Academic journal article South Asian Journal of Management

Developing Emotional Intelligence for Entrepreneurs: The Role of Entrepreneurship Development Programs [Dagger]

Academic journal article South Asian Journal of Management

Developing Emotional Intelligence for Entrepreneurs: The Role of Entrepreneurship Development Programs [Dagger]

Article excerpt

INTRODUCTION

India has a rich tradition of entrepreneurship and our entrepreneurs have been the main channel for the nation's economic progress and global status. Due to the economic reforms of the new economic policy of 1991 and the arms of globalization embracing India, the trend towards entrepreneurship has become the backbone of the economy. According to recent statistics, India, a country with a population status of 48 million, ranks second in terms of the number of SMEs. This is a positive indication of progress as economics says that the stable growth of national economy depends largely on the growth of the businesses at the bottom of the pyramid. Hence the growth of entrepreneurial ventures is essential in today's dynamic economy for a nation to sustain. The economic recession from 2008-2010 that still has its marks on the global economy has shown that when the large organizations have failed to sustain and collapsed, the countless organized and unorganized businesses have enabled the emerging economies to stay afloat. These small and medium businesses contribute a large portion of the industrial output and employ a fairly large percentage of domestic labor leading to catalytic economic growth, industrial development and employment in emerging economies like India.

Entrepreneurship and its development have gained much importance in the emerging countries over the last century. The present dynamism in the economy has necessitated the need for emerging economies like India to put higher impetus on entrepreneurship development since it is the only savior from an economic catastrophe of the mankind.

As per Ministry of MSME, these entrepreneurial ventures, which start up as small and medium sized businesses, have contributed to approximately 8 percent of our nation's GDP. With 45 percent of the manufacturing goods and almost the same percentage of exports, these businesses have been balancing the national economy at uncertain times. They are the platform for entrepreneurship and innovation and offer a considerable share of employment.

Figure 1 clearly exemplifies the growth of employment in the informal, unorganized category due to entrepreneurship. As a result of the massive growth of MSMEs, our economy is emerging along an upward inclined curve. Such positive results in economy due to entrepreneurship at every level have grabbed the focus of the government, researchers, economists as well as many other stakeholders.

Under the MSMED Act of 2006, the Ministry of MSME has effective provisions and programs to provide necessary assistance to entrepreneurs and small businesses. Various institutes in India provide programs and policies to increase successful entrepreneurship ventures like the ones provided by government aided institutes like the National Institute for Micro, Small and Medium Enterprises (NI-MSME), National Institute for Entrepreneurship and Small Business Development (NIESBUD), Indian Institute of Entrepreneurship (IIE) or the Development Commissioner (DCMSME). Various private training institutes have also mushroomed due to the growing demand of Entrepreneurship training. This develops an incubation ground for successful entrepreneurship in India. It is considered to be the best roadmap towards fast economic development that emerging economies like China and Brazil have already undertaken successfully.

Hence in this scenario, it becomes mandatory to re-think about ways to channelize and strengthen the entrepreneurship culture in a country where rural businesses account for 45 percent of the total entrepreneurial ventures. Entrepreneurship Development Programs are such tools that are been adopted to train and polish the entrepreneurial acumen of the present generation youth to successfully realize their dreams and intents of becoming successful entrepreneurs and contribute to the nation as well as world's economy. According to Tang and Koveos (2004), entrepreneurship ultimately ends up in creation of value in terms of economy and systems leading to employment generation, enhanced economic growth and sustainable business development. …

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