Essential of Entrepreneurial Development Assistance

Experiences of the last few decades in different countries clearly show that it is possible to develop entrepreneurs through planned educational and training efforts as a step of essential entrepreneurial development assistance.

A number of approaches have been attempted to promote entrepreneurship in different countries and many have succeeded and acquired experiences in this regard.

By and large, a holistic view consisting of stimulatory assistance support and sustaining efforts has emerged as prerequisites for the success of entrepreneurship development programmers.

Indeed in order to set up an industrial enterprise and run it successfully an entrepreneur requires these three types of assistance:

Essential of entrepreneurial development assistance

  • The stimulatory assistance comprises entrepreneurial education, training, planned publicity to entrepreneurial opportunities, and guidance in selecting products and preparing a project plan which is needed to help the emergence of entrepreneurs in society.
  • The sustaining activities include efforts, which help the entrepreneurs, sustain themselves again the challenges of actual operation.

The groups of activities mentioned above play complementary roles to each other. In the absence of negligence of one, the overall objective is frustrated. Training without matching support assistance results in failure and frustration for entrepreneurs.

This causes national wastage of resources in terms of men and materials. Similarly, if support activities are overemphasized and the other two are neglected. Then there may be facilities available with no or few entrepreneurs to avail of such facilities.

Entrepreneurship Development
Entrepreneurship Development

This causes frustration on the part of promotional agencies/institutions. When sustaining activities are over-emphasized the growth in the number of enterprises is bound to be stagnant.

However, the types and externs of assistance may vary according to the nature and status of entrepreneurs. For example, for emerging entrepreneurs, all types of assistance may be required in the intergraded form and for existing entrepreneurs, only management skill development training will be needed.

It is thus imperative that the needs of entrepreneurs are required to be identified in the total perspective before the division assistance program.

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