How to Develop Entrepreneurship Business (12 Most Effective Ways)

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

To create a congenial investment climate for private sector investment in industry, the government should take initiate some measures to improve the law and order situation, prepare a legal framework favorable to business, and also commit to a 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 the growth of entrepreneurship in the country for sustainable industrial growth and development.

Let’s know how to develop an entrepreneurship business. The following recommendations are put forward for consideration by the government and concerned agencies towards the promotion and development of entrepreneurship business:

Table of Contents

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 the general economic policy of the country.

In that policy, the objectives, strategies, and implementation measures must be clearly spelled out. The specific responsibilities and accountabilities of concerned agencies for development must also be ascertained.

2. Organizing entrepreneurship development programs

The entrepreneurship development program should be recognized as the key tool for developing entrepreneurs without further delay.

In view of the fact that the training needs of different target groups may differ in terms of contents and methodology, it will be necessary to design separate training programs 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 programs should be linked with the provision of support and sustaining assistance.

3. Comprehensive training for emerging entrepreneurs

There is a special need for a stand-alone entrepreneurship development program for emerging new entrepreneurs who mostly come from non-industrial backgrounds. The educated male and female youths including technical graduates 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 the project, preparation of the 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-entrepreneurs

Specific programs should be designed and conducted for micro-entrepreneurs who have demonstrated the ability to graduate out of income-generating activities.

5. Compulsory entrepreneurship training for borrowers of industrial credit

Borrowers of industrial credit from 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.

Evidence suggests that awareness of this knowledge among 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 programs 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 for selecting the right borrowers, identifying and selecting viable projects, assessment of entrepreneurial needs as well as means to motivate potential entrepreneurs to enter into the 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 skills.

How to Develop Entrepreneurship Business

7. Training of trainers and motivators

Arrangements 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 stakeholders

The 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 other’s 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 research and consultancy on entrepreneurship and small enterprise development.

11. Developing consultancy services

In Bangladesh, the consultancy profession is very weak in proved efficient services to small entrepreneurs. Measures may be taken to improve the consultancy profession in the country so that small entrepreneurs can have their services at a 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 a vacuum can be minimized by strengthening the existing institutions or through the establishment of institutes under the joint sponsorship of banks and industrial enterprises concerned.

The main objective of the center/institute will be to provide an 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 the recommendations motioned above can solve all the problems related to entrepreneurship development.

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

Hope you know now how to develop an entrepreneurship business, or you may comment below for further discussion.

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