Great leaders are made not born. Most behavioral theories insist on and protect their cases of reasoning with a substantial deal of artifacts. Would this be true with the case of entrepreneurs too? Well to a large extent this statement can hold fort even for entrepreneurs. An adequate amount of teaching, training, reflection and mentoring goes a long way in building future leaders. Individuals have massive capacities to transform themselves and others around them.
With time they are able to take up newer roles, tasks and continue to grow in confidence. The could also scale for higher risks and manage them well. While there are specific areas that can be structured and tuned while incubating an entrepreneur we will focus our attention on the Entrepreneurship development programme, its significance, and its structural framework.
What is Entrepreneurship Development Programme?
This is a curriculum that is designed with the goal of building entrepreneurial aptitudes and skills that are most vital to run a successful business. Even when participants have demonstrated inherent skills at a basic level, this programme will identify areas that can be nurtured and polished further. The EDP is designed in a manner that will help individuals to transform, ramp and sustain the new path taken.
4 Reasons why Entrepreneurship Development Programme is important?
1. Stirring healthy competitions in the market
Often when there is one breakthrough innovation it is followed by competitors’ floating products that have more variations and features. This is generally a good problem to have, since it not only creates awareness with buyers on the variety that is available, it also stirs other entrepreneurs to think out of the box and produce goods that are more customer focused.
2. Influencing the per-capita income of the nation
New business call for new jobs and better prospects for those of the experienced category of employment, bringing in larger salaries and higher taxes to the government. Developing entrepreneurs have other benefits on the nations wealth generation, while business organizations who have been around for a while would reach a ceiling limit on new innovations, new entrepreneurs will bring in the fresh air with the use of latest technologies, resulting in novel products and newer markets.
3. Job creation
Larger ventures and industries require skilled and tenured individuals to take responsible roles within the sector. Entrepreneurs of the EDP employs entry-level skills and individuals with basic to no experience. These new jobs created to support individuals who are fresh into the market and are ready to start working as adults. They form a strong supply chain of skilled personnel to larger organizations.
4. Innovation imperative to the market relevance
EDP works towards encouraging innovations and ideations. It is the incubator to innovations in its native form. Innovation disrupts the regular flow of work. It leapfrogs steps of hierarchical proposals and acceptance and directly knocks on the door of implementation and support. Innovation is the sole cause of new products, new brands, new features, and designs.
Structural framework of the Entrepreneur development programme
- Review of individual skills and uniquely designed syllabus to fortify personality traits of entrepreneurs. Time is invested in developing traits as being motivational. Using micro-advantages and micro-messaging techniques that will motivate an entire task force that may come under an entrepreneur.
- Studying and analyzing environments that are conducive to innovation and production is key to an entrepreneur success. Understanding the virtue of being discreet in opting for the environment that nurture development of individuals and product is essential.
- Product selection and a keen interest in utilizing resources that are easily available locally or quickly to enhance products are part of the framework.
- Another key aspect that forms the supportive role is providing helpful assistance to budding entrepreneurs. This is done by giving them registration guidelines and do’s and don’ts of the initial process. Arranging and availing of funds and other utilities such as power, water, and infrastructure to get started.
- The programme also covers areas of direction on marketing and management consultancy. Finer zones of handling and using government allotted relief on taxation and subsidy is also a vital part of the education.
- The sustainability of the entrepreneur in his business model may require: further financing for product development and marketing, working with payments and interest on finance availed and growth of the unit to larger sites or facilities, these areas are factored into the framework of the EDP.
The EDP has lasting implications for the growth of the economy and that is precisely the reason that the country takes both pride in this programme and encourages it as well. At the same time, one should not hold the expectation that this is a formula for a quick rich scheme. Entrepreneurs learn from entrepreneurs and this is also a facet of the curriculum, learning from experience takes people a long way. At the end of the programme, each individual will clearly have embedded in his mind both short-term as well as long-term goals and objectives of their journey.
