Entrepreneurial Training

Contents :
  • Concept/ Meaning of Entrepreneurial Training.
  • Objectives of Entrepreneurial Training.
  • Developing the Course Content.
  • Methods of Entrepreneurial Training.

What is Entrepreneurial Training ?

Training aimed at developing entrepreneurial competence in potential individuals is called entrepreneurial training. Motivating probable entrepreneurs, assisting. these individuals in endeavor to do the appropriate activities and enterprises, improving their enterprise development skills, and facilitating them to make economically and technically feasible project reports are the main activities of entrepreneurial training programmes. The different types of motivational inputs include the wide array of tests, role plays, psychological games, goal-setting exercise and so on. Helping the individuals to have a better understanding of their entrepreneurial personality, changing self-concept and values with the help of self-study and creating the supportive entrepreneurial behavior arc the main motives of these inputs.
Inculcating the abilities to recognize the appropriate products and items for production or various other types of self-employment setups can be facilitated with the help of these training programmes. The training also focuses on teaching different techniques of performing research, surveys or studies. Relevant project reports are also required to be prepared by the participants. In such training's, different available government schemes and programmes for the entrepreneurial development are also explained to the participants. There are various institutional agencies which provide assistance to the entrepreneurs in form of financial support, power supply, raw materials, water supply, machinery, equipment, etc. In order to promote these entrepreneurs, various state governments have also initiated different types of schemes for providing various incentives and concessions.
Such training programmes are not limited to enable entrepreneurs to prepare projects only. 
Actually, through such training, the entrepreneurs become able to apply the managerial techniques in different management areas and launch their own enterprises. Different managerial" topics like production management, resource management, marketing management, financial management, taxation, inventory control, labour laws, etc., are covered in the entrepreneurial training programmes. In order to introduce the production process and machines required in entrepreneurial venture, industrial visits to plants producing the items selected by the entrepreneurs are arranged. Visits to small industrial units are very helpful to entrepreneurs.
Overall, the entrepreneurial training is very helpful in motivating and developing the entrepreneurial knowledge and skills among individuals.

Objectives of Entrepreneurial Training :

The main objectives of entrepreneurial training are enlisted below :

  1. To encourage the spirit of self-employment among entrepreneurs and develop small and medium enterprises.
  2. To encourage new venture establishment and expansion of the existing ones in rural areas through designing especial programmes.
  3. To inculcate the entrepreneurial skills to potential entrepreneurs and help develop the same in existing entrepreneurs.
  4. To enable the entrepreneurs to define or redefine their business objectives and work individually as well as in group for the realization of the same.
  5. To make the entrepreneurs ready for unforeseen threats and risks associated with the business.
  6. To facilitate strategic decision making among entrepreneurs.
  7. To inculcate team building and coordination skills for meeting the future demands.
  8. To develop the communications skills among the potential entrepreneurs.
  9. To make the potential entrepreneurs able to define the vision of their ventures and work in coordination for the realization of the same.
  10. To make the potential entrepreneurs able to analyse the environment around them and take suitable decisions about the product.
  11. To make the potential entrepreneurs. understand the legal procedures and norms involved establishing a new venture.
  12. To inculcate the basics of industrial relations among potential entrepreneurs.

Developing the Course Content :

For various EDPs which are conducted in the country, normally a uniform course curriculum is adopted by the ED institutes. Total 30-35 participants are taken in a group and the training goes for 4-6 weeks. Throughout the training module, the following inputs are normally covered which can be seen as appropriate for having the basic knowledge related to entrepreneurship and enterprise :

1) Basics of Entrepreneurship : 
In this input, the basics of entrepreneurship like its meaning,
history, features, qualities, significance, advantages of being an entrepreneur, role in economic development of the country, etc., are discussed with the potential entrepreneurs.

2) Motivational Inputs : 
Various motivational inputs are included in the training course so as to develop entrepreneurial competencies in the potential entrepreneurs. These inputs are called Achievement Motivation Training (AMT). The main objectives of AMT are to enhance the confidence, self-awareness, innovativeness, achievement need, and other entrepreneurial skills among the entrepreneurs. Behavioral psychology techniques are also used here.

3) Management Inputs : 
For starting a new venture and making it profitable, it is very necessary to inculcate management concepts in potential entrepreneurs. That is why, basic management functions like production, marketing, finance and labour relations are taught to them.

4) Support System and Procedure : 
Different supporting institutions are available to support the entrepreneurs and the entrepreneurial ventures. The participants are introduced to the supporting institutions and their schemes and roles. It is essential so as to make the potential entrepreneurs familiar with the service agencies, financial & non-financial institutions and different programmes and policies of the government.

5) Project Feasibility Study : 
The information related to prospective business opportunities present in the area where EDP is conducted is provided to the trainees. Once the trainees select some business opportunities, assistance is provided to them for preparing the project feasibility reports to be submitted to the banks and various other financial institutions. Further, trainees are provided with information about market survey, feasibility study project appraisal, technical and commercial viability analysis and so on.

6) Field Visits/Industrial Exposure : 
The course curriculum also includes industrial visits so that the trainees can have a real life exposure to industrial activities. Apart from this, first-hand knowledge and exposure related to the various issues and opportunities in industrial enterprises can be gained with the help of industrial visits.

7) Technical Knowledge : 
It is very important for the entrepreneurs to have the technical knowledge about the selected field of enterprise. Therefore, the trainees are required to have information about the economic aspects of the technology such as costs and benefits associated with a particular technology.

8) Market Survey : 
Since, the entrepreneurs should also have enough knowledge about how a market operates, therefore, EDPs also provide the trainees with opportunities to conduct market surveys for project of their choice.

Various experienced entrepreneurs who have successfully established their businesses are called in these training programmes to share their life experiences with the upcoming entrepreneurs. They serve as role models for the budding entrepreneurs.
In order to groom trainees in most significant manner, the inputs of training are planned efficiently so that the trainee entrepreneurs become enable to deal with the various responsibilities of business and face challenges which could arise during the development and management phase.

Methods of Entrepreneurial Training :

The various methods of providing training to the entrepreneurs are as follows :

1) Lecture Method : 
As the name suggests, lecture method involves providing information to the trainees orally. In case of any doubt arising in the minds of trainees, clarification can be given spontaneously by the instructors.

2) Written Instructional Method : 
When the training contents are to be used in the future by the trainees, this method is used and it is most popular in case of standardized production system.

3) Individual Instruction : 
In this method, only one person is chosen for providing entrepreneurial training. When a tough skill is to be imparted in the candidate, this type.of training becomes very useful.

4) Group Instruction : 
When the training is to be provided to the group of different individuals, this method is adopted particularly when these persons have to perform the same type of activities and similar instructions are to be given to all the candidates.

5) Demonstration Method : 
This method is mainly useful when the physical exposure is to be imparted by the trainer. In this method, the main focus is on providing practical knowledge rather than theoretical knowledge.

6) Meetings : 
This method of training mainly involves the group of people to discuss the different issues faced by them. They share their views, ideas and different conclusions are drawn on the basis of various alternatives and suggestions.

7) Conference : 
This method is generally used for imparting knowledge regarding new ideas and techniques to the trainees. Here, conferences are organised and experts from different fields are called to share their knowledge and experiences useful for the trainees.