What is entrepreneurship development? – Business Entrepreneur: Entrepreneurship development is a program, method, or process that aims to identify, nurture, support, and grow talents at a bigger level so that it brings new business leaders into the market to reduce employment, health, education, business, and environmental problems.
The goal is to improve the living, economic, social standards thinking, and actions of people.
Examples of Entrepreneurship development and how entrepreneurship development process and methods work:
1. Self Analysis:
Self-analysis is an important part of making career and business decisions. When someone identifies his/her talent and demand in the market for the skills, solutions, and present, and produces it in the form of products and services then entrepreneurship development happens in the country.
When someone does a 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 work then you do the self-analysis. And you think about changing jobs or starting a business.
If you have an entrepreneur’s mindset or are willing to take the risk for higher profits and you know that your talent and skills can generate more income than your current salary in a job then you will start a business instead of applying for the job in another company.
It means entrepreneurship development happens naturally in a situation where someone’s life goals, dreams, and desires are unable to be achieved by doing the job. Then they move from the company and start fighting for their dreams. And from that passion for dreams and excellence, new entrepreneurs are born. And it’s entrepreneurship development.
I think there are 50% to 60% of people doing jobs in the private sector are not happy with the salary, boss behaviors, and respect. They find they are forced to work harder for others. Many people have higher skills and talent but not getting paid what they deserve.
But not all can become entrepreneurs. Especially those who give up after the first, second, or third failure.
So in simple words, entrepreneurship development happens in the situation when someone does the self-analysis and research on their own skills and talent.
Related: Importance of entrepreneurship in society and to individual
2. Entrepreneurship Development Training Programs:
There are thousands of people who started businesses after leaving their jobs at the big companies and now fighting in the business world for 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, marketing events, boot camps, and seminars conducted by the government, non-government organizations, third-party companies, and business leaders.
For 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 a digital marketing team.
- The composition of new business development ideas with the team.
- Skills development training programs for team members.
- Learning to reduce costs 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 profit and expansion. Read More: Business Growth Opportunities Examples
- Leadership skills development in self and others.
Etc.
The path to growing as entrepreneurs or becoming developed is possible from learning. Learning daily from their own and others’ failures is the path to innovation, change, and growth. Technically consistent learning and skill development are 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 confidence in the product/services then your customers are attracted to purchase based on your confidence.
So learning such small things looks normal in philosophy but is very powerful for entrepreneurship skill development.
3. Inspiring and guiding others to become entrepreneurs:
Entrepreneurship development is also based on inspiration. The inspirations can be from self-desires and 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.
The inspiration for entrepreneurship can be from teachers and industry leaders. For example, any small young entrepreneur can get inspired to start a business and grow as an entrepreneur after getting inspiration 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, boot camps, videos, and online courses on the internet.
That’s why there are more people today thinking of starting 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 who 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 a lack of funds. They can survive alone but not by hiring 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 making 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 the next generation of entrepreneurs to grow. There are already various organizations, and leaders doing the same, and running entrepreneurship boot camps around the world.
We all have to inspire the next generation to become entrepreneurs. The creation of a 5-minute video or 1 motivational article is not enough. For entrepreneurship development, we need a 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 happens.
4. Ease of doing business through policies of government:
If 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 a rent agreement, bank account, Municipal Corporation registration for hoarding and banners, registration of the business, commercial license, and many other government formalities that cost money, time, effort and peace of mind.
You need a minute. 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 registers 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 a 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 zero. And many saved 50000 to 100,000 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 a bribe then I don’t think it’s an entrepreneurship development.
If it’s easy and free then the nation can attract more entrepreneurship and business in the country. And later the government 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. That’s why we have to think long term gains especially when it’s about economic stability and growth.
My point is here that if the government seriously wants to build entrepreneurship development then they have to create a single window/single document and authority for any kind of business registration and it should be free for everyone.
5. Mental support from family:
No one can survive longer in business and entrepreneurship without the mental support of the family.
For 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 a startup then support that person, encourage them, feel proud of them and do it, because in the future they can be next bill gates, next to Steve Jobs, Ratan Tata.
If you do it then it’s an entrepreneurship development. And you’re helping this country to achieve national entrepreneurship and social and economic goals.
6. 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 entrepreneurship development programs.
It’s because the government and banks provide loans for big companies faster/more even after they get cheated.
And small business owners are getting zero. This difference is not good for entrepreneurship development.
But unfortunately, digital society and instruments popularize those as the richest or most successful people who have to pay billions of dollars to the banks and they haven’t paid for decades. The government and banks are 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 decides to get the money back then he/she will fail within days. But instead of giving 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. And citizens keep getting lower interest on their savings.
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 at a 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 is 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 by its villagers who voted for them about such startup schemes. Heads get the loans for their own development and do not try to spread the information to more people.
Then tell me how to develop entrepreneurship.
The solutions are 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.
No matter how difficult is the situation for them. When someone stands there even after the river of obstacles from everyone he/she becomes an entrepreneur and changes the color of the water and the direction of the river and makes that river useful instead of disrupting.
My point is simple, For entrepreneurship development it’s important to provide loans for small-scale startups at low interest rates and provide less money for corporations or even at higher interest rates, and then entrepreneurship development will happen.
7. Entrepreneurship development from school education:
Might be I don’t know but there is no school where entrepreneurship is a subject after matric or 10th or 10+2. I think entrepreneurship should be a subject with possible digital 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 at the school level.
So that when they graduate or after finishing schooling they can think about it 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 has to take the initiative to develop the entrepreneurship mindset in kids and college students.
If unfortunately, they haven’t succeeded in academics at least they can start new businesses based on their creative talent. And that’s the way for entrepreneurship development.
Today, even graduates don’t know after spending 15 years of learning and integrating education into themselves what to do in life and career. And it’s not good for the national dreams. Someone has to think and act.
Related: Importance of Leadership Skills for Students
8. Leadership skills:
Leadership skills are the most demanding skills. I think entrepreneurship and leadership look similar but it’s not. Leadership is when you take initiative, participate in a project, lead the generation, guide the students, educate kids, manage, and provide vision to billions of people. Entrepreneurship is when someone uses leadership skills to build an empire of prosperity.
Leadership is about decision-making. It’s about policy development. And entrepreneurship is about execution. A leader can be an 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, and grow in business. Leadership includes 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 leadership skills and leadership development training programs will help to build entrepreneurship.
Learn more: Why it’s important to build your leadership skills
9. Big dreams:
It’s very easy to dream big especially at the age of 15 to 35. 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 later in life if you haven’t got a minute. viable success.
At this point, you have to manage family, society, relatives, kids, self, and dreams. But most of us give up on our dreams and decide to remain small and keep doing the things that give us money.
And it’s OK and practically according to the situation. But the actual growth after survival from 10+ years starts from here when he/she learns to manage everything and never gives 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 inspires the coming generation is really important to dream big and try to make those dreams a reality life.
If we don’t dream and don’t make them a reality then how this world will work? The world is running because of dreams. You’re learning here because of your or other 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. They will transform later into kids from their 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 are the path toward entrepreneurship. The growth of the economy and living standard of the citizens and societies in any country highly depends on the higher & lower levels of entrepreneurship.
The smaller and higher level of entrepreneurship impacts the economic, social, educational, health care, transportation, and agricultural development activities in any country. That’s why it’s important to have entrepreneurship development programs for young college graduates and existing entrepreneurs.