How to Develop Entrepreneurship Business

Development of entrepreneurship business really very important for economy of a country. It may be developed in many ways here we described some most important way how to develop entrepreneurship business.

To create congenial investment climate for private sector investment in industry, the government should take initiated some measures to improve law and order situation, prepare legal framework favorable to business and also committed to formula and implement sound industrial policy in the country.

However, the industrial development objectives of the country can only be achieved if the men behind are made capable and motivated to perform their functions effectively and efficiently.

There is no alternative to the presence of efficient entrepreneurs and growth of entrepreneurship in the country for sustainable industrial growth and development.

The following recommendations are put forward for consideration by the government and concerned agencies towards the promotion and development of entrepreneurship business:

How to develop entrepreneurship business

  1. Assigning top priority to entrepreneurship development in industrial policy: Entrepreneurship development should be given a top priority in the industrial policy within the framework of general economic policy of the country. In that policy the objectives, strategies, and implementation measures must be clearly spelt out. The specific responsibilities and account-abilities of concerned agencies for development must also be ascertained.
  2. Organizing entrepreneurship development programs Entrepreneurship development program should be recognized as the key toll for developing entrepreneurs without further delay. In view of the fact that training needs of different target groups may differ in terms of contents and methodology it will be necessary to design separate training program for different groups keeping in view their specific needs of training. The participants for training should be selected based on scientific selection criteria. Moreover, training program should be linked with the provision of support and sustaining assistance.
  3. Comprehensive training for emerging entrepreneurs: There is a special need for stand-alone entrepreneurship development program for emerging new entrepreneurs who mostly come from non-industrial background. The educated male and female youths including technical graduated and university graduates will come under this category. They venture. The course contents of the training, among others, should include entrepreneurship career orientation, entrepreneurial motivation, project/product identification, selection of project, appraisal of project, preparation of business plan and enterprise launching competencies and social responsibility to the community. The training program should be followed by support and sustaining assistance.
  4. Training program for micro entrepreneursSpecific program should be designed and conducted of micro entrepreneurs who have demonstrate ability to graduate out of income-generating activities.
  5. Compulsory entrepreneurship training for borrowers of industrial credit: Borrowers of industrial credit form financial institutions are in many cases first generation entrepreneurs who lack industrial management experience, knowledge about the essential management techniques; achievement motivation and information about sources of assistance etc. that appear to be major causes of industrial failure in our country. Evidences suggest that awareness about this knowledge among the entrepreneurs will reduce the chances of business failure. It is thus recommended that borrowers of industrial credit from banks, particularly first generation entrepreneurs, should be given entrepreneurship development training before they are given credit.
  6. Entrepreneurship management training for executives of banks and promotional agencies: The success of entrepreneurship and small enterprise development program is largely dependent on the efficient management of credit program organized by the organizations. In order to manage programs efficiently and offer services to the entrepreneurs properly, the bank executives must be acquainted with the techniques or selecting right borrowers, identifying and selecting viable project, assessment of entrepreneurial needs as well as means to  motivate potential entrepreneurs to enter into productive sector. A well-designed training program for bank executives as well as extension officers of the promotional organizations would help substantially to improve their skill.

    How to Develop Entrepreneurship
  7. Training of trainers and motivators: Arrangement should be made for adequate training facilities in order to impart training to trainers and motivators. Hence, necessary institutional arrangements should be made at an early date.
  8. Developing mutual trust and confidence among the stakeholdersThe crisis of confidence among parties involved in industrial development could be reduced by organizing seminars, symposiums and works shops to be participated by personnel of promotional agencies, bank executives and entrepreneurs together so that they can interact and discuss freely their mutual problems and benefits from each others suggestions and comments. Attempts should be made in these seminars to promote mutual understanding that all should work towards the success of the enterprise.
  9. Evaluation of training programs: There must be a constant evaluation as to how people after training are doing in terms of setting up and running the enterprises.
  10. Enhanced collaborations among banks, universities and training institutions: Universities and training institutions may be associated with entrepreneurship development programs particularly of research and consultancy on entrepreneurship and small enterprise development.
  11. Developing consultancy services In Bangladesh consultancy profession is very weak to proved efficient services to small entrepreneurs. Measures may be taken to improve consultancy profession in the country so that small entrepreneurs can have their services at reasonable cost.
  12. Institutional arrangement for entrepreneurship development: There exists a vacuum in the institutional facility in providing entrepreneurship development training in the real sense of the term. Such vacuum can be minimized by strengthening the existing institutions or through establishment of institutes under the joint sponsorship of banks and industrial enterprise concerned. The main objective of the center/institute will be to provide institutional framework for conducting entrepreneurship development training, offering consultancy services to both financial institutions and entrepreneurs and undertaking research on problems relating to entrepreneurship development. The center for Entrepreneurship and Enterprise Development (CEED) is a kind of such institution established recently by a group of academics, bankers, entrepreneurship training specialists and social thinkers to perform these objectives in the private sector.

Finally, it would be inappropriate to claim that recommendations motioned above can solve all the problems related to entrepreneurship development.

There are a variety of other factors, which influence entrepreneurial climate, the policy and the regulatory environment. For instance, provision of appropriate support and sustain assistance.

However, human resource development efforts are of central importance in the sense that they can help to make concerned individuals aware of constraints as well as opportunities in the environment and show up options as to how to address them.

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