Entrepreneurship: Entrepreneurial Practices in India and Entrepreneurship Development Programmes (EDPs)

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Entrepreneurial Practices in India

  • 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

    Financial institutions in image

    Image of the Financial Institutions

    Financial institutions in image

    • 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 enterprise

  • 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.

    The important objectives of EDPs in image

    Image of the Important Objectives of EDPs

    The important objectives of EDPs in image

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