Promotional agencies are agencies that are set up to help or assist entrepreneurs to start their enterprise. They basically promote the business through various strategies so that the entrepreneur can survive the initial hiccups any business faces. Also, most of the strategies the promotional agencies use, are all tried and tested methods and hence ensure to benefit the entrepreneurs.
Entrepreneurship development is important for any national economy to grow and boom. Hence the government has set up many agencies to help, promote, train and support entrepreneurs. They also impart training to entrepreneurs to improve their business and market knowledge, to develop their skill set and build a businessman attitude.
The various promotional agencies set up by the central government include:-
1. Small industries development organization ( SIDO )
2. Management development institution ( MDI )
3. Entrepreneurship development institute of India ( EDI )
4. All India small scale industries board ( AISSIB )
5. National Institution of Entrepreneurship and small business development ( NIESBUD )
6. National Institute of Small Industries Extension Training
7. National Small Industries Corporation Limited ( NSIC )
Entrepreneurship development is very important and hence governments spend a lot of money to extend their support for the same. They also encourage entrepreneurs in rural and backward areas to ensure regional development. They set up various programs to help entrepreneurs in the field of marketing, finance, technique and skill development to help entrepreneurs to accelerate and adapt to changing industry trends.
Apart from the above stated the main objective of promotional agencies include:-
1. Establishment- promotional agencies help entrepreneurs to set up and establish their business.
2. Funding- promotional agencies help businesses to get the necessary funds or investment to help establish their venture. Financial assistance is essential for any business to get established and the agencies help in the same.
3. Market research and availability- promotional agencies via their market research programs can help new entrepreneurs to gain control over the changing market trends. This is very important especially during the initial stages.
4. Market trends- promotional agencies through their network and experience can help new-age entrepreneurs to get full knowledge about the latest market trends and ever-growing demand for better products and services.
As we can see above, for any entrepreneur to set up and establish their venture, promotional agencies are needed. Their experience and support helps in entrepreneurship development.