Solution:

Contents of Training Program:

(1) Technical Knowledge and Skills:

• The entrepreneur has to be well conversant with the process of manufacturing and trading for which practical training based on sound theory is essential.

• He needs to know the economic aspects of the technology including costs and benefits. Field trips to a few industrial units and implant training can be very helpful.

(2) Achievement Motivation Training (AMT):

• The purpose of AMT is to develop the need to achieve, risk-taking, initiative, and other such behavioral or psychological traits.

• A motivation development program creates self-awareness and self-confidence among the participants and enables them to think positively and realistically. Without achievement motivation training, an EDP becomes an ordinary executive development program.

• Motivation training initiates people to business activity or helps them to expand their business ventures. They learn to strive for excellence, to take calculated risks, to use feedback for improvement, a sense of efficacy, etc.

• Traditionally, laboratories for entrepreneurial motivations were conducted to stimulate people’s interest in insetting up their enterprises and groom them into enterprise builders.

• These laboratories also aim at developing inclinations that ensure continuous self-appraisal and organizational revival.

(3) Support Systems and Procedures:

• Training needs to include information about support systems. The participants have to be exposed to agencies like the local banks and other financial institutions, industrial services corporations and other institutions dealing with the supply of raw materials, equipment, etc.

• The session on support systems needs to also include the procedures for approaching them, applying and obtaining assistance from them and availing of the services provided by them.

• A linkage between the training institute and the support system agencies can be established by the participation of these agencies in sponsoring and financing the EDP.

(4) Market Survey:

• The participants should be allowed to conduct market surveys for their chosen projects. This would help expose the candidate to the marketing avenues available and could be followed by sessions on methods of dealing in the markets.

(5) Managerial Skill:

• Once a participant can start the enterprise, he requires managerial skills.

• A list of the agencies along with details of the formalities to be completed and specimen forms to be filled in would greatly facilitate the entrepreneurs.

• It should include all aspects of financial management. Managerial skills are particularly essential for a small-scale an entrepreneur who cannot afford to employ specialists in different areas of management.

• The aim should be to enable the participant to look at an enterprise in its totality and to develop an overall managerial understanding.

(6) Project Preparation:

• A lot of time needs to be devoted to the actual preparation of projects. Their active involvement in this task would provide them necessary, understanding and also ensure their commitment.

• During training, various guidance sessions help enable the trainees to identify appropriate business opportunities. Information and counseling on various feasible business opportunities are provided through the team of experts and by spot surveys.

• Necessary experience is provided in market surveys, project preparation, sources of finance, etc. Undue emphasis on any dimension in entrepreneurial development should be avoided as it may lead to distortion in both process and content of the program.