Generally, development refers to enhancing potential through the process of learning and application. By this way, Entrepreneurship development is the process of improving the skills and knowledge of entrepreneurs.
Basically, entrepreneurship development is improving the skill set as well as the knowledge of the entrepreneurs. it aims to enhance the capacity to develop, manage and organize a business venture while keeping in mind the risks associated with it.
This can be done through various methods such as training programmes specially designed to increase entrepreneurial awareness that help the entrepreneurs develop their skills through training and application of that training. It makes them the quality of making better decisions in the day to day business activities.
The process of Entrepreneurship Development
1- Set your Target
It is important to select the potential targets who should enhance their skills and who can be identified as the people who should be developed. The target people are divided into two categories- the educated target audience and the uneducated target audience.
Educated audience refers to the target people who have an educational background and want to be entrepreneurs. These people have the motivation to put their education to use by starting a venture and working for themselves.
Uneducated audience refers to the people who have not any background but want to have the potential to become entrepreneurs and they are highly motivated.
2- evaluates your opportunities
The identification and the evaluation of opportunities is a difficult task; an entrepreneur tries to make use of from all the persons including employees, consumers, channel partners, technical people to reach to an optimum business opportunity.
An entrepreneur can evaluate the efficiency of an opportunity؛whether the opportunity is worth investing in, is it sufficiently attractive, are the proposed solutions feasible, is there any competitive advantage, what is the risk associated with it.
3- Identifying Local Markets
Entrepreneurship development programs should first identify the local market and aid potential entrepreneurs who know a lot about it. this makes the program most effective and efficient. By concentrating on select local entrepreneurs, the effects of the program can be easily and quickly seen within the community. programs can help improve their knowledge in their sector.
4- choosing the Right Location
ideally, these programmes should be planned and launched in the areas where most people are interested and willing to take advantages of these programmes so that this opportunity can be used most effectively and there is no loss of resources. Selecting areas will usually depend on the ease at which.
5- Analyze the Result
This is a very important step in the process of entrepreneurship development. After the program has run its course, it is very important to analyze the effectiveness of the program. This is necessary to ensure that in future more effective programs can be developed.