To cultivate, nurture, and encourage entrepreneurial enthusiasm among India’s younger generation, the National Institute for Entrepreneurship and Small Business Development (NIESBUD) organized a three-day Capacity Building Program to enhance the growth of existing enterprises. This program took place from September 27th to September 30th, 2023, and received backing from the Skill Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Program, operating under the Ministry of Skill Development and Entrepreneurship (MSDE) purview.
As part of the project, NIESBUD is offering candidates two years of post-program mentoring and support for scaling up their businesses.
The three-day program comprised a total of 12 sessions covering various topics. These sessions included subjects such as
- Micro Lab
- Entrepreneurial Traits
- Self-assessment for Entrepreneurial Drive
- Creativity
- Analyzing Psychosocial Behavior to Boost Confidence
- Grasping Risk-Taking and Objective Setting for Business Growth
- Varieties of Enterprises
- The Entrepreneurship Support Network
- Banking Finance Procedures and Formalities
- Crafting Business Plans
- Regulatory Compliance for Small Businesses
- Entrepreneurial Taxation (GST)
- The Online GST Registration Process
- FSSAI Registration Procedures
- GEM Registration Protocols
Lauding the initiative, Shri Atul Kumar Tiwari, Secretary, Ministry of Skill Development & Entrepreneurship, said, “In today’s rapidly evolving business landscape, equipping small-scale entrepreneurs with essential skills is not just a necessity but a strategic imperative. Such programs offer practical insights and ongoing support, enabling entrepreneurs to compete on a larger scale while nurturing their dreams of playing a pivotal role in India’s economic transformation. These capacity-building initiatives are the cornerstone of economic empowerment, providing individuals with the tools to succeed in an ever-evolving business world, ultimately strengthening our nation’s entrepreneurial spirit and economic resilience.”
During this program, Meta conducted a masterclass to enhance the digital marketing skills of both current and aspiring entrepreneurs. This masterclass is a key component of the three-year Education to Entrepreneurship initiative, a partnership between MSDE, NIESBUD, and Meta. NIESBUD and Meta aspire to equip 500,000 entrepreneurs with digital marketing skills over the next three years through this collaboration.
Furthermore, this partnership will also emphasize various aspects of value chain development by uniting small businesses into collectives. It will offer targeted support in accounting, marketing, production, quality management, technology adoption, diversification, and more.
Additionally, stakeholders will provide assistance in branding and digital marketing, offer guidance through an e-mentoring platform, and share business development ideas and strategies with beneficiaries.
Launched in 2018, the Skill Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) program, supported by the World Bank, falls under the purview of MSDE. Its primary objectives include enhancing the quality and quantity of short-term skill training, strengthening institutions, improving market connectivity, and promoting the inclusion of marginalized groups in skill development.
