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Home Entrepreneur A Quick Walk through the Entrepreneurship Development Programme (EDP)

A Quick Walk through the Entrepreneurship Development Programme (EDP)

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Entrepreneurship Development Programme is designed to help candidates improve their entrepreneurial skills. Running a successful business is not simple. It depends on a wide range of skills, and knowledge. For a business to become successful and lucrative in the industry, it is crucial for the owner to possess certain qualities. Unfortunately, these are qualities you need to grow with! And, when you don’t have them, the Entrepreneurship Development Programme becomes useful. It nurtures the leadership traits of individuals. It helps them master topics, which truly matter. Even when you have sound business skills, the Entrepreneurship Development Programme helps in polishing your “inherent traits”.

Related Post: 3 Benefits of the Entrepreneurship Development Programmes

Key Objectives of the Entrepreneurship Development Programme

Key Objectives of the Entrepreneurship Development Programme

In simpler terms, the Entrepreneurship Development Programme motivates booming entrepreneurs. It prepares them to face a challenging market, without much hassles or tussles. Even when there are obstacles, true entrepreneurial skills can make a big difference.

With this being said, here are a few important objectives covered by the Entrepreneurship Development Programme.

Objective 1: The short term goals of the Entrepreneurship Development Programme can be targeted immediately. They are trained to scan existing market conditions. Whenever a complicated situation arises, they are taught to analyze and propose a potential solution. For a newbie, it is crucial for them to create entrepreneurial goals. These goals should fall in line with regional rules and regulations.

Also Read: Does Network Marketing Really Work?

Objective 2: In the next stage, the entrepreneurs need to understand the challenges and untold loops of running a business. They need to see their future. Sometimes, goals that cover several years need to be identified. This is never simple. Mainly because multiple market conditions need to be evaluated before a long term plan is drafted. Additionally, in the latter stages, entrepreneurs need to learn more about the resources that can sustain the development of the business.

On the whole, the Entrepreneurship Development Programme is all about building skills that matter as a leader. It aims to build a strong economy by encouraging and training newbie business owners.

Critical roles of the Entrepreneurship Development Programme

When an Entrepreneurship Development Programme is being designed, multiple factors are taken into consideration. These factors are often classified into four types.

The “Stimulatory” aspect of this program is to encourage a large group of people to focus on entrepreneurship. This includes value topics like managerial, technical and financial skills. It tends to inculcate the personal skills of potential candidates. In some cases, the members involved would need reformation, in terms of behaviour and values. The Entrepreneurship Development Programme takes care of these reformations too.

The “Supportive” role is all about helping the candidates kick start their business. It focuses on topics like funding, registration and regional norms. The mentorship around these topics are often provided by experts, who have sound knowledge about taxes, product marketing and management consultancy. Many a time, the supportive aspect of the Entrepreneurship Development Programme trains candidates on how to build teams too.

Also Read: How to Write a Business Plan

The “Sustaining” role focuses on aspects that can protect a business when it goes through cut-throat market conditions. This includes a variety of topics like diversification, expansion and modernization. A business remains incomplete until a strong global presence is seen. The sustainability component of the Entrepreneurship Development Programme helps newbie owners understand this. Also, it helps these entrepreneurs understand more about the benefits of global networking.

Finally, the Entrepreneurship Development Programme features a “Socio-Economic” role. As suggested by its name, this is all about upgrading and building a stronger socio-economic status for the business. It helps the business form new opportunities in medium, small and micro-scale industries. Additionally, it trains individuals on how to distribute wealth appropriately.

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