Entrepreneurship is a key driver of economic growth, fostering innovation, creating jobs, and enhancing competitiveness. In today’s dynamic world, cultivating an entrepreneurial mindset is essential. Entrepreneurship Development Programmes (EDPs) equip individuals with the tools, skills, and support to transform ideas into successful businesses, addressing market demands and boosting economic growth.

What is the role of entrepreneurship in economic growth?

Entrepreneurship acts as a key driver of economic development. Entrepreneurs generate jobs, drive innovation, and enhance competitiveness in the marketplace. By identifying market gaps and leveraging opportunities, they introduce new products, services, and business models that address challenges and enhance productivity.

Moreover, entrepreneurship promotes regional development by creating local employment opportunities, reducing poverty, and increasing community revenues. As entrepreneurial activities grow, they drive demand for suppliers, distributors, and various services, creating a ripple effect that positively benefits multiple sectors of the economy.

How do entrepreneurship development programmes support growth?

Entrepreneurship Development Programmes (EDPs) are designed to nurture an entrepreneurial mindset, encouraging individuals to think critically, identify opportunities, and take calculated risks. Through practical training, mentorship, and networking opportunities, EDPs enable participants with the skills to navigate the complexities of starting and managing a business.

• Encouraging innovation: EDPs promote innovation by teaching participants to identify unmet needs and develop creative solutions. In today’s fast-paced business environment, innovation is crucial for maintaining competitiveness, and EDPs help individuals explore new technologies and methodologies.
• Job creation: By providing aspiring entrepreneurs with the skills to start their ventures, EDPs contribute to job creation. As small businesses grow, they generate employment opportunities across sectors.
• Promoting inclusivity: EDPs often focus on underrepresented groups, such as women, youth, and individuals from disadvantaged backgrounds. By providing training and support, they ensure broader access to entrepreneurial tools, promoting a more inclusive economy.
• Reducing unemployment: Entrepreneurship offers a solution to unemployment, particularly in developing countries with saturated job markets. EDPs equip individuals to create self-employment opportunities, reducing dependence on traditional jobs.
• Boosting exports: EDPs expose entrepreneurs to global markets, encouraging them to expand beyond domestic borders. This enhances a country’s export potential and contributes to economic prosperity.
• Sustainable development: Many EDPs prioritise sustainability, teaching entrepreneurs to build businesses that generate profit while considering environmental and social impacts. This supports long-term responsible business practices, supporting long-term economic growth.

Success stories: The success of EDPs worldwide

Many countries have experienced significant benefits from Entrepreneurship Development Programmes (EDPs).

For example, the Government of India’s flagship initiative, the ‘Start-up India’ initiative, is designed to create a robust ecosystem that fosters innovation and supports the growth of start-ups across the country. By promoting innovation and entrepreneurial ventures, the initiative aims to drive sustainable economic development and generate significant employment opportunities.

Through Start-up India, the government seeks to empower start-ups to scale up by leveraging innovation and design as key drivers of success.

Such examples illustrate how entrepreneurship development drives innovation, enhances competitiveness, and delivers sustainable economic benefits. The success of these programmes demonstrates the important role entrepreneurship plays in both national and global economic growth.

The growing importance of owning your own business

In today’s uncertain economic climate, a full-time job is no longer enough to secure financial stability, let alone build generational wealth. The concept of a ‘side hustle’ or starting a business alongside a 9-to-5 job has gained significant traction in recent years. Increasingly, individuals are recognising that relying solely on a traditional job limits their financial potential.

Owning a business provides an additional income stream and a platform to pursue personal passions, contribute to societal needs, and build something enduring. Moreover, entrepreneurial ventures offer the potential for long-term financial growth, unlike the capped earnings typical of most salaried positions. A business, when scaled successfully, can generate exponential revenue streams.

For those seeking to develop an entrepreneurial mindset and acquire the necessary skills, enrolling in an entrepreneurship development programme such as the Start Your Business (SYB) programme offered by the S.P. Jain Institute of Management and Research (SPJIMR), can be transformative—especially when it is led by world-class faculty.

Prof. Tulsi Jayakumar

Professor, Finance and Economics
Executive Director, Centre for Family Business and Entrepreneurship
Chairperson, Post Graduate Programme in Family Managed Business

Prof. Tulsi Jayakumar, a professor of economics, holds a Ph.D. from the University of Rajasthan, where her doctoral research focused on the practice, reporting, and communication of corporate social responsibility (CSR) in Indian firms. She has also earned three master’s degrees in Business Administration, Philosophy, and Arts from renowned Indian institutions.

In addition, she holds certifications in Family Business Advising (CFBA) and Family Wealth Advising (CFWA) from the Family Firm Institute, Boston.

With over three decades of academic experience, Dr. Jayakumar has taught at 20 prestigious academic institutions across India.

Garima Mitra

Co-founder, Treelife

Garima, Co-founder of Treelife, is a legal expert and entrepreneur who has contributed to the growth of leading start-ups like CleverTap and WhiteHat Jr. With a strong focus on empowering businesses through legal expertise, she collaborates with policymakers, advocates for inclusivity, and provides innovative solutions to navigate regulatory challenges and drive sustainable growth.

Prof. Ganga S.

Mentor in Residence, SPJIMR

Prof. Ganga, with over 30 years of experience, has worked extensively with entrepreneurs, start-ups, and SMEs as a banker, educator, and mentor. She has held key positions at leading incubators and institutions, seamlessly blending corporate and academic expertise to support and empower the entrepreneurial and start-up ecosystem.

Explore the entire list of SYB faculty

The Start Your Business (SYB) programme is specifically designed for individuals with an entrepreneurial spirit. It provides a hands-on, practical course designed that fosters an entrepreneurial mindset through experiential learning. In just four months, participants gain the knowledge and tools needed to launch their entrepreneurial journey, whether as a full-time business or a profitable side venture.

Hear directly from SYB alumni about their experiences!

Final thoughts

Entrepreneurship is no longer a luxury – it is a necessity in today’s rapidly economic landscape. Through Entrepreneurship Development Programmes (EDPs), individuals can develop the skills and mindset required to establish successful businesses that contribute to economic growth.

As the world becomes increasingly competitive, owning a business or running a side venture can provide financial security and growth potential that a traditional 9-to-5 job often cannot provide. Programmes such as the Start Your Business (SYB) at SPJIMR serve as the perfect launchpad for individuals eager to turn their entrepreneurial dreams into reality.