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Hence, this will be a big effort in preparing new entrepreneurs which will pave the way for a better economy and
make the path for the creation of a developed society.
Entrepreneurial Development Programs have been designed and supported by the government of almost all
countries to develop entrepreneurial abilities among the interested people. These programs help them to identify,
develop, polish and strengthen their entrepreneurial skills so that they play their entrepreneurship role effectively
and become a successful entrepreneur.
Process of Entrepreneurship Development
The process of entrepreneurship development follows the given steps:
• Generate a business idea: This is the first step of developing an enterprise. An idea based on your interest,
passion, hobby or market potential needs to be finalised. Once an idea is finalised, you discuss it with your
associates in the business area or with the people around you who can provide vital feedback by playing
prospective customers.
• Structured evaluation of business idea: In this step, you evaluate your idea by finding out the pros and cons
of the competitive market in the business and the associated risks. You also consider other factors like labour,
money investment, location, etc. for the success of the business.
• Developing a business plan: Developing a proper business plan is one of the important processes of entrepreneurship
development. It helps you plan the strategies of your business, managing your funds and targeting prospective
customers.
• Gathering the resources: This includes your funds, labour (skilled and unskilled), raw material and business
associates. Everything needs to be channelised properly for a good start in a business.
• Framing the organisational hierarchy: In this, you design your business hierarchy. This question of how many
employees need to be recruited and at what level they need to be trained must be addressed. This helps you to
deal with the day-to-day problems of different departments in the organisation.
• Efficient management of the new business: In this step the actual working of the system is checked to deal with
the practical issues. The short term and long-term operational goals are set to handle the problems.
• Planning the future growth: A business is always in a working mode and deals efficiently with day-to-day issues.
Somewhere down the line, there will be a time to plan for the future growth and development of the business. If
everything goes well and the business curve shifts towards profit, then an entrepreneur can decide to invest in its
expansion.
Characteristics of an Entrepreneur
If you are planning to become an entrepreneur, then you need to check for these given characteristics in you:
• Risk Taking Capability: An entrepreneur should have enough courage to evaluate and take risks to establish
his newly setup business. It involves proper planning and calculative decisions to capture the potential market
and have competitive advantage.
• Innovative: Setting a new business in an innovative manner is a unique characteristic of an entrepreneur. It can
be a launch of a product or selling a service. Customers are always attracted towards the products or services
which are sold in an innovative way.
• Visionary and Leadership Qualities: Entrepreneur should have strong leadership qualities and a strong vision
of earning maximum profits through his innovative new venture. The employees working in his business will
strongly believe him and respect him. They will follow his commands even when the business is in a state of
turmoil.
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