Write a note on EDP

Write a note on EDP.

Ans:   Meaning of EDP

Entrepreneurs are not necessarily born but they can be developed through education, training and experience. Development of entrepreneurs means inculcating entrepreneurial skills required for setting up and operating business units. Entrepreneurial development is an organised and an ongoing process. Its basic purpose is to motivate persons for entrepreneurial career and to make them capable of perceiving and exploiting business opportunities. Entrepreneurial development is not merely a training programme it is the process of enhancing the motivation, knowledge and skill potential entrepreneurs, arousing and reforming the entrepreneurial behaviour in their day-to-day activities and assisting them in developing their own ventures.

            Features & Objectives:

(1)     Selection of entrepreneurs: EDPs identify and carefully select person for entrepreneurial training.

(2)     Entrepreneur capabilities: EDPs develop the required entrepreneurial capabilities of the trainees for making them successful prospective entrepreneurs.

(3)     Managerial skills: EDPs equip the trainees with basic managerial understanding and skills-conceptual, analytical, human, administrative and technical skills.

(4)     Viable project: EDPs ensure to offer a viable industrial project for each potential entrepreneur.

(5)     Resource mobilisation: EDPs help each trainee to secure necessary financial, infrastructure and related assistance for making the selected project a success.

(6)     Low charges: The training cost is highly subsidised and only a token fee is charged.

Objectives of EDP

The important objectives of EDP are as follows

(1)     To let the entrepreneur set or reset the objectives of his business enterprise and work individually and with his team for the accomplishment of such objectives.

(2)     To prepare the entrepreneur to take strategic decisions.

(3)     To prepare the entrepreneurs to bear the unexpected business risks for a long time after training.

(4)     To develop a broad vision and provide visionary leadership to his enterprise- to see the “big picture” (whole) of the business and to foresee the future and establish a “fit” between the two.

(5)     To make entrepreneurs subscribe to industrial democracy and employee welfare.

(6)     To instil in his mind values like honesty, integrity and legal compliance.

(7)     To develop in entrepreneurs the art of communication and co-ordination.

(8)     To enable the entrepreneur to build an effective organisation to achieve enterprise goals.

(9)     To develop and strengthen among the young persons the entrepreneurial competencies or characteristics, especially achievement motivation, hard work, perseverance and optimistic thinking.

(10)   To select and develop the product or service to cater to the needs and requirements of a particular market segment.