Understanding the Foundations of Entrepreneurship in Business

Capital Labour Rawmaterials Market

Capital is lubricant to the process of production. When entrepreneurshipalso increases. capital supply increases,

Availability entrepreneurshipattractive. of labour makes Presence of skilled labour force is requiredfor uninterrupted production.

Raw establishing any industrial activity and it influencesentrepreneurship. materials are required for Availability of raw materials is based on opportunistic conditions and these have to befavourable.

Market fetches revenue for any business. It is equally important to ensure futuristicopportunities.

Legitimacy of entrepreneurship: More authority to entrepreneurswithchange in tradition, socialand culturalvalues is needed Social Mobility : Highdegree ofmobility is conducive to entrepreneurship Marginality : A group of people from a given social system must assume entrepreneurial roles Security : Security is animportant facilitator ofentrepreneurial behaviour.

Need achievement: A high level of need achievement is a determinant of entrepreneurship. Withdrawal ofstatus respect: There must be a respect for the status of a society to motivate entrepreneurialgrowth. Retreatist :Continues to work Ritualist : Defensive behaviour Reformist: Formsarebellion Innovator :Creative andlikes to be anentrepreneur

Government actions or failure to act influence both economic economic factors entrepreneurship. and non-

EDP is a programme meant to develop entrepreneurial abilities amongthepeople. It refers to inculcation, development and polishing of entrepreneurial skills into a person needed to establish and successfully runhis/herenterprise.

Creationofemploymentopportunities Capitalformation Balancedregionaldevelopment Useoflocalresources Improvementinpercapitaincome

Increasesabilitiesof entrepreneurs Improvesperformanceto themaximum Helpsinadoptingnewtechniques Helpsinachievingstandardization Reducesfatigue

Develop quality. Analyzeenvironmentalsetup. Formulateproject. Understand the procedure involved in setting upasmallscaleindustry. Know the pros and cons in becoming an entrepreneur. Emphasizeon entrepreneurialdiscpline. and strengthen entrepreneurial

Lets entrepreneurs to reset their objectives and strive for realization. Preparing entrepreneurs to accept uncertainties in running a business. Enabledecision making. Enable effectivecommunication. Developa broad vision about business. Developpassion for integrity and honesty. Learn compliance with law. Subscribe industrial democracy.

General introduction to entrepreneurship Motivation training Management skills Support system and procedure Fundamentals of project feasibility Plant visits

Generalintroductionto entrepreneurship: General knowledgeof entrepreneurships Role ofentrepreneurin economicdevelopment Entrepreneurial behaviour Motivationtraining: Induces needfor achievement Successful entrepreneursshare their experience

Managementskills: Managerial skills like finance, production and marketing are imparted Support system andprocedure: Exposure on support available from different institutions and agencies Procedure for approaching is also taught

Fundamentalsofproject feasibilitystudy : Provided guidelines on effective analysis of feasibility or viability of a project Feasibility is tested from the viewpoint of marketing, organization, technical, financial and social aspects Plantvisits: Helps in knowing about entrepreneur behavior, personality, thoughts and aspirations

Pre training phase Training phase Post training phase

Activities and preparations required to launch the training programmecomesunderthis phase. Itincludes : Formationofselection committee for selectingtrainees Selectionoftools, techniques toselect entrepreneurs Selectionofentrepreneurs Tie-upofguest facultyforthe trainingpurpose Arrangementofinfrastructure Arrangementfor inauguration Arrangementfor publicity Developmentofapplication form Finalizationoftraining syllabus Surveyof opportunities ingivenconditions

Ithelps inbringing desirable change in the behavior oftrainees. The following changes arenotedby the trainer amongthe trainees: Attitudinally tuned about project idea? Whether traineewillplunge into entrepreneurial career and bear risksin it? Whether there is any perceptible change in entrepreneurial outlook, skills, role..? Whattraitsthe trainee lacks? Whether trainee possesses knowledge of technology, resources and other aspectsrelatedto entrepreneurship? Does trainee possess skill in selecting viable project and mobilize resources atrighttime? How should he/shebehave like an entrepreneur?

This phase involves assessment to judge how far the objectives of the programme have been achieved. Thisisafollow-upwhich: Reviews pre-training work Reviewprocess of training programme Reviewpast training approach

There is a need to have a look at how many participants have actually started their own enterprisesaftercompletingthetraining. On an average, one out of four trainees start theirownenterprise(26%). About10% of trainees are found blocked due to variousreasons.

Activity level of respondents New enterprises established Total investmentsmade Investment in fixed assets made No of people employed No of jobs created Increase in profit Increase in sales Quality of product/service improved Quicker repayment of loans

Impact of EDP is identified by measuring the changes in entrepreneurial behavior on four dimensions: Planning orientation Achievement orientation Expansion orientation Management orientation

Trainermotivationsarenot foundupto themark ED organizations lack in commitment and sincerity Nonconduciveenvironment Attitudeofsupporting agencies Selectionofwrong trainees