Types of EDP & Entrepreneurial Development Cycle

Types OF EDP & Entrepreneurial Development Cycle

Depending upon the objective of EDP, the nature of the target group, EDP can be classified into the following types & Entrepreneurial Development Cycle is elaborated.

For more detailed information  about EDP, click here

I. Entrepreneurship Awareness Training Programme

The objective of such an EDP is to create awareness this can be achieved by delivering a lecture.

II. Product-Oriented EDP

This EDP is restricted to specific products like textiles, packaged food products, casting, etc.

III.Target Oriented EDP

1. General for both men & women.

2. women entrepreneurs.`

3. Undergraduates.

4. Graduates.

5. Postgraduates.

6. Engineers.

7. Lower-income group people.

8. Craftsmen & artists.

IV. EDPs For Existing entrepreneurs.

These types of EDPs are generated by targeting existing entrepreneurs. These EDPs assist in quality certification, capacity expansion, export & modernization of plants.

Entrepreneurial Development Cycle

EDP begins with stimulating or searching for the potential entrepreneur, where only awareness is created. Those who are potential entrepreneurs receive support in establishing units from various organizations, including D.I.C, S.S.I, S.I.D.C, I.C.I.C.I, S.I.D.B.I, N.I.E.F.S, etc. Thus, they are very useful in setting & sustaining small & micro-units.

A.Stimulation consists

1. Entrepreneurial Education.
2. Planned Publicity for entrepreneurial opportunities.
3. Identification of potential entrepreneurs through a scientific method.
4. Motivational Training.
5. Help and guidance in selecting products and preparing project reports.
6. Making Availability of Techno-Economic Information and Product
Profits.
7. Evolving new products and processes.
8. Availability of Local agencies with trained personnel.
9. Creating an Entrepreneurial forum.
10. Recognition of skills.

B Support consists

1. Registration Of Unit.
2. Arranging Finance.
3. Providing land, shed, etc
4. Guidance.
5. Supply of scarce raw materials.
6. Getting or importing licenses.
7. Providing common facilities.
8. Granting tax relief.
9. Offering management.

C. Sustaining consists

1. Help modernization
2. Help Diversification /Expansion/Substitute production.
3. Additional Financing for full capacity utilization.
4. Differing repayment interest.
5. Diagnostic industrial extension.
6. Production unit’s legislation.
7. Product reservations.
8. Quality Testing and Improving Services.
9. Need-based common facilities center.

FAQs on Entrepreneurial Development Cycle

1. What is the Entrepreneurial Development Cycle?

The Entrepreneurial Development Cycle refers to the step-by-step process through which an entrepreneur identifies opportunities, starts a business, manages operations, and achieves growth.

2. What are the stages of the Entrepreneurial Development Cycle?

The major stages include:

1. Opportunity Identification

2. Idea Generation

3. Feasibility Analysis

4. Business Plan Preparation

5. Resource Mobilization

6. Business Launch

7. Growth and Expansion

3. What is opportunity identification?

Opportunity identification is the process of recognizing unmet market needs or business gaps that can be converted into profitable ventures.

4. Why is feasibility analysis important?

Feasibility analysis helps evaluate whether a business idea is technically, financially, and legally viable before investing money.

5. How does the entrepreneurial cycle help startups?

It provides a structured approach to starting and managing a business, reducing risks and increasing the chances.

To understand the concept more clearly, click the video below.