Livestock Entrepreneurship

MICRO VIEW

• The micro view of entrepreneurship examines the factors that are specific to entrepreneurship and are part of the internal locus of control. The potential entrepreneur has the ability, or control, to direct or adjust the outcome of each major influence in this view. Unlike the macro approach, which focuses on events from the outside looking in, the micro approach concentrates on specifics from the inside looking out.

The Entrepreneurial Trait School of Thought

• Many researchers and writers have been interested in identifying traits common to successful entrepreneurs. This approach is based on the study of successful people who tend to exhibit similar characteristics that, if copied, would increase success opportunities for the followers. For example, achievement, creativity, determination, and technical knowledge are four factors that usually are exhibited by successful entrepreneurs. Family development and educational incubation are also examined. Certain researchers have argued against educational development of entrepreneurs because they believe it inhibits the creative and challenging nature of entrepreneurship. Other authors, however, contend that new programs and new educational developments are on the increase because they have been found to aid in entrepreneurial development. The family development idea focuses on the nurturing and support that exist within the home atmosphere of an entrepreneurial family. This reasoning promotes the belief that certain traits established and supported early in life will lead eventually to entrepreneurial success.

The Venture Opportunity Schools of Thought

• This school of thought focuses on the opportunity aspects of venture development. The search for idea sources, the development of concepts, and the implementation of venture opportunities are the important interest areas for this school. Creativity and market awareness are viewed as essential. Additionally, according to this school of thought, developing the right idea at the right time for the right market niche is the essential criterion to entrepreneurial success.
• Another development from this school of thought is based on corridor principle. While exploring or formulating a concept, new pathways or opportunities will arise that lead entrepreneurs in different directions. The ability to recognize these opportunities when they arise and to implement the necessary steps for action are key factors. The maxim that preparation meeting opportunity equals 'luck' underlies this corridor principle. Proponents of this school of thought believe that proper preparation in the interdisciplinary business segments will enhance the ability to recognize venture opportunities.

The Strategic Formulation School of Thought

• George Steiner has stated that 'strategic planning' is inextricably interwoven into the entire fabric of management; it is not something separate and distinct from the process of management. The strategic formulation approach to entrepreneurial theory emphasizes the planning process in successful venture development.
• Ronstadt views strategic formulation as a leveraging of unique elements. Unique markets, unique people, unique products, or unique resources are identified, used, or constructed into effective venture formations. The interdisciplinary aspects of strategic adaptation become apparent in the characteristic elements listed herewith their corresponding strategies:
  • Unique markets: Mountain versus mountain gap strategies, which refers to identifying major market segments as well as interstice (in-between) markets that arise from larger markets.
  • Unique people: Great chef strategies, which refers to the skills or special talents of one or more individuals around whom the venture is built (Venkateshwara Hatchery) .
  • Unique products: Better widget strategies, which refers to innovations that encompass new or existing markets (Kentucky fried chicken -KFC) .
  • Unique resources: Water well strategies, which refers to the ability to gather or harness special resources (land, labor, capital, raw materials) over the long term. Without question, the strategic formulation school encompasses a breadth of managerial capability that requires an interdisciplinary approach.