Entrepreneurial Development Cycle

Entrepreneurial Development Cycle

The entrepreneurial development cycle is the combination of all support activities and assistance that are conducted and provided continuously for the development of entrepreneurship. It generates entrepreneurial awareness in the community through well-planned publicity. It is a process of evolving one’s skills in a systematic manner. Therefore, the same goes for the process of entrepreneurship development. There are basically three types of assistance for the entrepreneurs:

  1. Stimulating assistance – To rouse to action or increased activity; excite a policy that stimulated people to protest; incentives to stimulate consumer spending.
  2. Supportive assistance – To be supportive is to give help or assistance, or to hold something or someone up.
  3. Sustaining assistance – Practices that enable or aid self-sustainability include autonomous building, sustainable agriculture, and renewable energy.

Entrepreneurial Development Cycle 1

Finally, we can say that entrepreneurship development cycle is the combination of overall assistance that is provided for the development of entrepreneurship. It starts with an entrepreneur who perceives an opportunity, creates an organization to practice it, assembles the required resources, implements a practical plan, assumes the risks and the rewards, all in a timely manner for all involved.