Role of training in the development of Entrepreneur

Role of training in the development of Entrepreneur

Role of training in the development of Entrepreneur

An entrepreneur is a person who creates something new and assumes the risks and rewards associated with that innovation. The entrepreneur is usually seen as an innovator, a source of new ideas, goods, services, and business/or procedures. Entrepreneurship training provides individuals with the aptitude to identify business opportunities, self‐esteem, knowledge and skills to act on them.

Generally, training is a process of learning something practical. Training helps in developing skills. However, entrepreneurship training plays an important role in the development of entrepreneurship in the following ways:

(1) Realizing business opportunities: The success of an entrepreneur mainly depends upon the proper realization of the business opportunities. Entrepreneurship training provides necessary guidelines to the entrepreneurs about it.

(2) Increasing Morale: Training helps to improve the skills of entrepreneurs and their employees. It creates confidence and morale among them.

(3) Efficient management: Training helps increase the managerial skills of entrepreneurs. It ensures efficient management in their organization.

(4) Reducing labour turnover: Training also helps in reducing labour turnover. Training helps employees- in developing their skill and efficiency. So, they can earn more through their greater performance.

(5) Reduce accidents: Training proves proper guidelines and ensures alertness about probable accidents. It helps in reducing accidents.

(6) Effective use of resources: Training helps the entrepreneurs and his employees regarding how to use land, labour, capital, machines, equipments raw materials etc. It ensures proper utilization of sources.

(7) Making familiar with entrepreneurial functions: Through entrepreneurial training a prospected entrepreneur learns a lot regarding various entrepreneurial activities, innovating tasks, and work procedure and environment.

(8) Reducing Production costs: Training teaches how to use machines and equipment and modern techniques of production properly. Moreover, wastages are also reduced. As a result, the production cost is reduced.

(9) Developing new thinking: Entrepreneurs get new data and information through training. It helps to increase their thinking power. As a result, they can be innovative in their tasks.

From the above discussion, it can be said that training of personnel is necessary for successful entrepreneurship development.