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5 ways entrepreneurs benefit from Entrepreneur Development Program

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5 ways entrepreneurs benefit from Entrepreneur Development Program

Entrepreneurship development program helps a person to develop dynamic skills, knowledge and it shapes individual thinking towards a businessman's mindset

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An Entrepreneurship Development Programme (EDP) is for developing entrepreneurial skills in people. The programme involves inculcation and development of entrepreneur skills in persons interested in becoming entrepreneurs. EDP objective is to impart the skills and knowledge that helps in starting and running ventures successfully.

Let’s look at more interesting and defining definitions of EDP

“Developing an average person into an entrepreneur through structural training”

“Widen the reach of entrepreneurial skills to include the less privileged sections of society and make them entrepreneurs”

“It helps a person in strengthening his abilities and acquiring more skills necessary for fulfilling his roles and responsibilities as an entrepreneur”

What do these definitions say?

It is clear from the definitions that EDP is a skill development programme designed and developed to help entrepreneurs. These could people interested in starting their ventures or the business persons trying to run their businesses with whatever information, knowledge, skills and experience they have.

Each definition gives a different view of EDP but there are two things that are common in these definitions. First, EDP helps in developing entrepreneurial skills and second, it opens new avenues for everyone. EDP is necessary for those running businesses and also for those interested in starting their ventures.

Why entrepreneurs need EDP?

The above-mentioned definitions clearly tell that entrepreneurs have certain skills. These skills could be inborn or inculcated or in other words, the entrepreneurs could be born or made. A well-known behavioral scientist at Harvard University investigated whether the entrepreneurs are born or made to find a need for EDP. He found that it is needed for achievement that motivates entrepreneurs to work hard. And that everyone wants to be an achiever.

The scientist was David C. McClelland and he made a strong point with his findings. He proved that whether inborn or made, the entrepreneurs need training.

Let’s clarify the need of EDP for entrepreneurs

1. Understand the need for entrepreneurial discipline that develops a sense of responsibility in the entrepreneurs. While most entrepreneurs are well-educated but they lack the discipline needed to start a business. A business is a discipline and it works to achieve its objectives. Every business has its objectives.   

2. To help the entrepreneurs determine the objectives of their businesses and work individually. It is entrepreneurs that have to find their objectives. A business starts and grows with time and it keeps achieving milestones with time. Discipline gives the power to work alone. The training also helps in finding likeminded people and making a group of dedicated professionals towards business objectives.

3. Develop a passion for integrity to achieve business objectives. Once the objectives are defined, it’s time to work hard to achieve the goals. It is a passion for honesty towards business objectives that work like a powerhouse for entrepreneurs.

4. Develop a wide vision about the industry, competition and latest trends. Entrepreneurs need understanding the industry they are working in. Next thing is a competition that is increasing with time. New competitors keep entering into the industry and each competitor starts a new trend.

[Recommended: Becoming A Midlife Entrepreneur – It’s Not As Scary As You Think ]

5. To make rules, regulations, and procedures for running the business. A business is a discipline and it can be run with rules and regulations. Entrepreneurs have to make rules and follow those rules. They have to present examples before others.

6. To enhance managerial capacities in entrepreneurs. An entrepreneur has to be a manager. He has to be an industry captain. And he should know how to lead a team. He should be able to motivate his team members and set examples for them to follow.

7. To think like an entrepreneur. When an entrepreneur starts thinking like a businessman, he would never give up.

Let’s get back to the definitions where we learned that entrepreneurs could be born or made

Skill development: There is a similarity between born entrepreneurs and those that are made. And the similarity is of skills. Both have skills. But just having skills isn’t sufficient to become an entrepreneur. People that have skills don’t recognize their skills. It is only after training that they recognize their capabilities and start thinking about building businesses. Some entrepreneurs are made by inculcating entrepreneurial skills. They learn about these skills through training.

Finding a niche market: A person has entrepreneurial skills but he can’t make any progress in business until he is able to find a niche market for his product or service. He could be an enthusiast but it is difficult to make any headway in a new venture without choosing a niche market. Training is needed to locate a market.

Developing a business process: A business needs a process to work and it is the entrepreneur who develops the process. The process is developed involving technology and with careful selection of a team that can provide real help in running the process.

Achieving goals: To become successful, entrepreneurs have to determine goals and find ways to achieve goals. There could be short term and long term objectives depending on the industry trends. Achieving goals is an art that entrepreneurs develop with training.

Self-motivation: Motivation is needed to achieve objectives. There could be obstacles that entrepreneurs need clearing. But motivation is needed for walking through those obstacles. Self-motivation is also needed to support team members.

The vision for business: Entrepreneurs need a vision that comes with education and training. A person could have skills but the vision is needed for starting a business. For vision, entrepreneurs need information. There are many studies and reports on industries. These reports give vision and the power to see beyond the horizon.

Business without EDP

It is difficult to think of becoming an entrepreneur without a specific programme. If you want to start a venture, you need more than capital. Starting a business seems an easy job but running it successfully is a challenge. There are many obstacles that you need passing in order to make a business process and find ways to achieve the business objectives. EDP is here to make things easy for entrepreneurs. The biggest objective is to produce entrepreneurs in the economy.

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