occupying the knowledge of various technology as well as resources of entrepreneurship from any other source?

Including the above points the trainer and trainee must ask themselves how much they have achieved in overall entrepreneurial program.

Post-training Phase

Post-training phase is also called as ‘follow-up phase’. The objective of the entrepreneurial development program is to develop the abilities and skills in the trainees so that they can run their own enterprise.

Moreover, in this phase, the drawbacks of initial and training phase are revealed. Moreover, guidelines are also suggested which are needed to be framed in future for improving our performance.

Also Read: Strategic Management-For Effective Working of Enterprise

Role of EDP’s in Making Entrepreneur’s

Role of Entrepreneurial development program in making Entrepreneur
Role of EDP in making Entrepreneur

Following are the role of EDP that it plays in making an entrepreneur:

Stimulatory role

The stimulatory role particularly aims to stimulates/influence large number of people for becoming an entrepreneur. It involves the following:

  • developing marketing skills, managerial skills, technical skills as well as financial skills.
  • promotion of entrepreneurial behavior.
  • also identifies potential entrepreneurs through scientific methods.
  • builds proper attitude as well as provide motivational training.

Supportive role

EDP also provides supports to people for becoming entrepreneur. It helps entrepreneur for establishing enterprise in following ways:

  • helps in business registration
  • acquisition of funds
  • supports team development as well as team building
  • guidance from the industries experts
  • provides subsidy, tax relief, etc
  • management consultancy support.

Sustaining role

EDP provides effective safeguard to business for making them stand in the overall competitive market. It includes the following :

  • helps in diversification, expansion and modernization
  • creates new process of marketing
  • helps to access services and co-working centers

Socio-economic role

Socio-economic role particularly aims to upgrade the public status and includes:

  • identification of qualities of entrepreneur in practicality
  • creation of further employment opportunities
  • focuses on equal distribution of income and wealth
  • regional development in a balanced manner

Problems Faced by EDP’s

No national level policy

Government also know the importance of entrepreneurial development program yet there is no policy for entrepreneurial development at national levels. It is expected that in future government will make further policy for the promotion of entrepreneurship.

Problem in pre-training phase

Most of the problem is faced during pre-training phase. It includes defining business opportunities, selection of trainee and trainers and furthermore.

Time duration

Time duration of most of the entrepreneurial development program generally lies between 4 to 6 weeks. This is not sufficient for developing overall managerial skills in entrepreneurs.

Non availability of Infrastructure facilities

EDP are conducted mostly in rural areas where there is lack of infrastructure facilities such as guest speakers, proper class room, lodging, etc.

Mode of selection

Moreover, there is no proper procedure implemented by the agencies for determining particular entrepreneurs. Organizations supports to those people who are having some project ideas due to which opportunity is not reached to the interested people.

Also Read: Corporate Level Strategy-For Running a Successful Enterprise

Suggestion’s to Make EDP’s Successful

Successful EDP
Successful EDP

Following are the suggestions for making EDP successful:

Stimulation, support and sustaining

For making EDP successful, there must be a balance particularly between stimulation, support and sustaining. Moreover, EDP must pay attention on stimulating and supporting entrepreneurial activities and must neglect sustainable activities.

Focuses on motivation

Motivation is referred as major key to success. In order to make EDP successful the trainer must focus on giving motivation to the entrepreneurs.

 Entrepreneurs must be motivated especially for converting their dreams into reality.

Selection of trainee

Trainees for entrepreneurial development program must be selected particularly through proper screening.

A well educated people having the abilities of self-employment must be especially selected as a trainee for EDP.

Training of trainers

Trainers giving the training for entrepreneurial development program plays major role in the overall success of EDP.

The trainers must be committed to their work and also they must be qualified and competent. Moreover, trainers also must have the up-to-date knowledge of their field.

Part time programs

Part time program must be organized for those people who can’t attend EDP class regularly due to their other work and studies.

Moreover, these program can be organized in week ends in evening for the interested people for giving them opportunities.

Time duration

It is not possible to gain all the knowledge as well as skills within a short period of time.

Obviously, 4 to 6 week are not sufficient for learning all the entrepreneurial skills. Therefore, the duration of EDP program must be increased so that new entrepreneurs can gain all the skills.

Conclusion

As shown above, Entrepreneurial Development Program are essential for building new generation businessman.

Government as well as public must support EDP as it provides opportunity for each and every people for becoming a successful entrepreneur.

People having interest in becoming an entrepreneur/businessman must join EDP for enhancing their overall entrepreneurial skills.

Also Read: Environmental Scanning-An Earnest Analysis of Firm’s Environment

FAQ

(1) What are the values of a successful entrepreneur?

(Ans.) Generally, the values of a successful entrepreneur are:
Vision, honesty, bravery, trust, fortitude, generosity and respect for self as well as for others.

(2) How Entrepreneurial development program helps in becoming a successful entrepreneur?

(Ans.)  Entrepreneurial development program helps the person to acquire skills as well as capabilities necessary for being a successful entrepreneur.

(3) What is the need of EDP?

(Ans.) EDP develops entrepreneurial abilities as well as skills among the people. It also helps new entrepreneurs to establish their enterprise.

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