Entrepreneurship Development Programme

(EDP)

Madhavendra N JhaTIAS

GGS IP University

EDP Introduction

In recent years, the entrepreneur and Entrepreneurship Development Program (EDP) has become a serious matter of discussion.There are several organizations engaged in conducting EDPs in India.

EDP Introduction

In recent years, the entrepreneur and Entrepreneurship Development Program (EDP) has become a serious matter of discussion.There are several organizations engaged in conducting EDPs in India.

EDP Introduction

Designed with an aim of encouraging self employment

Imparts training and motivates potential and existing entrepreneurs to start new business or diversify and expand the existing one

Helps employment and wealth creation among educated unemployed youth

Well equipped to face risks and challenges as an entrepreneur

EDP Introduction

Government needs considerable human and material resource, importance to detailed planning & implementation

EDP Introduction

What is the Entrepreneurship Development Programme?The Entrepreneurship Development Programme is aimed at creating a conducive environment for young entrepreneurs to access relevant entrepreneurship skills, knowledge, values and attitudes for their businesses.The programme offers a package of entrepreneurship trainings that responds appropriately and adequately to the labour market and business needs of the young people.

EDP Meaning

Entrepreneurial Development Program means a program conducted to help a person in strengthening his entrepreneurial motive and in acquiring skill and capabilities required for promoting and running an enterprise efficiently. A program which is conducted with a motive to promote potential entrepreneurs, understanding of motives, motivational pattern, their impact on behavior and entrepreneurial value is termed as an entrepreneurial development program.

EDP Meaning

There are a number of programs which give information to the prospective entrepreneurs regarding a new business idea, how to set up a new venture, how to prepare a project report, sources of finance etc. These programs should not be confused with EDP; these are all a part of the EDP. EDP is primarily concerned with developing, motivating entrepreneurial talent and understanding the impact of motivation on behavior.

EDP Importance

Entrepreneurs are considered as agents of economic growth. They create wealth, generate employment, provide new goods and services and raise the standard of living. EDP is an effective way to develop entrepreneurs which can help in accelerating the pace of Socioeconomic development, balanced regional growth, and exploitation of locally available resources.

EDP Importance

It can also create gainful self-employment. An EDP equips entrepreneurs and makes them competent to anticipate and deal with a variety of problems that any entrepreneur may have to face. It gives confidence to the entrepreneur to face uncertainties and take profitable risks. It prepares them to deserve and make good use of various forms of assistance.

EDP Beneficial

The EDP can be beneficial in the following ways: Economic Growth: EDP is a tool of industrialization and path to economic growth through entrepreneurship.Balanced Regional Development: EDP helps in the dispersal of economic activities in different regions by providing training and other support to local people.

EDP Beneficial

Eliminates Poverty and Unemployment :EDPs provide opportunities for self-employment and entrepreneurial careers.Optimum use of Local Resources:The optimum use of natural, financial and human resources can be made in a country by training and educating the entrepreneurs.

EDP Beneficial

Successful Launching of New Unit :EDP develops motivation, competence and skills necessary for successful launching, management and growth of the enterprise. Empowers New Generation Entrepreneurs :EDP, by inculcating entrepreneurial capabilities and skill in the trainees, create new generation entrepreneur who hitherto was not an entrepreneur

Phases of EDP Select area from existing government policy

guidelines/socio-economic reports Techno-economic survey of the selected area;

feasibility study Identify potential and existing entrepreneurs

interested in starting new business/expansion/diversification

Training Follow up and consultancy services

Entrepreneurship Management

Importance of Training Ensures availability of skilled manpower at all

management levels Enhancing abilities, potential among

entrepreneurs Increase efficiency Maintain and enhance product quality Minimise wastages in production process Minimise accidents on the job Reduce fatigue and increase speed of work Standardisation in industry and internal

processes

Methods of Training Individual instruction Group instruction Lecture method Demonstration method Written instruction method Conference Meetings

EDP Training Inputs

Once the selection procedure for Entrepreneurs is over, the selected persons have to be equipped with managerial and technical skills to start their enterprises. In such entrepreneurship development programs, there are participants with a variety of Backgrounds and qualities.

EDP Training Inputs

Therefore, a package of training inputs is provided during the Program which is usually of six weeks duration. It consists of the following six inputs.

EDP Training Inputs

General Introduction to Entrepreneurship:The participants are exposed to a General knowledge of entrepreneurship such as factors affecting small-scale industries, the role of entrepreneurs in economic development, entrepreneurial Behavior and the facilities available for establishing small-scale enterprises.

EDP Training Inputs

Achievement Motivation Training (AMT):The purpose of the AMT is to develop the attitude towards risk-taking, initiative and other such Behavioral or psychological traits. A motivation development program creates self-awareness and self-confidence among the participants and enables them to think positively and realistically.

EDP Training Inputs

Without achievement motivation training, an EDP becomes an ordinary executive development program. Motivation training initiates to strive for excellence, to take calculated risk, to use feedback for improvement, sense of efficiency etc.

EDP Training Inputs

Support System and Procedures: The participants have to be exposed to agencies like the local banks and other financial institutions, industrial service corporations and other institutions dealing with the supply of raw-materials, equipments etc. The programs on support system needs to include the procedures for approaching them, applying and obtaining assistance from them and availing of the services provided by them.

EDP Training Inputs

A linkage between the training institute and support system agencies can be established with the participation of these agencies in sponsoring and financing EDPs.

EDP Training Inputs

Market Survey and Plant Visit: In order to familiarize the participants with real life situations in small business, plant visits are also arranged. Such visits help the participants to know more about an entrepreneur‘s behavior, personality, thoughts and aspirations.Moreover, the participants should be given opportunity to conduct market surveys for their respective projects.

EDP Training Inputs

This would help to expose the participant to the market avenues available and could be followed by sessions on methods of dealing in the markets.

EDP Training Inputs

Managerial Skill: Since a small entrepreneur cannot employ management experts to manage his enterprise, he needs to be imparted basic and essential managerial skills in the functional areas like finance, production and marketing knowledge of managerial skills enables an entrepreneur to run his enterprise smoothly and successfully.

EDP Training Inputs

Project Preparation and Feasibility Study:A good period of time needs to be devoted to the actual preparation of projects. The active involvement in this task would provide them necessary understanding and also ensure their personal commitment. During the course of EDP, various guidance sessions are helpful in enabling the trainees to identify appropriate business opportunities.

EDP Training Inputs

Information and counseling on various business opportunities is provided though the team experts and by spot survey. Necessary experience is provided in market survey, project preparation, sources of finance etc. Undue emphasis on any dimension should be avoided as it may lead to distortion in both the process and content of the program