If you have been considering a career as an entrepreneur, you may have come across the concept of EDP, or Entrepreneurship Development Programme. In this Entrepreneurship Development Guide, i will explain to you everything you wanted to know about EDPs or Entrepreneurship Development Programs.
Here is what you will learn in this blog:
Table of Contents
What is EDP aka Entrepreneurship Development Programme?
“What is EDP?” put simply, an entrepreneurial development programme is a structured training program that can help you hone the abilities required for successful setting up a business and kick-starting your entrepreneurial journey.
With the wider reach of internet, EDPs are also being offered by prestigious universities and platforms like udemy as online courses for small business and entrepreneurs to upgrade their skill set.
An EDP is associated with not just entrepreneurs in the making, but with those who may have already got their feet wet as well. Even if you’ve recently started your business or have been running it for years, you can still benefit immensely by enrolling yourself in an EDP programme.
Need For Entrepreneurship Development Programme
Running a business can be hard. Many founders and leaders have often said that starting up and building their own business from the ground up has been the most challenging experience of their lives, even though it is equally rewarding.
Not only do you need to have a healthy appetite for risk in an uncertain environment, but you need to remain on the ball in terms of industry and market trends, constantly upgrading your skills as well as your product or service offering to compete with others in a similar niche as you.
The need for entrepreneurship development programme is to help entrepreneurs, existing and budding alike, to:
- Improve their knowledge base about entrepreneurship trends and opportunities
- Develop their skills as an entrepreneur, innovator, and leader
- Hone the attributes necessary for running successful entrepreneurial ventures
Over the past few years, a number of private organisations, as well as government institutions, have begun offering their own entrepreneur development programs, in order to foster the spirit of enterprise and boost entrepreneurship in the country.
Through workshops, boot camps and training programmes, these initiatives are actively helping improve the quality as well as quantity of entrepreneurs across various domains and industries.
Fostering entrepreneurship, in turn, has numerous positive benefits such as creating further employment, strengthening the local and national economy and providing an alternative for better livelihoods through self-employment.
To add to the challenge, with start-ups becoming more and more popular, the competition is only growing.
Signing up for an EDP can help give you the support structure and knowledge base to take on these challenges, and turn them into positive milestones. You often get to learn from and hear from experienced entrepreneurs, who will guide and mentor you through your journey with insights from their own personal and professional journeys.
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What Are The Objectives of EDP?
From time to time, our company organises Entrepreneurship Development Programmes in partnership with a government enterprise, in fields such as Digital Marketing, IT-enabled Services, and other similar domains.
A number of enthusiastic entrepreneurs attend our workshops – spirited individuals with unbridled passion and the determination to change their world! Their enthusiasm begins on Day One itself, with questions such as:
What is EDP? How will an EDP in Entrepreneurship help me? What is the need of EDP in my journey? What are the objectives of an entrepreneurship development programme?
I have addressed most of the questions in the blog under different sections. However, one question that deserves special attention is – What are the objectives of EDP? i.e, what are the key areas an EDP addresses?
The Objectives of the EDP is to:
- Help you validate your Idea – Regardless of which field or sector you come from, an entrepreneurship development program offers you the chance to step back and view your idea, innovation or enterprise from the perspective of the market or industry you are in.
- Help you do a SWOT analysis of yourself and your venture – Personally and individually, it will help you identify your own strengths and weaknesses – what do you do well already, and what are those areas where you need to improve?
- Prepare you for Entrepreneurship – For aspiring entrepreneurs, it takes a whole lot of courage and determination to take the leap of faith into entrepreneurship. An EDP can be a good way to bridge that transition and give you the confidence you need to commit and dive in, head first.
- Upgrade your skill set– For people who already have a business, it can be a good chance to re-evaluate both their business idea as well as their own professional goals. Is it time to push gears and take it to the next level? An EDP can help you figure that out.
- Help you identify your goals – Do you know the goals, targets or milestones you want to achieve with your business, but are unsure of how to get there? Then an EDP may be the right choice for you.
- Make you result-oriented – Sometimes, we have the time and passion, and we put in the effort. But we still don’t see results. There could be technical skills you’ve overlooked, that could help build your USP and differentiate you from the competition. Some EDPs can help you build specific domain-related skills as well.
Most importantly, the EDPs help you prepare for the entrepreneurial journey ahead from the experiences of those who have been through the drill.
As they say – what better way to learn about something than from someone who’s experienced it themselves? Interacting with experienced entrepreneurs provides a much-needed perspective for others struggling with similar challenges or questions.
Benefits of EDP
If you are someone with some experience already, you might be asking yourself, what is the need for an Entrepreneurship Development Programme for me? Isn’t it better I focus purely on building my business, instead?
I have dealt with this question numerous times, and many entrepreneurs I’ve worked with finally recognise the benefits of an EDP in:
- Preparing for the future
- Preparing for uncertainty or risk
- Learning about scaling up, and the associated challenges
- Learning from failure, and building on it
- Dealing with organisational or team issues
All of the above are the kinds of challenges faced by those already deeply involved in a business. Often, we are so busy firefighting and bringing our teams or products back on track, which we fail to look at our business journey strategically.
Learning from the various modules of an EDP and hearing from other entrepreneurs can give us a different, yet critical outlook on how to surmount our day-to-day challenges. After all, learning what not to do can sometimes be even more important than learning what to do!
What is EDP in Entrepreneurship?
Let me give you a real-life example of how entrepreneurship could have helped me be a better entrepreneur.
Once I began my career, you could say I was living and breathing the Great Indian IT Dream – hired by an MNC right after completing my studies as a software developer. A few years of slogging it out took me next to the Great American Dream. I somehow managed to find work in the US and moved.
You know how it can be, from thereon – once you get a Green card, it’s hard to look back. That’s what most people I know have done, and I’m sure that’s the case with many people you know too. Nothing wrong with that. Right?
Well, it’s definitely cool and our friends make it look even cooler by talking about their achievements, posting photographs from the most beautiful locations in the US, making us all jealous (including me!) and instilling boundless FOMO or the fear of missing out!
What we often don’t realise is that there is great uncertainty involved – now, for instance, it has become harder and harder to sustain good work in the US as an immigrant – with the Trump presidency and visa restrictions, the Great Indian IT Dream (which feeds into the Great American Dream) is slowly fizzling out.
For me, the realisation happened sooner rather than later. I quit within a year and decided to take another journey – this time, a roller-coaster ride into my very own entrepreneurship journey.
It has been almost a decade since. And even though I sometimes question my decision to quit a well-paying job on those days that I’m battling fires on all fronts, I always come back to the realisation that becoming an entrepreneur was the best thing I could have ever done.
I learned my lessons the hard way – trial and error, picking up new skills without any formal training, making mistakes and learning from them. In my EDP programs, I try and share my insights with the group so that they can learn from my mistakes too.
I encourage them to go out of their comfort zone, teach themselves what they don’t know and work better, not just harder.
As an entrepreneur myself, I know about the impatience one feels when you’re working yourself to the bone and still seeing no results.
Through our Entrepreneurship Development Programmes, entrepreneurs learn the value of patience and good work. Rather than any get-rich-quick schemes, they learn how to focus on the most important stuff. At the end of day, our job is to make then understand the role of edp in entrepreneurship and how EDP can help them make better entrepreneurs.
Once they understand the basics of our edps, they are more engaged in the program. When you do that, the money follows.
Prerequisites for Entrepreneurial Development Programmes
Here’s the most interesting thing. There are no exact pre-requisites for becoming an entrepreneur. Sure, some EDPs might require some minimum qualifications for attendance. But broadly speaking, anyone with the passion and commitment can become an entrepreneur.
No one is born with an entrepreneurial mindset – not even Bill Gates! The best entrepreneurs develop it over time.
Secondly, the richest people today never knew they would be at the top someday. They simply persevered and inched slowly and painfully, making their way to the top.
Thirdly, if you have the right vision – to build great products, companies or teams – all you need is determination and the right supporting environment to bolster you through.
So, if you decide to sign up for an entrepreneurship development programme, go in with the right expectations. You will have to work just as hard as your trainer, if not harder. You won’t be given any formula to rake in the moolah, but you’ll be given the tools. You may not be given the money, but you will learn how to raise it.
You will be able to network, learn from your peers, interact with those with much greater experience than you. You might even come across new opportunities for collaboration, or support through institutional schemes run by the government or other organisations that support entrepreneurs.
At the end of the day, if you are willing to put in 100%, there will be countless things you can take away from an entrepreneurship development program. All you need is the willingness and the drive to say – ‘Yes, I can’!
Steps of the Entrepreneurship Development Programme
Every entrepreneurship development programme is designed keeping in mind the end goal it wants to achieve.
The steps for conducting an entrepreneurship development programme consist of:
- Defining the Objectives of the EDP – You start by understanding the objective of conducting the EDP. i.e, what is it that you are trying to pass as value to the program attendees. The answer to the Question – What skill set do you want to improve or upgrade for the attendees via the program? It helps you set a clear cut objective and define the program’s key points. For example, if I was conducting an EDP to increase awareness of Digital marketing. The objective of the EDP will be “Introduction to Digital marketing and how Digital marketing helps entrepreneurs do affordable marketing?”
- Identify the target audience for the course – Based on the objective defined, you identify the target audience. The target audience for an introduction to digital marketing EDP course would be small business owners who are not tech-savvy or professionals who want to bootstrap their business and are looking for affordable methods to promote their business.
- Setup the course details – You know the objectives, target audience – time to detail the EDP by identifying: Duration, Medium, Fees. For the course. I would suggest a 16-hour course with an online medium (if to be done via the internet) or book a venue for two days for an offline course. Again, the cost changes based on the medium. The online course costs less than the offline course as it does not involve booking a venue.
- Promote the course – As an institute conducting an EDP Course, you should be able to identify the mediums to promote the course (offline and online) depending on the cost, the number of students you expect and the duration of cost.
After you have conducted the EDP Course, I highly recommend that you follow it up with after course material that can help you assess the course’s impact on the students who attended the course.
Differentiate yourself and your business with an EDP program
At lessons at startup, we run online EDP programmes:
- An EDP in Digital Marketing
- An EDP in Social Media Marketing
- An EDP to help you kick-start your business
Depending on your existing knowledge and skill set, you can pick the right program for yourself. Our objective is not to help everyone build every skill, but simply to help add on a layer of skills over and above what you already know.
In a way, we help you refine your existing skills and then develop new ones. This helps provide a strong foundation for your entrepreneurship journey and strengthen your business at the same time.
For instance, a critical aspect of our entrepreneurship development programs is to help entrepreneurs develop and leverage internet marketing skills. None of us have endless marketing budgets, and we need to optimise our marketing spend in the best possible way without compromising the effectiveness of our campaigns.
By learning about blogging, content creation, and marketing strategies, our entrepreneurs learn to bootstrap while promoting their products and services, without compromising on quality.
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List of Famous EDPs in India Conducted by Government Institutes:
- NIESBUD, Noida: I have personally been a trainer for NIESBUD where I conducted Entrepreneurship and Digital Marketing EDPs as a 2 day or 6-day workshop. NIESBUD has established a name for itself in providing quality EDPs through private and their in-house trainers.
- EDII (Entrepreneurship Development Institute of India) – As per the website, it is a non-profit autonomous body established in 1983 in Gujarat. The institute is supported by some of the leading financial institutions like SBI.
- SISI (Small Industries Service Institutes) – They are institutes set up in each state of India to help entrepreneurs get counselling and training related to entrepreneurship.
- MSME (Micro Small and Medium Enterprises), DC – MSME runs a wide array of schemes under it to help entrepreneurs with different business functions relate to training and funding.
- NSIC (National Small Industries Corporation) – NSIC runs skill development programs to improve skills to create more awareness about self-employment opportunities in the country
List of Famous Global EDPs Across the World:
Babson College Entrepreneurship Programs
As per U.S. News & World Report, Babson College is the No. 1 undergraduate school for entrepreneurship for the 22nd consecutive time.
The program acknowledges that that entrepreneur can be created, not just born, and they can be taught to think and behave in any setting with a problem-solving mindset.
Together with present and future learners, Babson’s strong network of 41,000 alumni in 119 nations is working towards tackling the world’s most significant problems with constant, action-oriented energy, creating employment, strengthening communities, and generating social and global economic value.
Babson’s Goldman Sachs 10,000 Small Businesses
Entrepreneurship Development program addresses barriers to growth for small businesses. It is based on the broader perspective of leading specialists; better access to this mixture of schooling, capital, and support facilities addresses growth obstacles for small companies.
The 10,000 Small Business program, which was launched in 2009, has graduated over 8,000 growth-oriented tiny companies across the country.
The program has grown rapidly and now includes 16 locations across the U.S. at community colleges. The program has continuously provided to help small companies develop their income and generate employment.
Another Entrepreneurship Development program offered by Babson is Global Symposia for Entrepreneurship Educators (SEE), preparing today’s educators to teach tomorrow’s entrepreneurs.
The Global Symposium for Entrepreneurship Educators (SEE) is provided to individuals from various places in areas on and off the Babson campus. The curriculum is intended to promote entrepreneurial growth and financial development at the institutional, regional, or national level by preparing teachers with an entrepreneurial mindset to teach.
Advanced Entrepreneurship Practicum Offered by Michigan University
The program is designed on the concept of issue validation and client discovery established in ENTR 411.
The program is modelled off real-world startup incubator and accelerator programs. As the class advances, you will learn a range of concepts of entrepreneurship and apply them to your business.
Students experience value creation in running, expanding, and operating their sustainable enterprises; apply basic principles of entrepreneurship, including sales, marketing, legal considerations, and finance; develop the capacity to share, pitch, and articulate client requirements, value proposition, client segments and go to market strategies.
Entrepreneurship Development Program by MIT (Management Executive Education)
Based on MIT’s vast culture of innovation and entrepreneurship, this distinctive course introduces attendees to MIT’s enterprise education programs, technology transfer scheme, and a worldwide network of entrepreneurship.
It includes the entire cycle of venture development, from creating thoughts to constructing growing worldwide companies, with particular emphasis on nurturing corporate, university, government, and foundation roles. This program leverages the high-tech entrepreneurship culture of MIT to assist entrepreneurs, corporate venturing managers and startup companies in learning what goes into creating successful businesses,
The program also teaches – how to boost entrepreneurship possibilities in their corporations, organizations, and areas.
Draper University Hero Training
Go from an idea to a “product ready pitch” for Venture Capital Investors.
The venture capitalist Tim Draper established Draper University. At Draper University, as you learn from top venture capitalists and entrepreneurs. You will go from an idea to a product ready to pitch to venture capital investors. Elon Musk (Tesla), Aaron Levie (Box), and Tony Hsieh (Zappos) were among the past speakers.
Live and learn while creating a powerful network of life-long mentors and friends in Silicon Valley. You get to join 1000 + alumni who started their startups, raised $240+M in venture funding, and sold their businesses for many millions and featured under 30 in Forbes 30.
Bauer College of Business, University of Houston
The program offers one of the best Entrepreneurship Development Programmes across the globe.
Throughout their program experience, students generate and perfect their concept and business plan.
What makes it more interesting is the fact that learners have access to a number of resources. (mentors, roundtables, colleagues, business plan writing instruments, program management, professors and employees)
All the above that provide a holistic attitude to promoting the postgraduate objectives of each student. Every student has the chance to turn their enthusiasm into their definition of achievement, whether they include postgraduate studies, jobs, or beginning a company.
The Cyvia and Melvyn Wolff Center for Entrepreneurship
In the last ten years, Students from the program have started over 1,000 companies.
WCE is dedicated to a program dedicated to satisfying the requirements of a quickly changing company setting. The program’s most significant achievement was when few students were able to sell products on Amazon. In 2017, a Woman in Entrepreneurship class was introduced to tackle women entrepreneurs’ particular problems.
Penn Wharton Entrepreneurship
Penn Wharton Entrepreneurship assists learners who are interested in entrepreneurship and innovation to discover their distinctive career route. The known Startup Challenge from Wharton provides learners with the chance to showcase their startups and compete for money and awards worth thousands of bucks.
Wharton’s student entrepreneurs are open to an abundance of financing opportunities, such as prizes, awards, and contests.