RELEVANCE OF Entrepreneurship Development Programme

Contents

RELEVANCE OF Entrepreneurship Development Programme (EDPS)

No entrepreneurial development plan can be framed and implemented without its relevance to the political, economic, social and legal environment. As such an EDP which is suitable for advanced countries like U.S.A. or U.K. but may not be suitable for a developing country like India.

Relevance of EDPs in economic and industrial development need not be over emphasized. It will not be an exaggeration to say that “No EDP no means of economic development” Research studies have shown that countries which have implemented EDPs have attained high economic growth as compared to those which have not done so. It is natural Economic development never takes place by an accident. It is always a matter of design. It is a result of conscious efforts made by the State and its agencies EDP is a means to achieve this end as would have been clear from the role of EDPs discussed in the previous section. Hence, EDP is indispensable for an entrepreneur.

Relevance of EDP can be appreciated from the following:

It helps in multi-dimensional development of a country.
It encourages spirit of entrepreneurship.
It helps in education and training of entrepreneur.
It develops their skills.
It helps in promoting new ventures.
It helps in managing new ventures.
It opens new avenues of employment.
It helps in increasing imports.
It helps in increasing production and productivity.
It helps in earning valuable foreign exchange.
It helps in removing poverty.
It helps in balanced regional development of industries.
It rises standard of living of people living in underdeveloped and backward areas.
It encourages invention.
It increases opportunities for research and development.
Helps in project formation.

Role of Government in Organizing

The task of entrepreneurial development is very complex and closely related to economic and business environment prevalent in the society. Business environment is affected by political, economic, social and legal factors. Above all Government is the biggest player. Hence, the Government plays a major role in regulating and controlling business environment through business regulatory framework, i.e., industrial policy licensing policy, foreign exchange management, banking policy and pollution control laws.

Important Link…

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