The most popular word these days i.e. Entrepreneurship and being an Entrepreneur. In our country India where the employment rate is very bad, Entrepreneurship is a very good example for generating employment. Entrepreneurship is the act of being an Entrepreneur which can be defined as “one who undertakes innovations, finance and business acumen in an effect to transform innovation into economic goods. The most obvious form of entrepreneurship is that of starting a new business also called a “start-up company.” Most recently the term has evolved to include other types of entrepreneurship such as;-
– Social Entrepreneurship applies the “entrepreneurial principles to organize and manage a venture to achieve social change.
– Political Entrepreneurship or starting a new political project, group, or political party.
Entrepreneurship promotes capital formation by mobilizing the idle saving of the public. They employ their own as well as borrowed resources for setting up their enterprise such types of entrepreneurial activities lead to value addition and creation of wealth which is very essential for the industrial and economic development of the country. It provides immediate employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up of more and more units by entrepreneurship both on a small and large scale, numerous job opportunities are created for others. It also helps to remove regional disparities through the setting up of industries in backward and less developed areas. The growth of industries and business in these areas lead to a large number of public benefits like health, education, road, transport, etc.
Entrepreneurs are always on the lookout for opportunities. They explore and exploit opportunities, encourage effective resource mobilization of capital and skill, bring in new products and services, and develop the market for the growth of the economy. In this way, they help increasing gross national product as well as per capita income of the people.
For helping young entrepreneurs, Entrepreneurial Development Programs are designed that helps entrepreneurs in strengthing their entrepreneurial motive and in acquiring skills and capabilities necessary for playing their entrepreneurial role effectively.
EDPs(Entrepreneurial Development Programs) can help in removing unemployment, promotions of small-scale units, development of industrial regions, overalll economic development, etc.
EDPs give confidence to the entrepreneurs and make them face and solve a variety of problems while running their business units.
It is only through EDPs that the youth can be made conscious of the role of entrepreneurs in accelerating the pace of economic growth and in enhancing the quality of life of people.
It also helps in process of learning new skills and application of knowledge.
It helps to become more mature, good human beings.
It increases employee morale and reduces absenteeism and employee turnover.
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