Entrepreneurship Development

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.

By doing this, the pace at which new businesses or ventures are made gets better. On a wider level, this makes room for employment and improves the economy of a business or country. The steps below will explain how to create an effective entrepreneurship development program and how to go about enhancing it.

  1. Outline the objectives of the program and focus on the venture development

    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.

    The aims of a program have to be clearly explained otherwise the program will never reach its full potential. The development of a venture also has to be outlined in the program. Without these two, there will be no clear goal.

  2. Select educated people who have high entrepreneurial potential

    An entrepreneurship development program requires that various people be selected. However, most programs tend to look for a specific group of educated people rather than target everyone. Ideally, you have to look at the education and traits that you are looking for, in an entrepreneur, and match them with the people who have applied for the program.

    Most people say that public funds should be spent on people who need the most help. The resources of an entrepreneurship development program are usually (and unfortunately) limited. It is hence better to choose people who will prove to be really useful and benefit the entire community.

  3. Select uneducated people who have high entrepreneurial potential

    A development project on women’s entrepreneurship in Nepal was recently conducted. It was found that women who couldn’t meet the essential needs of their family or themselves were usually more eager to learn about different ways to earn money as compared to women who were better off. However, such women usually face many problems.

    Even though such women are not educated, they have great entrepreneurship potential because they have the right motivation. Such people need to be aided by assistance packages where training can be given on entrepreneurship. This will instill confidence and teach them the skills they need in order to provide for their family.

  4. Identify the local market and search for people who have potential in it

    Entrepreneurship development programs should first identify the local market and aid potential entrepreneurs who know a lot about it. These people need to be able analyze and then design unique ideas based off the needs of their surroundings.

    By concentrating on select local entrepreneurs, the effects of the program can be easily and quickly seen within the community. Later on, programs can help improve their knowledge in their sector. In fact, it is creativity and the thirst for innovation that truly matters rather than the market’s size. In later programs, the introduction of new products and product features can be added. This will add value and increase the size of the market

  5. Provide support through private sector-based organizations

    Support should be obtained from private organizations that are both financial and knowledge-based. This helps reduce the cost of the entrepreneurship development program and increases its effectiveness.

    Private organizations that could support entrepreneurship development programs include universities, consulting companies and various NGOs. Large enterprises are also encouraged to support entrepreneurship development programs as this their sponsorship that will help reduce unemployment.

  6. Provide an easy yet detailed methodology that will help entrepreneurs improve in the short and long-run

    Entrepreneurial development programs aim at being simple to understand and teach skills that entrepreneurs can use after the program. It also contains courses that aim at developing their skills and ideas. These are required if entrepreneurs wish to successfully exploit the local market.

    They also need to be taught how to gather the required resources in order to meet the goals of their venture. The program also needs to have outlined methods through which entrepreneurs can improve the performance of their business in the long run.

    Entrepreneur development training proves to be highly effective when finance, quality assurance, marketing and productivity are linked to the training program. As an example, when development banks are involved earlier in the process of training, an entrepreneur will easily understand credit processes and the also praises the bank’s business plan.

  7. Implement special measures to improve the usefulness of trainers and facilitators

    The Success of an entrepreneurship development program also relies on the commitment and quality of the many facilitators and trainers. Any trainer or facilitator in the program needs to understand the culture and lifestyle of the group in order to better integrate themselves and serve the group.

    The selection of proper trainers is based on the amount of business experience they have and the how much knowledge they have about their local business environment. Training facilitators can significantly improve their usefulness in tackling the needs of entrepreneurs.

  8. The selection of areas for pilot programs must be right

    Entrepreneurship development programs are usually too restricted in terms of where it is done and what people are involved in the program. Selecting pilot target areas will usually depend on the ease at which support institutions are available.

    It will also depend on the interest people take in entrepreneurial development programs. These facts can never be the same for any two geographical locations and hence must be considered carefully.

  9. Launch pilot ED programs and develop as needed

    Analyzing pilot feasibility is an effective way of launching a major entrepreneurship development program. If the program shows signs of high promise, it can be launched on a national level. By relying on the sponsors for support rather than donor support, the program will be able to expand past local development while maintaining high quality. This is especially important when the support of donors starts to fade.

  10. A successful entrepreneurship development program requires government policies

    Entrepreneurship helps the economy of a country grow and creates new jobs. Government policies usually have a substantial impact on the number of entrepreneurs in a country.

    While there are many governments that say they do support entrepreneurial businesses, they usually do not have many specific policies and programs that effectively support entrepreneurial development.

Creating an effective entrepreneurship development program may not be easy but then again, it is not impossible either. By carefully following the ten points above, you are well on your way to creating an entrepreneurship development program that not only benefits your company in the short run but in the long run as well.