“Someone is sitting in the shade today because someone planted a tree a long time ago.”– Warren Buffett. Entrepreneurs are a pivotal part of any economy and are considered more of a national asset because of the immense contribution they make, be it bringing new employment opportunities or adding to the growth and development of a nation. They possess the potential to transform the way we live as well as work through their innovative ventures. As a field of study, Entrepreneurship has become a prominent discipline in the present world as more and more students are getting interested in understanding its nuisances of it. One such specialisation concerned with this domain, Entrepreneurship Development is concerned with assisting budding entrepreneurs to boost their existing skills and abilities to become more proficient in handling their businesses. Through this blog, we will be exploring entrepreneurship development in detail, the courses offered, top universities as well as career prospects you can avail.
This Blog Includes:
What is Entrepreneurship Development?
Entrepreneurship Development is defined as a process of enhancing the skillset and knowledge of entrepreneurs regarding the development, management and organization of a business venture while keeping in mind the risks associated with it. This is carried out through training programs and sessions which are aimed at accentuating entrepreneurial acumen. Pursuing this field as a career, you will be working towards facilitating skill development amongst budding entrepreneurs and assisting them to tackle their struggles with building their businesses.
Don’t Forget To Check Out: Career Lessons From Top Women Entrepreneurs
Entrepreneurship Development: Process
Entrepreneurship development is a strategic process which incorporates various tools that concentrate on skill development of the individual in an array of ways. Given below is a detailed guide of creating an effective entrepreneurship development program to help you understand what it’s all about:
Related Read: Types Of Entrepreneurs You Must Know About!
Setting an Objective of the Program
Before starting the entrepreneurship development program, it is imperative to set a clear objective and draft a plan as to what the program is aiming to accomplish. As someone who is organising this program, having a clear direction and objectives play an important role in making it a success. The absence of both will result in loss of time, money, effort and most of all, valuable potential of the individual.
Finding the Right Mentors/Training Professionals
The entrepreneurship development program’s main purpose is to help aspiring entrepreneurs furnish their talents and learn the intricacies of operating a business. For, this you will require trained professionals who are experienced in this domain and can impart their own life lessons to those who are just starting or facing difficulties. Seek help from established entrepreneurs around you and ask them if they can conduct a session or find those who have pursued a professional qualification in this field and enrol them for the session.
Identify Potential Local Talents and Markets
The entrepreneurship development process has been efficient and effective in the local markets and on the local entrepreneurs who know about it. If you have planning to conduct sessions and programs related to this, the best way to begin is to reach out to local markets. These localities can understand and absorb the knowledge more quickly and can apply it in the current scenario, the effects of the program can easily and quickly be seen within the community.
Choosing the right location to conduct the program
For any successful event, the choice of location and resources plays an imperative role. These developmental programs must be launched in the areas where the program can attract a large number of people, who want to take advantage of the program.
Tie Up with Institutions
In order to give a real-world experience to the aspirants and cater to people in various different fields, many a time these entrepreneurship development programmes involve tie-ups with several NGOs, private institutions and universities. This will help you organise better set-ups for the entrepreneurs to meet, communicate and exchange their ideas.
Assess Effectiveness & Seek Feedback
At the conclusion of your entrepreneurship development session, ensure that you ask people for their honest feedback and how it could have been better. Analyse how effective it has been to help budding entrepreneurs find solutions to their issues. Be open to constructive criticism and try to incorporate important pointers into the next program.
Entrepreneurship Development Concepts
The evolution of entrepreneurship is linked to a number of major ideas. These include taking risks, innovating, being creative, and being sustainable. For businesspeople to succeed, they must understand each of these ideas.
Objectives of Entrepreneurship Development Programme
Here is a list of the program’s goals for entrepreneurship development:
- to provide information on numerous initiatives undertaken by the different governments (federal, state, or regional governmental organisations), as well as various taxes imposed on businesses.
- to foster entrepreneurial traits and behaviours in the next generation of young people with the aid of appropriate instruction and professional guidance.
- to encourage entrepreneurship and the expansion of small enterprises to create jobs and opportunities for self-employment.
- to look for and pinpoint the top business possibilities and concepts, both present and future.
- Develop and implement a variety of programmes to promote entrepreneurship in rural communities and small towns.
- encouraging and assisting diverse people in starting their startups and new enterprises. Consequently, contributes to the economy
- to achieve risk reduction for the nation’s young.
Entrepreneurship Courses & Universities
There are numerous courses offered in Entrepreneurship and its specialised fields across the globe that one can choose from. Below we have listed some of the major bachelor’s and master’s degree courses that you must consider to establish your career in Entrepreneurship Development:
|List of Institutes||Location||Courses Offered
|University of Delaware||United States||BSc in Entrepreneurship|
|Hong Kong Polytechnic
|Hong Kong||Bachelor of Arts (Honours) in
Social Policy and Social
|University of Reading||United
|BA (Hons) in Entrepreneurship|
|University of Canberra||Australia||Bachelor of Business
(Entrepreneurship and Innovation)
|Imperial College London||United
|MSc in Innovation, Entrepreneurship
|Duke University||United States||LLM in Law and Entrepreneurship
MBA in Entrepreneurship (Social)
|The University of Melbourne||Australia||Master of Entrepreneurship|
Also Read: Entrepreneur Development Programmes
The process of entrepreneurship development helps people get more knowledge about starting a firm. Additionally, it helps the current business owners assess their expertise and experience and learn fresh methods and concepts.
The five stages of the entrepreneurial process—idea development, opportunity appraisal, planning, firm formation/launch, and growth—help understand how it works.
The various functions of entrepreneurship are Innovation and creativity, Risk-taking and achievement and organization and management, Catalyst of Economic Development, Overcoming Resistance to Change and Research
Hence, we hope that this blog has helped you gain clarity regarding the varied features of Entrepreneurship Development. If you are struggling with your career choices, take the benefit of our exclusive 30-minute counselling session at Leverage Edu and we’ll guide you throughout the process of mapping your skills and abilities through a psychometric test thus helping you excel in your career in the best way possible.