Development refers to enhancing an existing potential or asset through the process of learning and application. It is a process of evolving one’s skills in a systematic manner. Entrepreneurship development is the process of improving the skills and knowledge of entrepreneurs through various training and classroom programs. The whole point of entrepreneurship development is to increase the number of entrepreneurs. Entrepreneurship development aims at individuals who want to start or possibly expand a business. Entrepreneurship development also focuses a lot on enhancing the ideas and potential of an entrepreneur.
Process of Entrepreneurship Development
- Clear view of the Objective of the Program
- Selecting the Potential Targets
- Identify Local Talents and Markets
- Choosing the Right Location
- Develop the entrepreneurship program as needed
- Analyse the result for Future Development
Importance of Entrepreneur in Economic Development
- Employment Generation: Enterprise grow providing direct and indirect employment to many more. Entrepreneurs is the best way to fight the evil of unemployment.
- National Income-: National Income consists of goods and services produced in the country and those imported. Entrepreneurs contributes in the National Income. Entrepreneurs involves themselves in new and unique form of business which fulfills the new and unsolved demands of customers inducing and strengthening the market performance.
- Dispersal of Economic Power: More number of players (entrepreneurs) in the market will allow mobilization of funds through the completion of demand and supply process in the market. This will eventually strengthen the national wealth level. More entrepreneurs will lead sharing the market pie thus dispersing the wealth rather than concentration in some centralized business powers. Such dispersal of wealth promotes economic health.
- Economic Independence: Entrepreneurship is essential for national self-reliance. Such import substitution and export promotion help to ensure the economic independence of the country.
- Improvement in Living Standards: Entrepreneurs set up industries which remove scarcity of essential commodities and introduce new products. Production of goods on mass scale and manufacture handicrafts etc. in the small-scale sector help to improve the standard of life of a common man.
- Innovation in Enterprises: More number of people engaged in entrepreneurial activities will allow to established innovative culture and business practices. More ideas and programs, irrespective of sizes, will come into action. Such programs will especially aim at accelerating the pace of the small businesses and firms and will allow such firms to grow and be competitive in the world market.