Concept of Entrepreneurship Development - Entrepreneurship & Small Businesses | Entrepreneurship & Small Businesses - B Com PDF Download

Concept of Entrepreneurship Development : The term entrepreneurship is defined in the previous chapter of this book. It is the risk taking ability of an individual coupled with creativity and innovative ideas. He discovers new business ideas and investment opportunities. He materalises his ideas and opportunities in time, leading to the launching of new business which he organises skillfully and effectively. These qualities and traits of an individual constitute entrepreneurship. This kind of entrepreneurship needs to be developed in the society for overall economic development of the country.

Entrepreneurship development means creating entrepreneurship attitude in individuals through searching for prospective entrepreneur and promoting that attitude to make an individual a real entrepreneur. It motivates to identify new business ideas and investment opportunities under changing economic environment. It helps to transform the idea or opportunity into enterprise. Ultimately it leads to the development of industrial sector of the economy. Thus the concept of entrepreneurship development may be defined as follows :

“Entrepreneurship development is a process through which entrepreneurial qualities are injected with necessary motivational drives of achievements to transform business ideas or opportunities into enterprise and to manage uncertain and risky situations of business undertakings.”

The above definition highlights following express and implied features of entrepreneurship development.

1. It is a process of searching prospective entrepreneurs and their entrepreneurial qualities.

2. It is a process of training through which new ideas of business and investment opportunities are exposed to these prospective entrepreneurs.

3. It is motivation for transforming idea or opportunity into business enterprise.

4. It is boosting confidence among prospective entrepreneurs by providing counselling on management, marketing, finance and technical aspects of business enterprise.

5. It is an instrumental tool for making an individual a real entrepreneur.

6. It is a continuous and on-going activity of government and non-government organisations. 

7. It aims at industrial and economic growth of the country.

Objectives of Entrepreneurship Development : The definition and the features of entrepreneurship development outline its scope and nature. It is meant for economic growth of the country. Hence the objectives of entrepreneurship development may be enlisted as follows:

(1) To promote entrepreneurial qualities and traits among youth through training and expert consulting.

(2) To search and develop entrepreneurial opportunities and business ideas for potential entrepreneurs.

(3) To motivate and guide individuals for launching new business undertakings.

(4) To provide and conduct new programmes for stimulating new ventures in rural and urban areas.

(5) To provide managerial skills, marketing techniques and technical knowhow for prospective and existing entrepreneurs

(6) To make available different kinds of project reports for new ventures.

(7) To provide information regarding different facilities, concessions, schemes sponsored by State Government, Central Government, Institutes etc. for promoting entrepreneurship.

(8) To promote and maintain entrepreneurial culture among different sections of society in particular and in the nation in general.

(9) To promote the development of small and medium enterprises in different sectors of economy.

(10)To generate employment and self-employment through entrepreneurial development and growth of small-scale industries.

(11) To contribute to the economic and industrial development of the country through first-generation entrepreneurs.

All these objectives of entrepreneurial development highlight the importance of entrepreneurial development in national economy.