Explain the process of entrepreneurship development.
Entrepreneurial development is the process of sharpening entrepreneurial skills and knowledge through numerous training and
institution-building programmes. The process of entrepreneurial development includes:
i. Training– It involves a set of instructions and guidelines to improve the efficiency of an entrepreneur. It broadens his/her vision by offering experience in different fields and builds the necessary skills of new entrepreneurs. It not only includes training programmes for them but also, imparts knowledge and education to work in an efficient manner.
ii. Entrepreneurial Development Programme (EDP)- Such programmes help an entrepreneur in acquiring new skills and capabilities along with developing and enhancing the entrepreneurial role so as to perform in a better and efficient
manner. Some of the objectives of EDPs are as follows.
1. Encouraging entrepreneurship throughout the nation
2. Making optimum use of scarce resources
3. Working towards the betterment of socially backward areas
4. Generating and providing employment opportunities
5. Increasing the role of small- and medium-scale industries
iii. Specialised entrepreneurship development agencies- These are specialised agencies set by the government for the development of entrepreneurs. Some of such agencies are as follows.
1. Institute for Rural Management and Administration
2. National Small Industries Corporation
3. Small Industries Service Institutes