What is entrepreneurship development and how it works

entrepreneurship development

Entrepreneurship development is a method that aims to identify, nurture, support and grow the talents in bigger level so that it brings new business leaders in the market to reduce employment, health, educational, business and environmental problems.

Following are the examples of Entrepreneurship development and how entrepreneurship development process and methods works:  

  • Self Analysis:

Self-analysis is the important part in taking career and business decision. When someone identifies his/her talent and demand in the market for the skills and present it in the form of product and services then entrepreneurship development happens in the country.

When someone does the self-analysis while doing the job for a company after certain situations. For example, if you’re a talented individual but not getting the salary or wages as per your talent and works then you do the self-analysis. And you think to change the job or to start the business.

If you have entrepreneur’s mindset or willing to take the risk for higher profits and you know that your talent and skills can generate more income than your current price then you will start a business instead of applying for the job in another company.

It means entrepreneurship development happen naturally in a situation where someone’s life goals, dreams, and desires are unable to achieve by doing the job. Then they move from the company and start fighting for their dreams. And from that passion for the dreams and excellence, new entrepreneurs born. And it’s entrepreneurship development.

I think there are 50% to 60% people doing jobs in the private sector are not happy with the salary, boss behaviors, respect and they find they are forced to work harder for the others. And many people have higher skills and talent but not able to work for themselves.

But not all can become entrepreneurs. Especially those who give up after first, second, third failure.

So in simple words, entrepreneurship development happens in the situation when someone does the self-analysis and research on the own skills and talent.

Related: Why entrepreneurship is important in the modern world?

 

  • Entrepreneurship Development Training Programs:

There are thousands of people who started the business after leaving the jobs from the big companies and now fighting in the business world for the survival and growth.

But without consistent growth, they can’t be in the business for more years. It’s because information technology, new innovations, and government policies are changing like a day/night. And it’s important for everyone to change. But to change with this transition it’s important for entrepreneurs to learn to grow. And for that, they join development programs, seminars conducted by the government, non-government organizations, third-party companies, and business leaders or coach.

For the entrepreneurship skills development following things or habits will be helpful to grow as an entrepreneur:

  • Dedicated 2 hours for consistent learning about the field they are in or the project. They can learn from industry leaders, big companies, small and big entrepreneurs and customers.
  • Learning to build digital marketing team.
  • The composition of new business development ideas with the team.
  • Skills development training programs for team members.
  • Learning to reduce cost and increase profits.
  • Meeting with successful entrepreneurs and other industry leaders.
  • Spiritual work and living habits
  • Learning the market gaps, I mean where are the opportunities for the profit and expansion.
  • Leadership skills development in self and others.

Etc.

The path to growing as entrepreneurs or become developed is from learning. Learning daily from failures is the path. And technically consistent learning and skill development is the only solutions. When you’re master in your trade then you can market your powers (business) strongly and confidently in front of clients and customers.

And when you show the confidence in the product/services then your customers attract to purchase based on your confidence. So learning such small things looks normal in philosophy but very powerful for the entrepreneurship skill development.

  • Inspiring and guide others to become entrepreneurs:

Entrepreneurship development is also based on inspiration. The inspirations can be from self-desires, dreams. For example, someone wants to build a next-generation company like Microsoft and apple. Someone can get inspired by the cause to start a business such as to break the monopoly in any market.  And it can be from teachers and industry leaders. For example, any small young entrepreneurs can get inspired to do the business or grow after getting inspirations to grow and start the business from legends such as Ratan Tata, Steve Jobs etc.

Such inspiration is already working as fuel for entrepreneurship development. And it’s increasing day by day due to the reach of motivational seminars, videos, online courses on the internet.

That’s why there are more people today, want to start their own business. But it’s easy to start the business and entrepreneurship journey. But difficult to survive for long in the venture without knowledge, funds and teams and most importantly right product/services.

There were many people started from nothing and now learned to survive. The real problem they are facing is in the expansion. They don’t know how to expand. They are unable to hire people due to lack of funds. They can survive alone but not with hiring the people.

They need to hire people to grow the business to the next level and where they can help the country in economic and employment development. They are just one step behind to make the mark in the world.

But the sad part is that many give up and decide to live small. Because it’s really difficult to grow and expand the 3 people company or startup into 100 people. While there are many facts that 90% of startups fail in their first 5 years. And it’s true.

But what is the solution to this point? The solutions can be anything but the most important is entrepreneurship education.

It’s important that some of us can help and guide next generation entrepreneurs to grow. We have to inspire them. Creation of 5-minute video or 1 motivational article is not enough. For the entrepreneurship development, we need proper syllabus and system that others can follow and grow.

Entrepreneurship development is important and it can be through education.

When someone is educated and aware of the methods that he/she can follow in a certain difficult situation in business then entrepreneurship development happen.

 

  • Ease of doing business through policies of government:

I want to start a business then what do I need to do legally? In any country, you need to do many things and it can be rent agreement, bank account, Municipal Corporation registration for hoarding and banners, registration of business, commercial license and many other government formalities etc these things cost money.

You need min. 10000 rupees to 50000 rupees in hand only for documentation. And in which you have to pay 10 to 20000+ for government employees as a bribe.

Many registar of the companies and CA charge 50000 to 60000 rupees to form a private limited company. And even in 60% of the population don’t know how to start or register the business. And due to this lack of knowledge chartered accountants and government employees charge extra money from the citizens.

There are many lower budget entrepreneurs in India or many started from the zero. And many saved 50000 to 100000 rupees to start the business. But it’s entrepreneurship development and ease of doing business if they use that money to advertise/market his/her business.

But if they pay that hard earned saved money as bribe then I don’t think it’s an entrepreneurship development. If it’s easy and free than the nation can attract more entrepreneurship and business in the country. And later they will get paid as a tax on goods and services. But governments charge higher on the gate and create a difficult barrier to become entrepreneurs then they will never be able to develop the economic conditions of the country no matter how intelligent is the government machinery.

My point is here that if government seriously want to build entrepreneurship development then they have to create single window/single document and authority for any kind of business registration and it should be free for everyone.

  • Mental support from family:

No one can survive longer in the business and entrepreneurship without the mental support of the family. Or for the entrepreneurship, many have to sacrifice their personal life. It’s bad. I don’t know what you do or what is your occupation, but I will suggest that if you find someone doing and running his/her business or doing startup then support that person, encourage them, feel proud on them and do it because in future they can be next bill gates, next steve jobs, next ratan tata. If you do it then it’s a entreneurship development. And you’re helping this country to achieve national goals.

 

  • Financial support from government/banks:

Big companies are taking everything from the market and small startups or entrepreneurs are just getting what is left by big companies in the market. This will kill the entrepreneurship development programs. It’s because the government and banks providing loans for big companies faster/more even after got cheated. And small business owners are getting zero. This difference is not good.

But unfortunately media popularize those as a richest or successful people who have to pay billions of dollars to the banks and they haven’t paid from decades. And government and banks unable to get that money and even paying more to get paid (outstanding economics).

In this case, the rich are getting the richest it’s because they have bank loans. In reality, if the bank/government decide to get the money back then he/she will fail within days. But instead of giving back that money back to banks, our richest are enjoying their life and even their new generations will also live a high standard of living on loans.

It’s very bad for the citizens of the country. Common people or small-scale business owners are getting nothing from the savings it’s because banks are in loss and for that, they are reducing the interest rates. etc.

I can be wrong in the above explanations as I am not an economist. But the truth I feel that it’s tough to get money to start a business. Even the head of the village (panchayat of the village) will not be educated it’s villagers who voted them about such startup schemes. And heads get the loans for their own development and do not try to to spread the information to more people.

Then tell me how to develop entrepreneurship?

The solutions is known by everyone that the system has to be transparent and equal to everyone. One law one nation and it’s for everyone not only for common people and small businesses but also for big corporates.

But even after such problems the real entrepreneurs hit the stage of legends and defeat all those obstacles, people and companies in that journey.

Not matter how difficult is the situation for them. And when someone stand there even after the river of obstacles from everyone  he/she become entrepreneurs and change the color of water and direction of the river and make that river useful instead of disruption.

My point is simple, for the entrepreneurship development it’s important to provide loans for small scale startups in low interest rate and provide less money for corporates in higher interest rates and then entrepreneurship development will happen.

 

  • Entrepreneurship development from school education:

Might be I don’t know but there is not more or no school where entrepreneurship is a subject after matric or 10th or 10+2. I think entrepreneurship should be a subject with possible options. When we can teach about capital, labor, land and various other sources of economics then why not entrepreneurship. It’s better and very effective if we start educating kids about entrepreneurship from school level.

So that when they get graduated or after finishing schooling they can think about it is as a career option or take entrepreneurship as a career for life. It’s difficult but it’s amazing and creative.

Someone in the education system or authority have to take initiative to develop the entrepreneurship mindset in kids and college students.

If unfortunately, they haven’t succeed in academics at least they can start new businesses based on their creative talent. Then entrepreneurship development happen. Else today, even graduates don’t know after spending 15 years of learning and integration of education what to do in life. And it’s not good for the national dreams.  Someone have to find out.

Related: Importance of Leadership Skills for Students

 

  • Leadership skills:

Leadership skills are the most demanding skills. I think entrepreneurship and leadership looks similar but it’s not. Leadership is when you take initiative, participate in the project, lead the generation, guide the students, educate kids, mange and provide vision to the billions of people. Entrepreneurship is when someone use the leadership skills to build the empire of prosperity.

Leadership is about decision making. It’s about policy development. And entrepreneurship is about execution. A leader can be a entrepreneur and entrepreneurs can be a leader. It’s not a point of conflict. I think leadership is a little wider than entrepreneurship.

But leadership skills help to start, survive, grow in business. Leadership includes of communication skills, learning skills, management skills, creative skills, imagination etc.

And leadership skills can be different according to the sector. In business leaders have to be highly visionary, but in politics, they have to be diplomatic.

So having a leadership skills and leadership development training programs will help to build entrepreneurship.

Learn more: Powerful importance of leadership development

 

  • Big dreams:

It’s very easy to dream big especially in the age of 15 to 30. And it’s really helpful to start as an entrepreneur. But the real test is after 30 when you keep living that dream. It’s painful to follow the dreams.

In this point, you have to manage family, society, relatives, kids, self and dreams. But most of us give up on the dreams and decide to remain small and keep doing the things that give money.

And it’s ok and practically according to the situation. But the actual growth after survival from 10+ years start from here, when he/she learn to manage everything and never give up on the dreams.

That’s why to achieve big in life, to remain memorable and to go from this earth by doing something that inspire the coming generation are really important to dream big and try to make those dream reality life.

If we don’t dream and don’t’ make them reality then how this world will work? The world is running because of the dreams. You’re learning here because of your or others dreams. I am writing because of my dreams. And we feel satisfied when we follow our dreams. The real success is in doing and trying and not in a destination where you can stand forever.

You have to keep working and you have to keep dreaming and it’s a journey and it’s never ending. It will transform later into your kids and it’s in us from the parents and inspirations. And it’s entrepreneurship development.

Entrepreneurship is the most important element of production/productivity in economics. The risk taking abilities, management skills and competitiveness in mind is the path towards entrepreneurship. And the growth of ethe conomy and living standard of the citizens and societies in any country is highly depends on the higher & lower level of entrepreneurship.

The smaller and higher level of entrepreneurship impact the economic, social, educational, health care, transportation and agriculture development activities in any country. That’s why it’s important to have entrepreneurship development programs for young college graduates and existing entrepreneurs.


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