Entrepreneurship development is the process of improving the skills and knowledge of entrepreneurs through various training and classroom programs. The whole point of entrepreneurship development is to increase the number of entrepreneurs.
By doing this, the pace at which new businesses or ventures are made gets better. On a wider level, this makes room for employment and improves the economy of a business or country. The steps below will explain how to create an effective entrepreneurship development program and how to go about enhancing it.
India’s Population Has Opened New Gateways
- Outline the objectives of the program and focus on the venture development
- Select educated people who have high entrepreneurial potential
- Select uneducated people who have high entrepreneurial potential
- Identify the local market and search for people who have potential in it
- Provide support through private sector-based organizations
- Provide an easy yet detailed methodology that will help entrepreneurs improve in the short and long-run
- Implement special measures to improve the usefulness of trainers and facilitators
- The selection of areas for pilot programs must be right
- Launch pilot ED programs and develop as needed
- A successful entrepreneurship development program requires government policies
The population of India is a huge asset for the country in the next few years. By 2020, it is supposed that the nation will be experiencing a “demographic bonus” period, where the working age population would surpass the non-working population.
This unique demographic advantage will offer a great opportunity to any firm or organization trying to become successful and create a dominant position in the Indian market.
And, therefore it comes as no surprise when Facebook with its Internet.org initiative aims to bring Indians on-board and Google ramps up its efforts in India to connect with next 1 billion users through its Balloon Internet Project.
Entrepreneurs in India have identified the nascent and unorganized stage of infrastructure in a country that is presenting a huge opportunity for them, and hence are trying to digitize or organize various segments.
Many IIT-ians and MBA Freshers Opt for Entrepreneurship
Recruiting trend among IITs and top MBA colleges always make news because of the higher packages that are offered to the students. The talented students from these top colleges either lining up to get placed in the startup or opted out campus recruitment process itself, mostly, due to their growing interest to start their own ventures.
Talent Is Inclined To Work With Startups
India is all set to break away the traditional career paths as a lot of talent is tending towards working with the Indian startup space. Challenging assignments, huge funding that brings huge compensation packages and an associated cool quotient are making startups a very lucrative place and attractive value proposition.
Increasingly, a trend is being noticed where several mid-level officials are also quitting their jobs at big firms in order to work for startups. Besides, a survey conducted by Economic Times also confirmed that the number of students joining startups and e-commerce companies has grown considerably.
Even to attract the best talent in the world, many startup firms have been taking bold moves by offering high remuneration packages.
Indian and Foreign Investors Making Huge Investments in Startups
The startup ecosystem is getting substantial support from foreign and Indian investors, who have shown more faith in the industry and have provided funds to help these companies to grow leaps and bounds.
In 2015, India saw almost 300+ active angels and VC/ PE players, who carried out more than 300 deals. Various VC/PE investments happened in the expansion stage. Moreover, according to a data, Indian startups raised around $6.5-billion (Rs 42,300 crore) billion from investors in the last year.
New York-based Tiger Global Management (TGM) is currently the top foreign investor in India, followed by the Russian company- DST Global, Japanese telecom giant Softbank, Kalaari Capital, Sequoia Capital and Accel Partners.
Government Funds for Startup firms
Funding by the GOI has been the biggest backbone for the young entrepreneurs in India. By launching several plans, Indian government has assisted the start-up firms a lot to perform and sustain both in domestic and global market. There are numerous government and semi-governmental initiatives to assist startups.
Startup India Initiative
Launched by the honorable Prime Minister of India, Mr. Narendra Modi, Start-Up India initiative is a great relief for start-up firms that will give them a final break from the conventional License Raj of India. The program includes three-year tax and compliance breaks intended for cutting arduous government regulations and red tapism.
Make in India Initiative
“Make in India” has not only encouraged the manufacturer, but also the Indian buyer to trust and invest in the in the domestic brands.
Many small entrepreneurs find difficulty in getting loans or finance to start or run their businesses. Through this scheme, they will easily get loans from the banks to set up, grow and stabilize their businesses. Generally, while applying for loans, these small firms are asked for large collaterals by the banks, which made their business unsustainable.
Atal Innovation Mission (AIM):
This is an innovation promotion platform launched by the Mr. Arun Jaitley, the finance minister of India during the budget 2015 that involving academics, entrepreneurs and researchers.
To facilitate the growth of startup firms, SETU (Self-Employment and Talent Utilization) fund had been set up by the government. Under this program, Rs 1,000 crore has been allotted by the government in order to create opportunities for self-employment and new jobs mainly in technology-driven domains.
To bring down the complexities and obstructions in setting up a business, Government launched e-biz portal that integrates 14 regulatory permissions and licenses at one source. The widespread usage of this portal will enable faster clearances and improve the ease of doing business in India.