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ENTREPRENEURSHIP DEVELOPMENT

        Entrepreneurship  development is the process of enhancing  knowledge  and  improving skills  of an entrepreneur
        through structured training and classroom programs. Through this process a person is equipped with the required
        skills and knowledge needed for starting and running the enterprise. 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.



                Tick ( ) if you know this.

                  Innovation means doing something in a creative and different way.
                  Organisation plays an important role if a startup is launched at a large scale with a big investment.
                   An Entrepreneur is a person who invests his time, energy and money to initiate an exclusive idea
                 for a new venture.




                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.

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