Explain the process of development of entrepreneurship.

The entrepreneurship development process involves the development in the following areas:

• Development of entrepreneurial quality and motivation: A conscious effort is required to develop a minimum degree of entrepreneurial quality and motivation to ensure arousal of a strong desire and drive to perform entrepreneurial functions.
• Building capacity of sensing and launching venture: To launch the enterprise, the prospective entrepreneurs have to scan the environment, sense the opportunity, select a venture suitable to the individual entrepreneur, plan the project, assess and mobilise resources.
• Acquiring ability to organise and manage enterprise: The efficient management of men, material, money and market are required to run an entrepreneurial venture. The prospective entrepreneurs raise the expectancy of their success by acquiring these abilities.