8 Key Characteristics of Entrepreneurship Development

in a narrow sense, entrepreneurship development means the development of entrepreneurial tendencies in people.

characteristics of entrepreneurship development
characteristics of entrepreneurship development

However, in a broader sense, the process of identification of entrepreneurial abilities and capacities of the persons, providing maximum opportunities for use thereof is known as entrepreneurship development.

Characteristics of Entrepreneurship Development

Following are the features or characteristics of entrepreneurship development:

1. It is a Concept

Entrepreneurship Development is a concept. It Emphasis the identification of elements affecting the supply of entrepreneurship, or through which entrepreneurial capacities may be developed, according to National and social requirements, In a developing country, Entrepreneurship Development is a new concept.

In these countries, various important problems may be resolved only by entrepreneurship development.

Related: 59 Main Functions of an Entrepreneur (With Examples).

2. It is a Process

Entrepreneurship development is a process. Various factors and determinants are studied and analyzed through which entrepreneurship may be developed and efforts are also made for entrepreneurship development, for making the continuous supply of entrepreneurial class.

Besides, this is a process of entrepreneurship development because it provides maximum opportunities for identification of abilities and capacities.

3. Encouragement of Flow of Persons

Entrepreneurship development encourages the flow of persons (entrepreneurs), because it includes efforts and activities, like suggesting the entrepreneurs go at such places where industrious have not been set up or they have closed or their development and expansion have been very low.

Entrepreneurship Development encourages the flow of persons to entrepreneurial ranks.

4. Basic Objectives and Goals

The basic objectives and goals of entrepreneurship development are to develop entrepreneurial abilities in the maximum number of persons to include them in entrepreneurial ranks.

Emphasis is placed on developing entrepreneurs in all parts of the country.

Related: 10 Objectives of Entrepreneurial Development Programmes – Explained.

5. Dependence on Innovations

Entrepreneurship development depends on innovations.

It is quick in those countries, which stress the activities of research and development leading to innovations.

This is evident in countries like America, Japan, Germany, etc.

India has been slow in entrepreneurship development as it has lacked fast innovations.

6. Development of Entrepreneur Nature

Entrepreneurship development activities may be performed by providing various types of training to the persons.

It may accomplish various constructive activities, organizing programs, by setting up counseling centers, by developing women entrepreneurs, and development of Technical and vocational education.

7. Practical Approach

Entrepreneurial development is a practical approach, because it encourages the flow of individuals to entrepreneurial ranks, so that they may establish, developed, expanding industries, and may perform innovations.

Related: 18 Nature and Characteristics of Entrepreneurship.

8. Influenced by Various Factors

Entrepreneurship Development is influenced by various factors, like personal, social, cultural, environment, assistance and facilities, etc.

Hence, whenever the entrepreneurial ranks are to be developed, all these factors will have to be kept in view.

The Entrepreneurship Development programs will be successful in these conditions only.

Thus, now you know the characteristics of entrepreneurship development.

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