Solution:

The concept of Entrepreneurship Development Programs(EDPs):

• Development of an entrepreneur means inculcating entrepreneurial traits into a person, imparting the required knowledge, developing the technical, financial, marketing and managerial skills, and building an entrepreneurial attitude.

• Development of entrepreneurship incorporates four basic issues viz

• (i) the availability of material resources

• (ii) the selection of real entrepreneurs,

• (iii) the formation of industrial units, and

• (iv) policy formulation for the development of the region.

• All these issues are closely interrelated. Given the resources and the entrepreneurs expected to exploit them, the focal issue that remains is, that of the type of the industrial unit, particularly because it affects the proper utilization of raw materials and the marketing of the product.

• Development of an entrepreneur means inculcating entrepreneurial traits into a person, imparting the required knowledge, developing the technical, financial, marketing and managerial skills, and building an entrepreneurial attitude.

• The process of entrepreneurial development involves equipping a person with the information used for enterprise building and sharpening his entrepreneurial skills.

• An entrepreneurial development program(EDP) may be defined as “a program designed to help an individual in strengthening his entrepreneurial motive and in acquiring skills and capabilities necessary for playing his entrepreneurial role effectively.

• It is necessary to promote this understanding of motives and their impact on entrepreneurial values and behavior for this purpose.

• An EDP is based on the belief that individuals can be developed, their outlook can be changed and their ideas can be converted into action through an organized and systematic program.

• EDP is not merely a training program. It is process of

(a) enhancing the motivation, knowledge, and skills of the potential entrepreneurs,

(b) arousing and reforming the entrepreneurial behavior in their day-to-day activities,

(c) assisting them to develop their ventures or enterprise as a sequel to entrepreneurial action.

• The urge to achieve is one of the most significant variables associated with economic development. People with a high need for achievement tend to be more successful entrepreneurs as compared to people with low achievement.

• The man behind a project rather than physical and financial facilities are the key to entrepreneurial success. The significance of personality lies in the fact that it is the entrepreneur who has to start and run the enterprise and overcome obstacles in the process of building up and growing an enterprise.

Objectives:

• The objective of entrepreneurial training is to develop the motivation and competence necessary for the successful launching, management and growth of the enterprise.

• Entrepreneurial development is relatively a recent phenomenon as compared, to executive development.

• The objectives of an entrepreneurial development program(EDP) maybe divided into two categories:

(1) short-term objectives.

(2) long-term objectives.

(1) Short-term Objectives:

• Short-term objectives imply the objectives which are to be achieved immediately after the completion of the program. Preparing a personality for the entrepreneurial venture, and making him competent to scan the environment and situation within the existing regulatory framework are the short-term objectives.

• In brief, the short-term objective is to help a participant in the fixation on his/her goal of life as entrepreneurialism.

(2) Long-term Objective:

• In the long run, an entrepreneurial development the program seeks to equip the participants with all the skills required for the establishment and smooth running of business ventures.

• The ultimate objective is that the participant under training should establish his/her venture.

• Thus, the objectives of an entrepreneurial development program areas follows:

• (i) to enlarge the supply of entrepreneurs for rapid industrial development;

• (ii) to develop the small and medium enterprises sector which is necessary for employment generation and wider dispersal of industrial ownership;

• (iii) to industrialize rural and backward regions;

• (iv) to provide gainful self-employment to educated young men and women;

• (v) to diversify the sources of entrepreneurship, and;

• (vi) to improve the performance of small scale industries by developing managerial skills among small entrepreneurs.