Entrepreneurial Practices in India

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  • The term entrepreneurship is generally associated with the establishment of a small business.

  • There is no doubt that in a country like India, capable persons with dynamic confidence and vision usually launch small enterprises instead of going in for employment.

  • Entrepreneurship offers an independent way of life for the young persons who want to be masters of their own destiny.

  • The government which provides many facilities and incentives to entrepreneurs.

  • The industrial polices and five-year plans of the government have encouraged entrepreneurs to increase the tempo of industrialisation.

  • The government now provides various incentives and concessions, which include

    • Capital subsidy

    • Technical know-how

    • Marketing facilities

    • Providing industrial sheds

    • Other infrastructure facilities.

  • Financial institutions like

  • Industrial Development Bank of India (IDBI)

  • Small Industrial Development Bank India (SIDBI)

  • Small Industries Development Organisation (SIDO)

  • National Small Industries Corporations (NSIC)

  • Small Industries Service Institutes (SISIs)

  • State Small Industries Development Corporations (SSIDC)

  • Directorate of Industries, District Industries Centres (DICs)

  • These financial institutions have also started providing venture capital to young and upcoming entrepreneurs.

  • The usual problems faced by such business establishments include

    • Shortage of material

    • Capital and power

    • Lack of training facilities

    • Lack of quality control

    • Inadequate marketing faculties

Entrepreneurship Development Programmes (EDPs)

  • Importance and contribution made by the entrepreneur’s community in the development of an economy.

  • The world to develop the required skills to become a successful entrepreneur.

  • In India, many organisations conduct EDP to impart entrepreneurial training, prominent among them being the Entrepreneurial Development Institute of India at Ahmedabad.

Objectives of EDPs:

  • Develop and strengthen the quality of entrepreneurship

  • Select suitable products and formulate various feasible projects

  • Acquaint people with the process and procedure involved in setting and running a small enterprises

  • Train and prepare the entrepreneurs to face the challenges of business risk

  • Broaden the vision about business and help its growth within the parameters of law.