Entrepreneurship Development

ENTREPRENEURSHIP DEVELOPMENT FOR RURAL FAMILIES 4(1+3)

Lesson 2 : Views and Functional Process of Entrepreneurship

Functional process of entrepreneurship Development

The process of entrepreneurship development among individuals consists of three phases:

1. Stimulating
2. Supporting
3. Sustaining

These are shown in the figure

1. Stimulating phase: It includes the functions like
1. Entrepreneurial awareness
2. Entrepreneurial motivation
3. Planned publicity for entrepreneurial opportunities
4. Identification of potential entrepreneur
5. Assistance in product or service identification ad market survey
6. Assistance in preparation of business plan project report
7. Counseling


2. Supporting phase: It includes the following functions
1. Assistance in registration of a unit
2. Assistance in obtaining finance
3. Help in processing land, workshops, building, power, water etc.
4. Help in obtaining various permissions and licenses
5. Guidance in selection, procurement, collection of plant and equipment
6. Supply of scarce raw material
7. Grant of incentives and subsidies
8. Assistance in marketing
9. Provision of management consultancy.
10. Information on project planning and implementation
11. Help in development of new products or processes


3. Sustaining phase: It includes the following functions:
1. Modernization of units
2. Diversification, expansion & product substitution
3. Assistance in improving and profitability
4. Creation of need based common facility
5. Product standardization and testing services
6. Additional finances for rehabilitation of units