Steven Chabot, an American politician and lawyer once said, “I would like to see more funding for entrepreneurial development programs.”
What made such as eminent leader say this? Why did he emphasize on the increase of these programs? What are Entrepreneurship Development Programmes?
Entrepreneurship Development Programmes, or EDP, is a programme designed with the aim to develop entrepreneurial abilities among the people.
Simply, EDP is the process of inculcating, developing, and polishing of entrepreneurial skills into aspirants who want to establish and run their business successfully. It is “the concept of equipping a person with the required skills and knowledge needed for starting and running the enterprise.”
Roles of an EDP
There are primarily 4 roles of Entrepreneurship development programmes:
• Stimulatory Role – Aims at:
– Inculcating managerial, marketing, technical, and financial skill
– Polishing personality traits
– Encourages entrepreneurial behaviour and values
– Offering motivational training and cultivate proper attitude
– Understanding and strengthening the motive of a person
• Supportive Role – Includes:
– Business registration
– Fund procurement
– Arrangement of basic resources like land, power, water, etc.
– Offering support for the purchase of required machinery and equipment
– Offering guidance in product marketing
– Supply of raw materials and common facilities
– Offering tax relief, subsidy etc.
• Sustaining Role – Aims at:
– helping in the expansion, modernisation, and diversification
– providing additional financing for further development
– creating new marketing processes
– deferring interest payment
• Socio-Economic Role – Focussed on upgrading the socio-economic status of the public including creating marketing opportunities both in urban and rural areas, identifying entrepreneurial abilities, channelizing the underlying resources for building an enterprise.
Need of EDP
• To help eliminate poverty and unemployment by getting people opportunities for self-employment.
• To encourage using locally available resources to create a strong and positive base for sound economic growth and rapid industrialization.
• To help achieve a balanced regional development by establishing small scale industrial units in the remote areas with fewer financial resources. This further aids in the acceleration of the pace of industrialization.
• To avoid industrial slums by setting up enterprises in various places.
It is very important to encourage employment and continuous development in any nation. Hence, EDP is a great way to achieve the same.