A budding entrepreneur is always surrounded by a pool of questions. What if the budding entrepreneur had got the answers to these questions in advance from someone who is more skilled in that area and is more experienced to answer those questions for you? You might think that it would be better to have someone to guide you or have a backup for you and your startup if you fail since there are high chances that a potential entrepreneur might help in developing the economy of a country, entrepreneurship development is one such program which is based on this objective and is looking forward to providing first-hand knowledge and skills to the budding entrepreneurs and help them nurture their dreams to this Warren buffet has rightly said: “ someone is sitting in the shade today because someone planted a tree a long time ago”.
Entrepreneurs are considered an asset to the country’s economy since they provide new employment opportunities and promote its growth and development.
Budding entrepreneurs and their startups carry fresh ideas that promote innovation and have the potential to change contemporary ways of work and living. The need to change the way we think and do work requires an innovative solution, entrepreneurship development program aims to do so.
Let us define Entrepreneurship Development now, it is defined as the program which aims to provide the correct skillset and expert views to the problems of new entrepreneurs to prepare them for new challenges in the corporate world. Many institutes are now providing entrepreneurship development courses to students as more and more now seem to be interested in the same. Below are some of the concepts which are included in this program:-
To foster entrepreneurial traits and behaviors in the next generation
Providing professional guidance and expert reviews on the products of budding entrepreneurs helps them to update their work product in the early stages of their business and hence prevent any downfall in the later stages of their business.
To look for and pinpoint the top business possibilities and concepts
Looking forward to any possible consequences and problems related to the entrepreneur’s product and business model and pinpointing all these possibilities should be considered while developing any entrepreneurship development program.
To promote entrepreneurship in both urban and rural areas
The entrepreneurship development program should be such that it must look upon all the possibilities in both rural and urban areas and must also focus on promoting entrepreneurship in rural areas as well.
To achieve risk reduction for the nation’s young
Entrepreneurship programs must look upon reducing the risk for young entrepreneurs and their startups
Encouraging and assisting diverse people in starting their startups and new enterprises
Since we live in a diverse country, therefore, entrepreneurship programs should also be diverse and must look upon the various aspect of the startup’s product. Entrepreneurship development programs must look for those entrepreneurs which look towards a diverse audience.
To encourage entrepreneurship and the expansion of small enterprises to create jobs and opportunities for self-employment
Entrepreneurship development programs must aim at boosting the economy of the country by creating those entrepreneurs that have the potential of increasing self-employment and creating more job opportunities for the young generation.
To provide information on numerous initiatives taken by the government
The entrepreneurship development program must provide factual knowledge to budding entrepreneurs so that the entrepreneurs might not end up in legal issues related to a business. proper knowledge of government initiatives and the taxes imposed by the government is very important.
Now let us discuss the various steps involved in the process of an Entrepreneurship Development program:-
Setting an objective for the program
Before starting any entrepreneurship development program it is important to have a clear picture of what is the objective of the program, whether it is to help young entrepreneurs or to make a profit, must be clear so that you may not end up wasting your time and resources and the potential of the people.
Finding the right mentors and business professionals
Since the program aims at creating young entrepreneurs that are going to boost the economy of the country therefore the program should be devised in such a way that the young entrepreneurs are being guided by business professionals that are experts in this domain and can share their work and life lessons with them. This can be done by organizing interactive workshops with well-established entrepreneurs.
Choosing the right location to conduct the program
It may sound somewhat unimportant when we say, the right location for a program but since the program aims at impacting a diversity of people therefore the program must look for a location from where it is easier to reach a wider and diverse audience as well as people.
Identify potential local talents and markets
It is always difficult to start from scratch but for a business to reach a wider audience, it is important to start from a local market since these localities are supposed to be more active in spreading a new idea if they find it great this can help in the effective spreading of the program and can quickly be seen within the community this needs to be taught to the young entrepreneurs.
Tie up with institutions
To give a real-world experience to the young aspirants they need to work with or under established businesses that wish to support them in the long run and are interested to invest in their business and share the same work ethics. This gives entrepreneurs the to exchange their ideas and have better exposure to the real world.
Assess the effectiveness and seek feedback
At the end of the entrepreneurship development program, it is important to have honest feedback or review of the business model of the new startup whether the startup has some potential or not to work in the professional world, it is important to give honest feedback, cause it is a proven fact that constructive criticism is better than a sweet lie.
Though entrepreneurship development might play an important role in creating some young professional entrepreneurs for the country, there are certain drawbacks associated with it, like a large number of entrepreneurs in developed areas as compared to local areas due to lack of knowledge, seeking a job, and being unaware of the wide open opportunities for entrepreneurial carrier this is mainly because of lack of the knowledge about entrepreneurship development.
To date, many countries fail to recognize entrepreneurship development programs as an important part of their education curriculum. We need more such programs to make more people aware of the possible job opportunities lying under entrepreneurs and why a developing country requires more entrepreneurs to boost their economy and be an asset to their nation.
Various functions of an entrepreneurship program can be summarized as follows;- innovation and creativity, management, a catalyst of economic development, overcoming challenges to change and new trends, risk-taking, etc. above article discusses each aspect of entrepreneurship development. If you are looking for an overview of entrepreneurship programs then you must read the above article.
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