What is Entrepreneurship Development Programme (EDP)? How does it help an individual to become an entrepreneur?

Entrepreneurship Development Programme (EDP) is a programme which helps in developing the entrepreneurial abilities. The skills that are required to run a business successfully is developed among the people through this programme. Sometimes, people may have skills but it requires polishing and incubation. This programme is perfect for them. This programme consists of a structured training process to develop an individual as an entrepreneur. It helps the person to acquire skills and necessary capabilities to play the role of an entrepreneur effectively. As per National Institute of Small Industry Extension Training, Hyderabad, an EDP is an effort of converting a person to an entrepreneur by passing him through a thoroughly structured training. An entrepreneur is required to respond appropriately to the market and he/she is also required to understand the business needs. The skills needed are varied and they need to be taken care in the best possible way. EDP is not just a training programme but it is a complete process to make the possible transformation of an individual into an entrepreneur. This programme also guides the individuals on how to start the business and effective ways to sustain it successfully.

Objectives of EDP

The objective of this programme is to motivate an individual to choose the entrepreneurship as a career and to prepare the person to exploit the market opportunities for own business successfully. These objectives can be set both in the short-term and long-term basis.

• Short-term objectives: These objectives can be achieved immediately.In the short-term, the individuals are trained to be an entrepreneur and made competent enough to scan existing market situation and environment. The person, who would be the future entrepreneur, should first set the goal as an entrepreneur. The information related to the existing rules and regulations is essential at this stage.
• Long-term objectives: The ultimate objective is that the trained individuals successfully establish their own business and they should be equipped with all the required skills to run their business smoothly.

The overall objectives of EDP are mainly to help in rapid industrialisation by supplying skilled entrepreneurs. At the same time, it also industrialises underdeveloped areas. The performance of small and medium scale industries are expected to improve by this and therefore providing a huge scope of employment generation in these sectors. This programme primarily aims at providing self-employment to the young generation.

An Entrepreneurship Development Programme primarily plays four roles to help an individual to become an entrepreneur. They are:

• Stimulatory Role: It aims at influencing people in large number to be the entrepreneur. This includes:

1. developing managerial, technical, financial, and marketing skill
2. inculcating personality traits
3. promotes and reforms entrepreneurial behaviour and values
4. identifying potential entrepreneur applying scientific methods
5. motivational training and building proper attitude
6. strengthening the motive of a person and giving recognition
7. the valuable know-how of the local products and the processes help in selection of products, preparation of project reports

• Supportive Role: It helps in the following ways:

1. registration of the business
2. procurement of fund
3. arrangement of land, power, water, shed etc.
4. support in purchase of right kind of machinery and equipment
5. supply of raw materials and common facilities
6. Providing tax relief, subsidy etc.
7. guidance in product marketing
8. support for management consultancy

• Sustaining Role: It aims at providing an effective safeguard to businesses to sustain against the cut-throat market competition. This includes:

1. help in modernisation, expansion, and diversification
2. additional financing for further development
3. deferring interest payment
4. creating new marketing processes
5. helping access to improved services and facility centres

• Socio-economic Role: It aims at upgrading the socio-economic status of the public and includes:

1. identifying entrepreneurial qualities in practicality
2. creating employment opportunities in micro, small, and medium industries on an immediate basis
3. arresting concentration of industries by supporting regional development in a balanced manner
4. focusing on the equal distribution of income and wealth of the nation
5. channelizing the latent resources for building an enterprise

The Govt. of India has established specialised institutions to boost up the rate of entrepreneurial development in India like NIESBUD in Noida, MSME-DI for small scale industries, NIMSME in Yousufguda, Hyderabad, EDI, NSTEDB, IED and CED in different states.