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APPROACHES FOR ENTERPRENEURSHIP DEVELOPMENT

Ms. T.SUBHA & Ms. A.R.DIVYA, M.Phil SCHOLARS, SNR INSTITUTE OF MANAGEMENT SCIENCES, SNR SONS COLLEGE(AUTONOMOUS), NAVA INDIA, COIMBATORE-641006. E-MAIL ID: subhathilakan@gmail.com PH: 9994669540. E-MAIL ID:divyarangaraj07@gmail.com PH:9894120360.

Evolution of Entrepreneurship: The early histories of entrepreneurship in India reflect from the culture, customs and tradition of the India people. Occupational pursuits opted by the individual under the caste system received different meaning of value attached to entrepreneurship. As society grew and the process of business occupation depended and the value work tended towards change and the various occupational role interchanged with non-role group and sub-groups. Entrepreneurship: Entrepreneurship is a act of being an entrepreneur, which can be defined as one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. Perception of Entrepreneurship: It has assumed entrepreneurship accelerates economic growth; it promotes capital formation and creates wealth. Entrepreneurship is a process of exploring the opportunities in the market place and arranging resources required to exploit these opportunities for long term gain. It is the process of planning, organizing, opportunities and assuming. Essential skills of an Entrepreneur: Initiative, Opportunity Seeking, Persistence, Information Seeking, Quality and Efficiency, Risk taking, Goal Setting, Commitment to Work, Persuasion and Networking, Independence and Self Confidence

Makeup of a Business Opportunity: A business opportunity consists of four integrated elements all of which are to be present within the same timeframe. These four elements are: A need- That means to fulfill the need. A method to apply- To fulfill the need and; - A method to benefit. With anyone of the elements missing, a business opportunity may be developed, by finding the missing element. The more unique the combination of the elements, the more unique the business opportunity can. Business Plan: A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable and the plan for reaching those goals. Business plans may also target changes in perception and branding by the customer, client, taxpayer or larger community. Marketing Planning Process: The essence of the process is that it moves from the general to the specific, from the vision to the mission to the goals to the corporate objectives of the organization, then down to the individual action plans for each part of the marketing program. Study of the companys marketing mix will be in terms of the 8 Ps of marketing. Focus on Entrepreneurship Development: Entrepreneurship development refers to the process of enhancing entrepreneurial skills and knowledge through structured training and institution building programmes to the individuals. Small medium enterprise development focuses on developing the enterprise, whether or not it employs or is led by individuals who can be considered entrepreneurial.

Formulate Objectives: Focus on the development of ventures with the potential for rapid growth, and then decide on the objectives accordingly.

Begin with a clear understanding of the feasibility and objectives of the programme. Entrepreneurship development should be about helping people start and grow dynamic value added businesses.

Identify risks and determine the likelihood of success.

Key Prerequisites for Entrepreneurial Success: Develop criteria to select target group that is the most entrepreneurial: Entrepreneurs are characterized by the need to be independent, to create value, to contribute to family and society, to become rich, not to be unemployed. Potential entrepreneurs display initiative and ambition, have business sense and foresight, and are decisive. Promising entrepreneurs should be nurtured and helped to serve as role models and mentors for their communities. Conclusion: Entrepreneur is an economic agent who plays a vital role in the economic development of a country. In order to achieve economic objectives, the entrepreneurs mind-set must be innovative, creative and goal-oriented. To conclude, the following quote is considered to be apt: The best way to predict the future is to create it.- Peter Drucker. References: Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction. Myra Hart,Patricia.Greene- Frontiers of Entrepreneurship Research 1997 Edition, Babson College 1997. Shane,Scott- A General Theory of Entrepreneurship: the Individual- Opportunity. ,Nexus Edward Elgar,2003.