An entrepreneurship development program or EDPs is a program which is usually organized by government of India from time to time to enlighten young professionals or individuals.
The aim of the EDPs is to provide information around all aspects of entrepreneurship and business-related programs.
The programs are conducted to encourage self-employment in younger generation.
These programs are primarily conducted by reputed organizations in ITIs, polytechnic and other technical institutions.
EDPs as such are not considered as training program. Instead, EDPs are a well-structured process to help with the transformation of an individual into an entrepreneur.
In addition to teaching attendees the steps to becoming an entrepreneur, the programs also cover specific topics like how to start a business, how to raise fund from government schemes, etc.
Most importantly, the programs teach effective ways to help the aspiring entrepreneurs’ tricks and steps to be successful entrepreneurs.
Some of the key areas covered in EDP schemesare:
- Educate and train potential individuals about entrepreneurship
- Connect entrepreneurs to various mentors, peers, and incubators etc.
- Support entrepreneurs via E-Hubs
- Share entrepreneurship culture to encourage entrepreneurship
- Promote Entrepreneurship across women and help them educate with various aspects of EDPs.
- Promote social entrepreneurship and grassroots innovations
Why India Needs EDPs?
India, the biggest democratic in the world got its freedom from Britain on 15th Aug. 1947. The freedom came with its own set of challenges.
One of the major one being the lack of economic freedom.
Until 1950. Unemployment and poverty were the biggest challenges.
The GOI decided to take a holistic approach in the form of planned development.
One specific area identified during this time was – lack of business ownership opportunities. It is common sense that businesses lead to employment and give a major boost to any economy (growing or developed).
By early 1960s. Policymakers had identified and started small scale business programs to facilitate growth and tackle this situation.
The programs showed promise and led to a lotof entrepreneurs starting small and medium enterprises.
The success of these programs was a much-needed shot in the arm for our government. They used the tried and tested program model to setup a model.
A model which was created to encourage entrepreneurship. This model led to the birth of EDPs- A program which will go a long way in helping entrepreneurs get trained to challenge of starting and running businesses.
Types of EDPs:
EDPs can be classified into following types:
- Entrepreneurship Awareness Training Program
- Product Oriented EDPs
- Target Oriented EDPs
- EDPs for existing entrepreneurs
Problems faced By EDPs:
What is a program without its own set of challenges.As per the last report; EDPs have had their share of problems. Some of them being:
- Trainers are not fully motivated to help entrepreneurs start their own business.
- ED Organizations are not sincere in conducting the EDPs and lacks in various aspects. Some of them have turned EDPs into cash cows where the sole focus has been generating income than providing value addition to the students to who come to attend the program.
- Indifferent and apathetic attitude of supporting organizations such as banks and financial institutions without whom EDP cannot be successful has become another road block for EDPs.
- Selection of unprofessional and wrong trainees for the sake of just generating revenue and taking advantage of government scheme has also become a big issue in failure of EDPs.
Phases of EDPs:
Pre-training phase –
- To develop motivation so that they can start their own business.
- Is the person mentally prepared to take any risks and responsibilities?
- Does the person have the right attitude?
- What kind of entrepreneurial skills and traits does trainee lack the most?
- Whether the trainee possesses the desired knowledge of the terminology or technology?
- Guidance and Monitoring phase.
- Practical exposure, preparation of project report.
- Understanding buying and consumer behavior.
Post-training phase –
- The ultimate objective is to ready the individual to start entrepreneurship.
- Following up with everything he/she learned.
- To see how far the objectives have been achieved by the individual.
- Is there are any drawbacks in an individual?
- Suggesting guidelines about policies and new strategies and update the individual with all helpful resources.
- Assistance in selection location of the unit.
- Helping trainees to connect with the financial institutions.
Evaluation of EDP:
- To review the first three phases.
- To help simplify the process of borrowing money from the Institutions, peoples, and industries to start the venture.
Some Helpful resources to get you started with EDPs in India:
India is a growing country with a lot of potential and growth prospects.
Unfortunately, lack of resources for individuals who want to get into Entrepreneurship is stopping the growth of entrepreneurs.
Many of them quit due to lack of knowledge and fear of failure.
EDPs are the best form of training that can help them turntheir dream into reality.
Entrepreneurship must be spread in the country through EDPs which for sure will lead to Increase of SMEs in the country. Thereby, increasing jobs and helping grow the economy meaningfully.
The time has come for the government to critically evaluate the existing macroeconomic policies and their impact on grassroots entrepreneurship development.