Understanding Entrepreneurship Development

Introduction

Entrepreneurship development is the process of turning an idea into a business. But to turn one’s idea into a thriving, growing business, one needs to know how to build a business plan.

It starts with a strong academic foundation, and helps students to think like entrepreneurs, analyse problems, find solutions, and take action. 

Understand: What is entrepreneurship?

Entrepreneurship is the process of coming up with an idea, developing it into a business plan, raising capital, and starting a business. The entrepreneur is the person who takes decisions regarding the business and is responsible for its success or failure. 

Entrepreneurship is a dynamic change that continues to evolve. Factors such as technological change, changes in consumer behaviour, government policies etc continue to influence the growth of new businesses and the nation’s economy. 

In this article, you will learn about some of the major forces that have shaped entrepreneurship and how they continue to influence its development. 

What does an entrepreneurship development programme mean?

The Entrepreneurship Development Programme (EDP) is a programme that aims to build the capabilities of students to start and run their small businesses. 

It aims to equip students with the tools and skills required to become successful entrepreneurs, including an in-depth understanding of the entrepreneurial ecosystem and the ability to build and scale a business.

 The programme also aims to provide students with the networks and support they need to successfully launch an enterprise. The programme is divided into three phases: Planning, Building, and Scaling.

What is the main aim of an entrepreneurship development programme?

The Entrepreneurship Development Programme aims to develop our students’ leadership, management, and commercial capabilities to become successful entrepreneurs. 

The programme provides students with the necessary skills, knowledge, and experiences to launch and manage their ventures. The programme also provides students with the necessary support and assistance to help them identify and address their specific needs and goals. 

The entrepreneurship development programme is a two-year academic programme that aims to educate students on the fundamentals of starting a business, from identifying a business idea to finding finance, building a team, and managing a project. 

The School of Entrepreneurship and Innovation and the School of Social Sciences offer the programme. It is about creating an environment where students can ask questions, challenge the status quo, and fail without fear of ridicule or punishment.

Factors affecting entrepreneurial growth

Many factors influence the growth of an entrepreneurial ecosystem. Some of these factors are unique to a specific location, and some are more universal. 

The type of ecosystem in place at a given location and the policies implemented to support that ecosystem will determine its impact on the local economy. 

In other words, the strength of an ecosystem will impact the number of successful startups in that ecosystem, the number of jobs they create, and the amount of revenue they generate.

Two factors are – NonEconomic Factors, economic factors 

Economic Factors affecting entrepreneurship programme

• Capital
• Raw materials
• infrastructure
• Law
• Labour

Non-economic factors affecting entrepreneurship programme

• Education 
• Cultural values
• EDP programmes

The ability to start and run a business is the primary determinant of a person’s level of economic well-being. 

The availability of capital and other resources, such as access to credit, are major factors affecting a person’s ability to start and run a business. 

Here are some points to understand EDP

The number of new firms and jobs created in an economy is essentially the result of two factors: the number of people who want to start new businesses and the amount of capital available. 

The first factor is largely determined by the state of the economy and the second by government policy. This article describes the important factors that influence the supply of new entrepreneurs and how these factors have changed over time. 

The article then looks at the policy responses used to respond to recessions and how these policies have affected the supply of new entrepreneurs.

There has been an explosion of interest in entrepreneurship over the past few years. This has been driven by several factors, including a growing awareness of the social benefits of entrepreneurship and the difficulties faced by small businesses today. 

Today, this interest has been spilt over into the school curriculum, with entrepreneurship being taught at the elementary, secondary, and college levels. 

Most textbooks on entrepreneurship offer a very simple explanation for the causes of entrepreneurship: a set of circumstances that lead people to choose to become entrepreneurs.

Entrepreneurship development programmes are required to help

Various entrepreneurship development programmes such as business incubators, mentoring and coaching services, and business education are available.

The entrepreneurial development programmes (EDP) require all prospective entrepreneurs. EDPs are a government subsidy programme where students who have been identified as the potential of future entrepreneurs are allowed to develop their business idea.

Conclusion

This entrepreneur development process helps new firms or experiences get better in reaching their goals and improve the company and the country’s economy. 

The process enhances the ability to work, design, and create an industrial enterprise, keeping in mind its risks.

In easy words, the entrepreneurship development process is about helping entrepreneurs advance their talents with the benefit of training and coaching courses. It enables them to make better decisions and make sensible decisions for all business activities.