Livestock Entrepreneurship

SOURCES OF BUSINESS OR PRODUCT IDEAS

• Market Expectations: Unfulfilled demand of a product will open the door for new product. Supply and demand of various products and demand for new products should also be analyzed. Eg. The introduction of diet cool drinks such as diet coke with few calories for health conscious people is an example of success of new idea. Likewise organic egg and designer egg also offers wide scope.
• Import and Exports: The Government of India is encouraging exports and various EXIM policy encourage entrepreneur to think about the new options. There is huge demand exists for quality livestock products in developed countries which could be utilized.
• Emerging new technology and scientific know how: Commercial exploitation of indigenous or imported technologies and know how is another source of project idea. Organic farming is a hot area which offers ample scope for Indian livestock farmers.

• Social and Economic Trend: Social and economic status of people are always dynamic in nature and offer wide opportunities. An entrepreneur should observe such changes. For example, the demand for processed/frozen livestock products such as cheese, frozen meat, chicken burger, meat sausages, etc. is escalating in semi-urban and urban areas which could be utilized by the entrepreneur.
• Product profile: An analytical study of the end products and by products can throw light on new project idea. For example, by product of sugar industry gave rise to one more large scale industry called paper industry. Likewise poultry waste could be recycled and used.
• Changes in consumption pattern: Changes in consumption pattern of the people in the home country and foreign countries also requires the entrepreneurs attention. Eg. Increasing urbanization, rising per capita income and changing lifesytle and food habits, has increased the demand for livestock products which could be capitalised.
• Revival of sick: A sick unit gives ample investment opportunities in the hands of dynamic entrepreneur. He can revitalize and turn a sick unit into a profitable one. Eg. Laxmi Mittal’s acquisition of sick steel units all over the world and turning it to profitable enterprises by changing management and processes
• Trade fairs and Trade journals: Magazine, journals, industries or trade fairs offer wide scope for business opportunities.